If your DHCP server is handing out leased addresses to other clients you might have bigger problems to worry about. For example if you expect a lot of churn on the network you should be using much shorter leases times.
The DHCP will ping an address before leasing it, and if it gets a response then it will not lease that address.
Keep in mind if aa client wants an IP, it is supposed to do DHCP discovery every time it connects to the network, even if it's lease isn't up. See http://en.wikipedia.org/wiki/Dynamic_Host_Configuration_Prot...