Rentals and Renting Houses: Montgomery AL |
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What to Expect Air
University, Maxwell Air Force Base, provides a very large number of
officer students requiring annual rentals. This factor, along
with other short term living requirements in the area, help to create a
somewhat inflated rental market. The military schools start
during July and August. September would be a renters market
with homes not already rented looking forward to a cold, lonely, pay
less, winter unless rented. Renters start looking for rental
properties in early spring or just after Easter for the
summer. So if you
wait until June, most of the better properties will have been
rented.
An investor has the goal of obtaining 1% of the value of the house as monthly rent. This would be optimum and many owners will take less. Very General Guidelines with many exceptions: $400 - trailer, $500-$600 apartment or very small house, $700-$900 3-4 bedroom house, $1000+ may include pool, covered parking extra space etc. Houses with covered parking or garages are in short supply among rental properties but additional storage can be obtained in rental storage units some are now even climate controlled. Maxwell Air Force Base Housing Office has an information page which discusses average rental costs and follows with some suggestions on signing a lease. (Please note information on this link is directed toward military personal) You will be able to find rentals from two sources; from the owner directly or from a real estate agent who is "property managing". Generally a property manager charges the owner of the rental property 10% of the rent collected and some remuneration on any late fees along with a possible upfront fee for acquiring and processing a renter. Also in the beginning you may be charged an application processing fee. Animals may require additional rent or possibly a non refundable deposit. The property management fees are paid by the owner but only one person is writing a check so understand that in your rent payment, part of the money is being used to pay for property management services. Good "property management" will assist greatly in making the rental experience a pleasant one. As they inquire about you, you can also inquire about them. - Who do you call when there is a problem? What is their ability to handle any maintenance problems? How may properties do the manage? and what is their staff to manage these properties? Do they have any maintenance employees that work directly for them? What are the procedures to obtain repairs? emergency repairs? How long have they been in business? And how long have they been managing this particular property? Could they provide you the name of the previous renter so you can check on the property condition and the quality of services they provide? Did the previous renters receive their security deposit back in full? If not, why not? You can always negotiate on the rent payments prior to signing a lease but consider other factors which you may offer to obtain a "better" deal. Most owners will discount for a long term lease so the house will not be vacant for a month or longer on an annual basis. No children or no pets is always attractive to a landlord since both cause additional wear on the property. If it is winter and your looking to eventually buy consider offering a 6 month lease so the property will be back on a summer schedule. If it is winter and the house is vacant you are playing with a strong hand. What makes for a good rental is different then a good purchase since resale is not a factor. But, if you are looking to buy you may consider offering a lease/purchase option, with the potential future sale at an agreed price you now have the potential to also negotiate on the overall rent or the use of part of the rent to be used to assist in buying the home. Most property managers perform a credit and background check to protect the property which has been trusted into their care. In the application process you will sign authorizing the property manager to obtain a credit check (possibly you and spouse), your employment history, and check(s) on previous leasing experiences while some may perform additional checks. Some property managers set the standard as the same as if you were buying the house. Renting from owners directly can be much easier in some cases. The condition of the property MUST be in writing and signed by both the owner or property manager and the renting party(s). This protects your security deposit and also allows for the use of the security deposit to correct deficiencies you may have caused. Procedures for having your security deposit returned should be covered in the lease agreement. |
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Where to Look Second source you should consider will be the local news paper's classified ads. There are free magazines dedicated to apartment listings which you can find in the "free" racks in the service stations etc. If you are coming to Maxwell AF Base or Gunter Annex, the base housing office has an extensive list of rentals which they maintain. And, if you know a military member already renting locally, check on the availability of their property. The following is a limited list of real estate companies in the local area performing property management services. This list is not exhaustive and will be updated when information is provided. Also, in the lower end of the rent range, apartments (duplex, quadplex, etc.) may be included in their property listings. (All area codes 334)
David Kahn
& Company
Managing approximately 300 units renting from $550 - $1,900 277-5990 Toll-free 800/370-9096 Fax 365-6865
Partridge Realty
(Millbrook) Managing approximately 160 units renting from $550 - $1,450 285-5015 Fax 285-5085 Maxwell Housing Office (Maxwell Air Force Base/Gunter annex Available for military personal) To request rental/sales listings prior to your arrival, please e-mail cindy.jones@maxwell.af.mil or call DSN 493-7169 / commercial (334) 953-7169. Hours of operation are 0730-1530 (central time), Monday through Friday |