Your Rental Home Search | Tips For First-Time Renters

April 27, 2023

Searching for your first rental home, whether an apartment or single-family home, can be an exciting and nerve-wracking experience. There are a lot of things to consider before signing a lease, and it can be overwhelming if you don’t know where to start. That’s why we’ve put together a list of tips for first-time renters.

Set a budget: Before you start looking for a rental home, it’s important to set a budget. Determine how much you can afford to spend on rent each month, and stick to it. Don’t forget to factor in other expenses like utilities, parking, and transportation.
Location, location, location: Consider the location of the apartment. Is it close to work or school? Is it in a safe neighborhood? Is it near public transportation? These are all important factors to consider when choosing an apartment.
Gather all of the proper application requirements prior to submitting for consideration of a home. Property managers appreciate thorough and complete applications. Your application will typically require you to pay a processing fee, provide proof of income (4 of your most recent paystubs), conduct pet screening and deposit, rental history verification, and check references.
Read the lease carefully: Before signing a lease, make sure to read it carefully. Make a note of any restrictions or rules, such as no pets or no smoking. If you’re unsure about anything, ask the landlord or property manager.
Prepare your security deposit. Typically, a rental security deposit will be equal to one month’s rent and will need to be paid at the time of application. You will also need to plan to pay your first’s months rent or a pro-rated amount depending on when you move into a property.
Check out the amenities: Take a tour of the apartment complex and check out the amenities. Is there a gym or pool? Is there a laundry facility on-site? These can be important factors to consider when choosing an apartment.
Don’t be afraid to negotiate: If you find an apartment you love, but the rent is a little out of your budget, don’t be afraid to negotiate. Landlords may be willing to lower the rent or offer other incentives to get you to sign a lease.
Get renters insurance: Renters insurance is a must-have for any renter. It can protect your belongings in case of theft, fire, or other disasters. It’s usually affordable and can give you peace of mind.
Know your rights: As a renter, it’s important to know your rights. Work with a professional management company that abides by the Equal Opportunity Housing Regulations. Familiarize yourself with local tenant laws and regulations to know what to do if something goes wrong.
Last but not least, check out the technology that your new property manager uses. This will include paying your rent, submitting a work order, communicating with your management team, programs you’re enrolled in, and more! Most property management companies have embraced technology, and this makes the relationship between the renter and management team seamless and efficient.

Renting your first place can be a great experience if you do your research and take the time to find the right place. Use these tips to help you make an informed decision and find the perfect home for you. We would love to help you find your dream rental home or apartment! You can view our Available Listings or reach out at office@rentwisepm.com!

We Love Our Clients!

March 16, 2023

At RentWise Property Management, our only focus is property management. We are not a franchise. We are a local homegrown company with years of combined experience in the industry. Founded in 2009, we have grown to one of the premier choices for property management in the greater Boise area! We didn’t do it alone, however.

Owning a rental property is one of the most significant investments that many will make in their lifetime. Our sole mission is to provide excellent service to you regarding your most valued asset and do it with the highest quality of customer service, tools, and technology. Our team is consistently continuing our education and perfecting our expertise.

Whether you are a property owner, a vendor, or a resident in one of the properties we manage, you become part of our family when you do business with RentWise. We value your opinions and feedback more than you can imagine. Our team takes every piece of information you provide to heart, and we base our business around what works best for our clients.

We would love to hear from you about your experience working with RentWise Property Management. Whether you would like to leave us a Google Review or email us directly at office@rentwisepm.com, we want to connect! Considering renting your property? Schedule a free consultation with RentWise!

We are very proud of the relationships we’ve built over the years. Here is what just a few of our clients have said about us:

“Always prompt and so friendly!” – Brad S.

“We have not rented from RentWise but we have been a vendor for this company. Carly is very responsive to emails and text messages. They are quick to pay their invoices. It has been a great working relationship between them and our business.” – Jennifer Z.

