Beat The Heat | Tips For Renters To Increase Energy Efficiency

June 8, 2022

Summer has officially arrived in the Treasure Valley! Over the last few years, the United States has collectively experienced some of the hottest summers. 2021 set a record as the hottest summer EVER! In Boise, the average daily temperature throughout the summer months is in the upper 90s! As a renter, it may sometimes seem like you don’t have a lot of control over the energy efficiency in your home. It appears we are gearing up for another warm summer! We have put together a quick user-friendly list of ways to increase the energy efficiency of your rental home.

Change Your HVAC Filter

As a general rule of thumb, you should change your HVAC filter once every 90 days. In the midst of summer, it is a good idea to change your filter at least every 30-45 days. Dirty filters block airflow and decrease the air conditioner’s ability to absorb heat and produce cooler air. Clean air filters can help to improve the energy efficiency of your home by 15% or more. Many property managers have opted into automatic filter delivery programs as part of their leasing package. This means that your new filters will arrive right on your doorstep!

Adjust Your Thermostat

The U.S. Department of Energy recommends that for optimum energy efficiency your thermostat should be set to 78 Degrees during the summer months. 78 Degrees is the ideal spot between staying cool and keeping your energy bill low. Many property owners are installing SMART thermostats in their rental homes. These thermostats not only increase energy efficiency, but they can also heat and cool by learning your habits at home. This means that your home will be kept warmer when no one is home, and cooler when everyone arrives!

Use Appliances Strategically

It is no secret that ovens generate a ton of heat. If possible, try to use your oven later on in the afternoon to preserve the efficiency of your air conditioning. In the previous years, countertop appliances such as air fryers and toaster ovens can replace a conventional oven and do not generate the amount of heat that an oven will distribute around your home. Other considerations to make during the summer months are washing your clothes in cold water and hang drying rather than using your dryer. You may also consider decreasing the temperature of your hot water heater to decrease your energy use by up to 25%!

Fight The Sunlight

Natural light is one of the best features of any home. The heat generated from the sunlight can also be the enemy of those trying to increase their energy efficiency. Investing in quality shades, and thermal or blackout curtains can assist with reducing your energy costs by 10-25%. Using blackout curtains during the hottest times of the day can keep sunlight-generated heat out, and contain the cool air from your fans and air conditioner inside. While the initial investment isn’t cheap, you will find that over time they will more than pay for themselves with reduced energy bills.

Unplug

This one is easy to forget. From your television to your computer, to even your gaming system, all electronics will generate heat when plugged in. Even if your electronics are switched off, there are still levels of heat that are maintained in the wiring. It may not seem like much, but if you add up all of your unused electronics, every little bit helps!

Switch To LEDs

Most households have begun to make the switch to LED lightbulbs. If you are still using incandescent lights, they are extremely inefficient. LED light bulbs are the most energy-efficient option that is currently available. They do cost a little more upfront but will pay for themselves quickly with energy savings. LED lights last 25 percent longer than incandescent lights, and use 75% less energy.

Many of these tips will help you to save energy year-round, not just in the summer! When you create positive energy habits, you will improve efficiency and experience money savings on your energy bills! If you would like more information from RentWise Property Management on our services and tenant benefit bundles, please visit us at www.rentwisepm.com

SW Idaho NARPM Q1 2022 Vacancy Survey

May 25, 2022

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q1 Vacancy and Rental Trends survey. The report is as of March 31, 2022. This survey tracks key performance indicators and market trends for single and multi-family homes in the Ada and Canyon County region. There are a total of 10,352 units managed between the counties with a total of only 241 vacancies.

Q1 Vacancy Survey Results

The rental market has seen some very intriguing trends this quarter! The 1st quarter of 2022 closed out strong with a market vacancy rate of 2.33%. The data collected indicates that vacancy rates have increased marginally by 0.75% from the 4th quarter of 2021! This is exciting news but also shows the vacancy rate may be approaching its eventual plateau.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $226 per unit, per month. However, multi-family rental rates increased by an average of $124 per month in the first quarter. The overall marketed rent rate for the combined single and multi-family comes in at $2,085 per month. To compare, that is a $519 or 33% increase per month based on the Q1 2021 Vacancy Survey.

