Did you know that the median rent in 2021 increased by over 11 percent? The nation is trying to grapple with rising housing and apartment costs.
With real estate being a prime market right now, how does this fare for landlords? Or those wanting to become a landlord?
If you already own property or are looking to invest, keep reading on to see if now is the best time for you to become a landlord.
Becoming a Landlord
The steps for becoming a landlord are fairly easy. The hardest part is finding or purchasing a property. Once you have done that, the rest of the steps fall in line. If you already have property, then you are in luck!
Make sure that your new property looks fresh and is up to code. It doesn't hurt to brush up on different landlord-tenant laws and check out the insurance. Next, you will want to find tenants - which in today's market shouldn't be too hard to do.
Make sure that you advertise your rental property online and with friends or family. Additionally, plan some time to set out what your rent will be while including average maintenance costs for things such as roof repairs, appliances, flooring, etc. If you have the means, a property manager can help make things even easier by handling the day-to-day hassles and pre-screening tenants.
Landlords and 2021
This year has provided unique circumstances to rental properties. The booming housing market has placed more demand on rental properties due to skyrocketing costs. Additionally, with shortages of labor and parts, landlords can charge a higher rent to tenants.
Despite the great market to becoming a landlord - don't let the optimal market dissuade you from doing your research.
There are a few things to consider before diving headfirst into rental properties. First, look at the landlord-tenant law in your area to make sure that you understand the legal implications behind your property.
It also doesn't hurt to hire a landlord-tenant attorney to draft lease agreements and look at any disputes if you already have tricky tenants. The last thing you want to get into is legal issues that will cost more than your property.
Also, consider running your rental property by a real estate agent or professional to get an idea if your property is valuable for renting and what price range you should set it in. Currently, it has been more beneficial to rent than to sell these properties, but you never know how times will change.
It can save you time and money by investing in a professional property management service to value your property and help you navigate today's market.
Start the Process Today
If you are interested in joining fellow landlords in today's market, then you need a reliable and trusted property management service to help you on your way.
Navigating the rental market is a tough job - you want to be sure that you are pricing your rentals appropriately and generating interest in your rentals. If you have rental properties close to Denver and the surrounding area, you want to ensure that you are up to speed on the local trends.
Contact us today to help with all your management needs and get started on becoming a landlord.