“I highly recommend RentWise Property Management services to anyone looking to rent their home to gain back time and piece of mind. As a customer for 3 years, the management team has done a great job of communicating with the tenants, resolving problems in a timely manor, and being transparent when issues arise. They even successfully advocated on our behalf for a full water heater replacement after the unit broke a week outside of the warranty window.” – Cory M.

“Best company I’ve rented from. They respond quickly to all maintenance issues and are very considerate regarding other issues that have arisen during my time working with them. They communicate well and have been reasonable.” – Bethany M.

SW Idaho NARPM | Q4 2022 Vacancy Report

February 9, 2023

The final results of 2022 are in! Each quarter the NARPM Southwest Idaho Chapter conducts a vacancy survey with data sourced from local property management companies! This is to help investors gauge property performance and vacancy rates in the respective county that their rental properties are in.

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q4 Vacancy and Rental Trends survey. The report is as of December 31, 2022, with 25 respondents. This survey tracks key performance indicators and market trends for single and multi-family homes across the Ada and Canyon County region. There are a total of 7,738 managed between the counties, with a total of 270 vacancies.

Q4 Vacancy Survey Results

The number of vacancies in this report decreased by 44 units. However, the number of rentals managed significantly decreased by 1,280 homes. The 4th quarter of 2022 closed out with an overall vacancy rate of 3.49%. The data collected indicates that vacancy rates are beginning to level out. Between Q3 and Q4 of 2022, the vacancy rate only increased by .01%, respectively.

Rental Rates

We are finally seeing the rental rates level out. Ada County single-family rental rates decreased this quarter by an average of $201 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,914 per month. To compare, that is a $111 or -5.48% monthly rental rate decrease based on the Q4 2021 Vacancy Survey.

Canyon County rental rates continued to show a rental rate decrease in the fourth quarter of 2022. The rental rates for single-family homes showed an average monthly decrease of $116. This puts the average rental rate at $1,714. The current data illustrates that rental rates in both Ada and Canyon Counties come in lower for both single and multi-family properties.

Rental Rate Comparison By County

Here are some of the key metrics for review that are broken down by respective counties.

Stay tuned for the Q1 survey results that will be coming out in Spring 2023. If you have more questions about how we can help maximize the return on your investment property or would like more information about our services and how owning an investment property can be LESS HASSLE, MORE HAPPY, give us a call at 208-949-3083!

Maximizing Value | 3 Ways A Professional Property Management Company Can Save You Time & Money

October 27, 2022

You’ve decided to turn your property into a rental home. Hooray! Self-managing your rental properties may often seem like an easy task & a good idea.

However, you may soon realize that managing a rental property involves a TON of work and a time commitment many investors do not have. When you decide to self-manage, essentially, you become the “everything” person. What does that mean? You have officially been promoted to the landlord, marketing professional, photographer, maintenance coordinator, emergency contact, tenant screener, document preparer, accountant, and legal liaison. Whoa.

You may feel as though you are maximizing your passive income profits by not spending the extra money for professional help. However, there are costs associated with bringing in professionals; trying to handle everything yourself could cost you money. Rental Properties can be an excellent source of income. Here are three ways hiring a professional property management company can take some of the burdens off the investors.

Marketing + Finding High-Quality Tenants For Your Rental

Professional property managers are well-versed in how the local rental markets perform, vacancy trends, and average rents collected. When you do business with a property manager, you hire their skill sets to help get your rental tenanted quickly. Your property manager may provide recommendations on upgrades or potential maintenance that needs to be completed to get your property ‘rent ready’. Additionally, your property management team will be able to advise you on suggested appropriate rents for your area and will assist in maximizing your return on investment. Further, your property manager will have access to countless marketing tools, such as the company’s website, professional business pages, the MLS, and social media.