Canyon County rental rates showed a lower increase in the second quarter of 2021 than the first. The rental rates for single-family homes showed an average monthly increase of $85. This puts the average rental rate at $1,747 per month. The current data illustrates that rental rates in Canyon County 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 Q2 results! If you would like more information on this report or would like to discuss how we can use our motto of “Less Hassle, More Happy” to assist in making the most of your investment, visit us here!

Rent-Ready: What does that mean?

May 11, 2022

Whether this is your first time as a landlord or you have been renting out your investment property for years, you have likely heard the term ‘rent-ready.’ You might be thinking, “my property is in awesome condition,” or “my home is new construction.” Even if this is true, not all homes are automatically ready to rent. Getting a property rent-ready means that you are taking the time to ensure that it is in the proper condition to be on the market.

If you have hired a professional property manager, their team will walk you through the steps to get your rental prepped for your next tenant! So, before you list your property, we will walk you through a few necessary steps! Attention to detail will attract fantastic tenants and maximize rents collected.

Inspection Time

Taking the time to inspect the property thoroughly will prevent more significant issues. When you walk the perimeter of your home, this allows you to check every inch, top to bottom.

Turn on all of the faucets, check for leaks, and run the garbage disposal.
Test each outlet and light switch to ensure they are functioning correctly.
Inspect each appliance, ensure they are working, and replace them as necessary.
Check for blemishes on the walls and ensure that the paint looks clean and fresh.
Test the locks on each window and make sure they open, close, and seal properly.
Review the carpet’s condition and ensure that there is no damage to the seams or corners.
Test all of the utilities in the home; HVAC, Water Heater, Water Softener, etc.
Double-check all doors to ensure that they close correctly and that the seals are in good condition.

Taking the time to perform this inspection on the front end will undoubtedly save you time on the back end if any issues arise. Ensuring that all of the main components of a property are correctly functioning will make for happy tenants when they move in!

Curb Appeal

More than likely, the first thing that a prospective tenant will do is drive by the property once they see your listing. You’ll want to keep the outside of the home looking as flawless as possible! The exterior of your home is your first impression and can make or break a deal.

Keep the lawn mowed and tidy.
Rake any leaves.
Trim trees that could pose a risk to your property.
Check the fence and make any repairs to loose boards; restain if necessary.
Paint the exterior of the home and any doors.
Inspect the roof and ensure that there are no missing shingles or tiles.
Plant some greenery or flowers, and lay mulch.
Remove any trash or debris.

Make A List Of Necessary Repairs

Once you have inspected the property inside and out, you may have found a few things that need your attention. Most property managers have a team ready to assist with getting these repairs handled quickly and efficiently. Allowing your property management team of vendors to conduct maintenance repairs may even be part of your property management contract. Getting repairs completed will get your home on the market and rented faster!

Clean, Clean, Clean!

You’ll want to hire a professional cleaning crew to conduct a deep clean on your property. This will include baseboards, light fixtures, under and behind appliances, bathrooms, windows, blinds, and more! It is also a good idea to have all of the floorings in the home professional steam cleaned as well. You do not want any stains, pet odors, or discoloration on the floors.

Deep cleans are crucial to effectively listing your property. Tenants will not want to move into a dirty home, especially a house with the previous tenants’ dirt and dust. A home that is not spick and span will sit vacant for much longer.

Time To Rent & Work With Professional Property Managers

Once you have completed the rent-ready checklist, it is time to list your property! If you do not have the resources or the time to dedicate to tenant turnover and rent-readiness, then it is time to work with a professional property manager. Property managers have the knowledge and expertise necessary to get your property rented quickly. Property managers will determine comparable rents in the area, tenant screening, lease preparation, property showings, and collect security deposits.

If you would like more information on how we can make the rent-ready process LESS HASSLE, MORE HAPPY- visit us at www.rentwisepm.com

Simple Tips To Prevent Pests From Invading Your Rental Home

April 27, 2022

Spring has sprung, and summer is on its way! With warmer weather on the horizon, this may open up an invitation to some very unwanted houseguests- pests! Unfortunately, pests are a common nuisance no matter where you live. Everyone will have to deal with pests at one point or another. Not only are pests a huge annoyance, but there can also be potential health risks.

When you are a tenant, you may be wondering who is responsible for pest control at your home. It is always best to check your lease agreement to understand the requirements for keeping these unwelcome guests under control. Some property managers will offer a nominal payment option that includes treatment of your home, inside and out. Regardless of what your lease states, there are a few surefire ways to minimize the risk of having a pest invasion.

