Rental Tips, Insights, & Property Stories

If you are married but have never had a roommate, you have not missed your chance. Due to current socioeconomic trends, these days married couples are looking for roommates to share a household and cut rental costs. The reasons for such a decision – which might at first seem like a desperate act – are not connected only to a lack of financial resources, but also to one’s personal attitude toward adulthood.

If you are a newbie in the property management business and are preparing to rent out your first property, you are probably wondering where to start. Should I look for tenants first, or is it more important to compare rental prices?

If you have no clue how to describe a problem tenant, you’re a lucky landlord. Dealing with difficult renters can be a landlord’s worst nightmare. Bad tenants have been known to do everything from refusing to pay rent on time, damaging appliances and furniture or even conducting criminal activity in the rental. If all these behaviors belong to one and the same tenant, that’s a disaster. But if a tenant was late with the rent one time, it doesn’t automatically mean they’re a terrible renter. Don’t jump the gun. Instead, carefully analyze the circumstances first.

Gun control is a hot topic and has been for years. The Second Amendment has sparked heated debate on both sides of the issue, the focus usually being what the government will restrict or permit. But what gets left out of the conversation is what private citizens can impose on each other (the Second Amendment is between the government and citizens, not citizen to citizen). In the rental world, the question is can a landlord place limitations on their private property, or does a tenant have the right to bear arms within their rented home?

These days we can hardly imagine our lives without useful appliances that improve our daily routine. You’ll probably agree that home appliances like air conditioners, vacuum cleaners, dishwashers, refrigerators, washing machines, etc. make life easier. Landlords aim to add as many helpful items as possible to increase their rental price, but this doesn’t always refer to washing machines, as there seem to be way too many issues with these devices.

Whether you’re a property manager or a landlord, there’s a good chance you follow current tech trends in the property management industry as well as the global financial sector. Innovative technologies like blockchain as well as cloud-based solutions have opened up new paths related to the development of property management.

The property management business has its fair share of myths. These are beliefs that may seem accurate to landlords and property managers who have just entered the rental market, but experienced property management professionals can debunk these fantasies with one hand tied behind their back.

It is rare, but every once in a while I get a tenant who stops paying rent and tells me it’s because I won’t fix something. They often state they don’t have to “legally” pay because the rental is in bad condition. Once a tenant even claimed they should get six months free rent because the roof leaked. It’s even rarer that the courts will see this as anything but “nonpayment of rent.” It is, however, your responsibility to make sure all is in order. These days it’s quite easy to do that using technology.

Dealing with roommate-renters might not be that easy. When it comes to joint lease agreements or separate rent payments, you’ll probably get confused and start searching for a property management software if you’re not already using one. In addition, tenants who share an apartment have specific obligations regarding rent payments and lease agreements terms. But sometimes they can’t get along with each other, and that causes trouble for the landlord and can eventually put rental income at risk. To avoid this, share with your roommate-renters the list of common roommate types to help them better understand each other and enhance their roommate experience.

The new year is all about setting goals and getting ready for new challenges. For landlords and property managers, the week between Christmas and New Year’s is another chance to catch up and set business goals for the upcoming year. To make a fresh start, be sure to resolve maintenance issues related to your rental properties and complete urgent tasks before the clock strikes twelve, so you can leave any rental troubles behind and stay on good terms with your renters.