Once you have found a potential tenant, you must adequately screen and vet them to ensure they have the ability to pay rent, have a clean background, and are not scammers. Many property owners have little experience in screening tenants and often do not have the tools to complete proper background qualification checks legally. Professionals have proven processes in place to work quickly and efficiently screen tenants. Not only does this give you back some of your time, but it also creates the opportunity for quality tenants to remain in your home long-term.

One aspect of owning a rental property you may not have considered is federal, state, and local landlord-tenant laws. When accepting applications and screening potential tenants, you must comply with all regulations to avoid legal turmoil. Your property management team remains trained and up-to-date on all current regulations, such as fair housing and discrimination laws. This expertise also comes in handy if an unfortunate eviction were to occur. There are many processes and procedures involved with carrying out an eviction. Removing a tenant is never a good feeling, but having a trusted team of experts on your side can ease some of the anxiety associated.

Maintenance & Repairs

It’s 2:00 AM, your phone rings, and it’s your tenant with an emergency. You’re traveling across the country and cannot get to the property for several days. Additionally, you do not have a list of reliable and licensed contractors available to perform quality repair work. This sounds like every investor’s nightmare, right? One of the largest perks of working with a property management company is having someone on your team 24/7 to address any maintenance concerns immediately.

Additionally, experienced property managers can resolve issues quickly as they have access to teams of trusted vendors. This means that you, as the investor, that you no longer have to answer any tenant maintenance requests directly. Many property management companies also have preventative maintenance programs. These programs can include routine maintenance inspections with the hope that any small issues are caught early before evolving into larger, more costly problems. This allows peace of mind for the property owner and affords the opportunity for major systems in their properties to be checked regularly and maintained.

The right property management team looking out for your property will save you time and money. You will no longer have to stress and coordinate maintenance repairs, no matter how serious the issue may be.

Rent Collection + Lease Enforcement

Time is money. It is no secret that sometimes collecting rent from your tenants can be a challenge. Property Managers are responsible for preparing a lease agreement and enforcing the standards once a new tenant signs for a property.

Property Managers assist with making rent collection easier and seamless for everyone in some of the following ways:

Offering convenient ways for your tenants to pay their monthly rent
Explain the rent collection process to new tenants so that they thoroughly understand the process and their obligations under their lease agreement.
Discussing the consequences and outlining the process for non-payment of rent, late fees, and potential eviction
Your property manager will handle the legal procedure for eviction and stand behind you in court to help recover any costs related to a non-paying tenant.

Additionally, outside of monthly rent requirements, when a tenant signs a lease on a property, they are signing a contract to abide by the standards set forth by the property manager.

A few situations that will be outlined in a lease agreement are:

Pet Policy
Security Deposits
Rent Payments
Notice of Entry
Subletting and Roommates
Parking Policies
What’s Included in the Lease- utilities, appliances, pest control, etc.
Repairs and Maintenance
Insurance Requirements
Process for Addressing Violations

There are many ways that Property Managers enforce the standards of a lease agreement. Many will have processes put in place for quarterly, biannual, and annual check-ins to ensure that the legal requirements of the lease are being met.

Closing

Hiring the right property manager is essential to your success while owning an investment property. It will not only save you time and money, but it will ensure that you are PROTECTING your investment long term.

If you are looking for a property management company to help save you time and money, RentWise Property Management would love to connect with you!

Reducing vacancies, avoiding a bad eviction process, or handling a major repair request more than makes up for the cost of investing in a professional property manager. We guarantee our best practices and ethical standards are unmatched. We are dedicated to creating relationships with clients, tenants, and vendors to make owning an investment property easier and more profitable.

Amenities & Tenant Safety | Tips For Child-Proofing Your Rental Property

October 12, 2022

It’s no secret families with children and pets are ideal long-term tenants. Once families begin to expand, it is difficult for them to unnecessarily move from one place to the next every year or so. Recent statistics show that families generally stay put on average for three years. Those are great odds for rental property investors.

