What trends does 2017 bring for landlords? Rental rates are rising and vacancy rates are low. This is great news for landlords, higher market rental rates will bring a higher return on investments which can then be used to upgrade properties, or reinvest. Lower vacancy rates will reduce the turnaround time to fill a property between tenants.
Security deposits are often the most hostile subject between property managers and tenants and property managers can take steps to prevent security deposit disputes, educate tenants and ensure that security deposits are used correctly and not abused. Taking these steps will also protect property managers in against potential legal action.
During the cold winter months it is important for property managers to winterize rental properties. Taking these simple steps will help prevent common weather related damages to rental properties. Spending money on preventative measures will always pay off when major costly damages are avoided.
A happy, responsible renter is like gold, and — as with any treasure — you don’t want to lose it. If you want to enjoy long relationships with your tenants, follow these four tips for keeping them happy and ready to renew that lease.