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The state of Maryland goes the extra mile in protecting its tenants’ rights. Landlords that are looking to lease new property will need to keep the state’s codes in mind both when they establish their leases and as they invite potential renters to the property.

Fair Housing

Maryland State Code §20-101 notes that all tenants that are seeking to rent a property have the right to do so without facing discriminatory practices. This means that landlords may not bar new residents from housing based on their: (more…)

While the real estate market experienced huge gains in the past year, the rental market had an almost opposite experience.  The massive disruption in the rental world, including financial hardships caused by the COVID-19 pandemic, created rapid changes and new challenges for renters and property owners.

Fewer People Renting Due to Financial Difficulty

As Gen Z graduates have come out of college facing uncertainty due to the pandemic, many of them are holding off on making career decisions and moving away from home until they find greater stability.

Additionally, in the past year, around 3 million renters – most of them younger millennials and members of Gen Z – moved back home due to pandemic-related financial difficulties, which greatly impacted the rental market.

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While property management companies and private owners have similar functions regarding rental property (like collecting rent, handling maintenance requests, etc.), there are distinct differences to understand before you decide to rent from one or the other.

An owner hires a property management company to handle basic tasks relating to the property:  Finding tenants, renting it out, providing maintenance, and more. In this case, a renter will probably never meet the actual owner. They’ll communicate with the property management company, which acts as a middleman between tenants and the owner. 

In contrast, a private owner or landlord may decide to handle all of these tasks independently.

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Investment properties can be a great way to generate income. However, not all properties are created equally, and it’s important to evaluate any potential investment to know whether you’ll make a sizable return—or if you’ll be saddled with a money pit.

Finding Comps

The first step in any real estate purchase is to find comparable properties in the area. The best comps have the similar square footage, the same number of bathrooms and bedrooms, and close proximity. Comps should also have been sold within the past year (although six months is a better time frame).

Keeping your property in good condition is in your best interest, as well as that of your tenants, but making sure that repairs get taken care of quickly requires a system to manage requests effectively and efficiently. Here are some things to consider as you do!

Formal Vs. Informal

Before your tenants sign a lease, you need to decide whether you’re going to use a formal or informal repair request system. In an informal system, you’ll have tenants contact you directly via email or phone. While this can work for a small number of tenants, it can quickly become unmanageable as you extend out into managing multiple properties.

When it comes to rental properties, many owners are reluctant to hire a property manager. After all, why hire someone to do things that you can take care of yourself? However, there are a number of reasons why hiring a property manager to handle your rental property is a great idea.

You’ll Save Yourself Hassle

Being a landlord is a full-time job. Between collecting rents, handling repairs and complaints, turning over rental units, and other endless tasks, it can be hard to find the time to do anything else.

When you’re struggling with the question of whether to rent your property or sell it, there are several factors you should consider. From your financial situation to the property’s condition, here are some of the most questions you should answer.

Condition of Your Property

There are several aspects of your property that can help you decide whether to rent or sell. Older properties, for instance, are more likely to require repairs and upgrades, which may cut into your rental profits, but proximity to amenities like parks, shopping, dining, and other factors could provide a significant bump to your potential rent.

Tenants represent your income stream, which is why all landlords need to put language in their lease agreements discussing what will happen if a tenant breaks their lease. Still, you’ll almost surely encounter tenants who want to leave their lease early, so what are your options when that happens?

Know Your Rights

It’s important to know the local laws regarding rental properties. That way, you know you have the legal backing to enforce the language in your lease agreement that deals with breaking a lease. A lease is a legally binding agreement meant to protect you and your tenant—it’s there for a reason.

As a rental property owner, the last thing you want is an empty unit—every day without a tenant is a day of rent lost. But how long does it take to get your property ready for a new renter? 

The answer to that question depends on the specifics of your property. Here are some of the things you need to consider when assessing how long you should expect the tenant turnover to take.

Previous Tenants

Generally, the longer a tenant has lived in a property, the more likely it is that you’ll need to do some work. Painting, cleaning, and minor repairs are almost inevitable, and there’s a higher likelihood you may need to make some significant repairs as well. 

Renting out your own property can be a financially rewarding investment. However, as you may quickly find out, it can also be disproportionately time-consuming.

That is exactly where a property manager can come in handy. While you can certainly choose to manage your property by yourself (if you have the free time), it can quickly become impractical for the average owner to do so. After all, who has the time to set rent, collect rent, screen new tenants, schedule maintenance, and manage budgets all day?