When searching for their next home, families typically have a few key points at the front of their minds. Location, schools, and safety are huge components of any home search. While thinking about safety, many property owners don’t consider that this can mean a child-proofed home for their prospective tenants. This often overlooked amenity can be a huge selling point when a family is viewing at home. If you’re looking to keep your vacancy rate low, there is no better way than to keep your tenants happy. And what better way to appeal to families than to protect their loved ones? More amenities and attention to detail equals a higher monthly rent, which in turn will boost your monthly passive income.

If you’re unsure where to start in the child-proofing game, you’re in luck. We’ve put together a short list of easy ways you can implement safety features into your rental property.

Windows + Window Treatments

Many rental properties have window coverings, or blinds, with long pull strings that can hang low to the ground. This makes it easy for young children to get tangled in the cords, and unfortunately, small children have died from strangulation. Many state legislatures are fighting to outlaw corded blinds in homes.

If you are looking for a great way to dip your toes into the child-proofing game without making it obvious, installing cordless blinds at your rental is a beautiful place to begin. They are visually appealing and are constructed infinitely better.

If you do not have the budget to overhaul every window treatment, there are still steps you can take to enhance safety around the blinds.

Install a small hook where the cord can be tied up and out of reach of a child or pet
Provide curtain cord covers that clip any excess cord from the blind

Additionally, ensure that the windows in your rental are secure and that the locks are in good working order. Inspecting the stability of the window panes and screens will eliminate the risk of a window falling on a child.

Electrical Outlet Covers

Once babies are on the move, there is no stopping them from exploring anything and everything they can get their hands on. Electrical outlets are no exception. Electrical outlets are a magnet for little fingers due to being eye level with a little tot. Babies and toddlers are infamous for wanting to touch outlets and stick their fingers and/or toys into the little sockets.

To protect against accidents, installing outlet covers is one of the easiest child-proofing measures you can take. There are many different options, all of which do not affect the functionality of the outlet. While this is a very inexpensive and easy fix, saving the tenant the hassle of doing it themselves is a huge bonus in showing that their landlord cares enough to take care of it for them.

Pools

If your investment property has a pool, there are steps that you must take to make accidental drowning a non-issue for tenants with children. Child-proofing the pool area will provide value for prospective tenants and protect your liability as the owner should an accident occur. Peace of mind is priceless for parents who not only want to provide a fun space for their children that is safe.

Signage. Post signs on how the pool should be used, maximum occupancy, and any emergency directions.
Pool Surroundings. Your property’s pool should have a fence with a tall, locked door that will prevent children from swimming unattended. The fence should be tall enough that even the most agile kiddos cannot climb over and sneak in.
Pool Covers. When looking at safety, there are many different options for pool covers. To protect the integrity of the pool, you may opt for a hardcover, which also can withstand a person’s weight. Another option is netting, specifically designed to securely stretch across a pool and eliminate the risk of drowning if someone falls in.
Pool Alarm. Designed to sound a loud alarm when the pool water is disturbed, this feature may make parents feel safer about having their child living in a home with a pool.

Falls

Not every rental property is one-story, and it is imperative to consider fall risks and safety when child-proofing a home.

Inspect the stability of all fences and railing to ensure that nothing is loose.
Be sure that balcony fencing does not have a wide enough space where a child could slide through.
Ensure the railing is tall enough that a small child cannot fall over the edge.

Other Considerations

While we have hit on some of the significant items, there are still many things you do to up your child-proofing game.

Install cabinet locks
Add child-proof door locks to all exterior doors
Install removable, walk-through gates at the top and bottom of each staircase
- Encourage your tenant that they are welcome to do the same
Add hand railings to exterior stairs and porches to discourage falling
Install appliance locks and appliance anchors to ensure that they cannot fall if a child climbs on them
Add rubber bumpers to sharp corners and edges

Going that extra mile to provide safety precautions and thus some childproofing strategies can positively affect your potential tenant’s family’s desire to lease your investment property.