Vacuum Frequently

Vacuuming often may seem silly and is likely something you are already doing. Things like crumbs and dust can accumulate in carpet fibers or under appliances and become the latest hot spot for an ant or roach party. It is guaranteed that these guys will invite the rest of the neighborhood to make themselves at home.

Take Out Your Trash

This is another tip that many of you are likely doing on an almost daily basis. Pests treat anything smelly such as trash as an open invitation to come in. Emptying your trash bins as soon as they become full will take some of the fun out of it for any roaches, ants, flies, and their friends. It is also a good idea to disinfect and rinse out your trash bins every month to remove any residue left behind.

Keep Kitchen & Bathrooms Clean

Implementing a daily cleaning routine for your kitchen and bathrooms will immensely reduce the risk of pests congregating there. Be sure to put food away as soon as you are finished. Wipe down the countertops at the end of every day. Be certain to empty the garbage disposal and keep the drains clean. Not only will a clean kitchen and bathroom boost your mood, but it can also provide some peace of mind that you’re putting up a roadblock from attracting pests.

Check Secondhand Furniture & Clothing

I think we can all agree that nothing beats a great deal! You went to a yard sale or your favorite thrift shop and found your dream couch and a new outfit too! Unfortunately bringing items into your home that have been in someone’s residence opens up the potential for pests such as fleas, bed bugs, roaches, and spiders. Your dream couch could have been in storage for many months and your new outfit could have been in a trash bag in their garage. Fully inspecting and cleaning and even spraying pest repellent on the new furniture can work wonders in keeping those creepy crawlies out.

Remove Clutter and Debris- Inside and Out

There is nothing better for unwelcome insects and pests than a pile of clothing, a stack of boxes, and a woodpile. Picking these items up and keeping your home tidy will deter pests from making these things their newest home.

Proper cleaning regularly goes a long way in preventing a pest party from starting in your home. If you should find yourself in a situation where some unwelcome guests are residing in your home, inform your property immediately so that you may work together to solve the problem before it gets out of hand. Visit us at www.rentwisepm.com for more information on our pest control program and how we strive to make every experience LESS HASSLE, MORE HAPPY!

Should You Hire a Professional Property Manager?

March 30, 2022

So you have purchased a rental property. Congratulations! Or maybe you own multiple rental properties that you’ve been self-managing for an extended period of time. And you’ve been tossing around the idea of hiring a professional property manager. Not all rental properties require property managers. If you are beginning to feel stressed, overwhelmed, or even a little confused about how to handle a situation, it may be time to start talking with an expert in the business.

According to Businesswire, 51% of investment property owners work with a property manager and another 24% are actively searching for a professional property manager. The rental market is booming across the United States and more investors are utilizing property managers than at any time in the past. But, what exactly does a property manager do? Property managers handle much more than just collecting rent for you each month. Here are some of the top responsibilities that a professional property manager will take care of for you.

Marketing Your Rental

Property managers are experts at marketing investment properties. They are trained professionals in real estate. It is their priority to get a rental property tenanted quickly. Not only will they take professional photos of your property for marketing, but they also have access to many tools that non-real estate professionals do not have access to. If you are on your own, it can be a huge headache to try and market your property. Platforms such as Facebook and Instagram make it easier in some ways, but you can’t always guarantee that the responses are legitimate.

Finding Quality Tenants

Pivoting off of the last statement of receiving legitimate responses to a rental listing, property managers are responsible to thoroughly screen applicants. Finding quality tenants can feel like an uphill battle. You don’t have to make that climb alone when you have a property manager on your team. Property managers handle background checks, credit checks, references, income verification, pet verification, drafting the lease, and more. All of this will be included in your property management agreement and can take a huge weight off of your shoulders.

Day-To-Day Management

You may have noticed that some of the everyday tasks of managing your rental can add up quickly. Property managers assist with shortening your to-do list. In fact, property managers actually make your to-do list virtually nonexistent! Your property manager will handle things such as collecting rents, handling tenant requests, scheduling routine maintenance, bookkeeping, and accounting! Your property manager will essentially turn your stresses into successes!

Maintenance

If you are a lucky investor, your property won’t need any major repairs any time soon! You can bet on the inevitable, however, that your tenants will make a call to the maintenance team at some point. Since you have been self-managing, it is almost certain that you have received a late-night call or text from a tenant with an emergent situation. You will never appreciate your property manager more, than when you don’t have to jump out of bed and respond right away. Property managers have a list of fully vetted and insured contractors that they can call on-demand to handle any maintenance issues. In some property management agreements, you are required to keep a reserve on file so that maintenance issues can be addressed quickly and efficiently without reaching you for pre-approval.