If you have more questions or you want to find out more about our services and how you can have LESS HASSLE. MORE HAPPY when it comes to owning an investment property; visit our website at www.rentwisepm.com or give us a call at 208-949-3083.

Fall Overhaul | Our Seasonal Cleaning Guide for Renters in the Treasure Valley

September 28, 2022

Fall has officially arrived! Our favorite season! The mornings are feeling cooler, the days are getting shorter, and there are pumpkins everywhere. You’ll likely spend more time indoors as the temperatures drop. As you snuggle up on the couch with some hot cider, you may look around and realize it is time to tidy up your rental. Spring gets all the credit for the “cleaning season”; however, we think that fall is the perfect time to organize and declutter.

Proactively getting ahead of the cleaning game is essential as we will soon enter a new holiday season. Here is some motivation; there is a good chance you’ll be hosting friends and family for the holidays and will soon pull out all those beautiful decorations. Regrouping and decluttering before you add gifts and guests will make the fall and winter seasons even sweeter! These fall overhaul tips can boost your mood while providing a welcoming place to relax as the seasons’ change.

Decluttering & Organization

1. Take Charge of Your Closet

One of the easiest ways to know if you’re wearing most of what is hanging in your closet is to reverse your hangers the opposite way. Each time that you wear an item turn the hanger the right way. At the end of the season, you’ll have a solid idea of what needs to go due to not being worn.

2. Donate, Regift, or Recycle Unused Household Items

Donate gently used clothes & toys to shelters and other community-focused organizations that accept donations if possible.

3. Organize in Storage Totes

Keeping organized is no easy feat, and we’ve all been there. Separating and storing seasonal items, craft supplies, decorations, and more into their designated storage totes will make things easy to find when the time comes.

Fall Cleaning Tips

Living Areas

Vacuum all carpets and rugs, and vacuum your furniture. If you have a carpet cleaner, steam your floors and furniture.
Dust and wipe down all the hard surfaces such as bookshelves, end tables, dressers, and so on.
Wash all blankets and throw pillows
Wash all curtains and dust blinds
Clean all windows inside & out
Wipe down doorknobs, light switches, handrails, counters, and faucets with a disinfectant
Wipe down all baseboards
Dust off ceiling fans

Kitchen

Clean and disinfect the microwave, inside and out
Change the hood vent filter above your stove and clean off any grease from the hood
Use a plumbing safe cleaner for your garbage disposal
Pull the refrigerator out and vacuum the coils and the floor behind the unit
Clean out your pantry and, wipe down the shelves, donate any items that you may not use
Wash and disinfect your trash can
Clean out from under your sink and throw away any old cleaners
Clean out and disinfect the inside of the refrigerator and freezer
If applicable, run a self-clean cycle on your oven

Bedrooms & Bathrooms

Scrub your sink and remove any build-up
Disinfect the shower and tub
Scrub all the grout in the shower with a grout safe cleaner
Clean the inside and outside of the toilet
Sweep and scrub the floors
Wipe down cabinets and vanity
Clean all of the mirrors
Wash your shower curtain and shower curtain liner

Exterior & Safety

Keep gutters free of leaves and tree branches
Sweep your patio and/or deck and keep free of leaves that could damage the finish
Power wash your outdoor lawn furniture and outdoor toys and prepare to store them for the winter
Change the batteries in your smoke and CO2 alarms throughout the home
Change your HVAC filter at least once every 30 days
Test your furnace and thermostat to make sure that it is properly functioning

Free Printable Checklist

We’ve included a free printable checklist just in case you are anything like us and want to keep a reminder hanging around.

It is our ultimate goal here at RentWise to be the best in the business. We take pride in our team and the properties that we manage. If you would like more information on how we can help make owning an investment property “Less Hassle, More Happy”- we would love to speak with you! Give us a call at 208-949-3083 or email courtney@rentwisepm.com