Evictions and Legalities

Last, but certainly not least, your property manager will bear the responsibility for any legal issues that could arise. There are many laws that are specific to protecting the tenant and landlord. Your property manager is required to stay on top of any changes and updates to these laws. If your tenant wants to break a lease early, or an eviction situation has come up, your property manager will know just how to handle this. If you are self-managing, you may be unsure how to proceed and have to constantly consult an attorney. Your property manager thankfully has systems in place to avoid additional legal expenses.

There are many reasons why you may be considering hiring a property manager. Maybe you are a new investor. Maybe you have another job. Maybe you are having issues finding and retaining quality tenants. Whatever the case may be, you can guarantee that a professional property manager will be on your team and work hard to ensure your rental remains profitable. If you would like more information on our property management services and receive a free rental estimate, visit us at www.rentwisepm. RentWise can handle all the details of managing your property. We provide COMPLETE property management in Boise, Star, Meridian, Nampa, Caldwell, Eagle, Kuna, and Middleton.

Should I Turn My Home Into A Rental?

March 16, 2022

There are many reasons that you may be considering putting your home up for rent. Maybe you found your dream home and it’s time to move your family. Maybe the market isn’t thriving in your location. Or maybe you are looking to dip your toes into the real estate investing market and this is your first step!

Whatever your reason may be, there are a few things that you need to consider prior to jumping in feet first. Sure, it isn’t difficult to find a thousand landlord horror stories. It doesn’t have to be that way if you are proactive and do your homework. Keep reading and find out a few steps to take prior to putting the ‘For Rent’ sign in your yard!

Know The Laws

This is a big one to start with. Tenants have a lot of rights under The Fair Housing Act. You will want to be sure that you are familiar with the discrimination laws and the laws are constantly changing. These laws advise you how you are allowed to list your property and also what is considered prohibited. You will also want to be sure to check with your local city permit office. Many municipalities require rental homes to file special permits. Permitting is specifically focused on safety and an inspector will come out and inspect and be certain that there aren’t any safety hazards in your home.

Upgrades and Repairs

Once you have received your permitting inspection, there may be things that need your attention. Furthermore, you may want to update a few things to keep up with the current demands of the market. Upgrades don’t always have to be expensive and can be easy! Inexpensive upgrades may look like anything from a fresh coat of paint, to adding a smart thermostat in the home. Not only will this show well in a rental listing, but upgrades will also keep your home competitive in a booming rental market! The more pride that is shown in upkeeping your home, the higher rent you’ll be able to collect! Everyone wins.

Research Property Management

It is no secret that managing your own rental can cause some major headaches. You will be the ‘everything’ person. Accountant, maintenance department, legal representative, on-call for communication, and more! Hiring a reputable property manager will help alleviate some of these pain points! They will work on your behalf and you will likely be able to collect higher rents based on the amenities they can provide your tenants- and they will even screen potential tenants for you so that you don’t have to. Property managers can provide you with a market analysis and an estimate of what your property may rent for. Property managers will also be able to assist with any legal processes such as an eviction or past due rent collection.

Establish Ground Rules

Do you want to allow pets? Who is responsible for yard maintenance? How many people do you want to occupy your home? What about swimming pools, hot tubs, and fire pits? These are all things to heavily consider when you are looking at renting out your home as these are things that could end up costing you later if not handled properly. Property managers can most definitely build all of your wants into your lease to ensure that your property is protected and maintained.

Check With Your Insurance Agent

You already have the home insured, so why would you need to review your insurance? Insurance for rental properties is a different policy than an owner-occupied home. If you kept the same policy but were not living in the home, and a claim situation arose, your insurance provider may not cover the claim. That could equate to a financial disaster depending on the damage. A rental dwelling policy includes coverage for the structure, liability protection, and also very limited contents protection. Your tenant will need to have renters insurance to protect their belongings.

As you can see, there are many things to consider when deciding to rent your home. It is always a good idea to gather the facts and make sure this is the best financial decision for your situation. Here at RentWise Property Management, we care for every property like it is our own from day one! If you would like more information on how to make the transition to property investor LESS HASSLE, MORE HAPPY, visit us at www.rentwisepm.com