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Appliances in a Rental Property | Caring For and Maintaining Your Investment

Rental Property Owners who provide appliances to their tenants are taking a big step to ensure their tenants have a comfortable and enjoyable living experience. These appliances can be as simple as a refrigerator, stove, or washing machine or more complex items like a dishwasher, air conditioner, or clothes dryer. Having these appliances available to tenants can make a big difference in the quality of life for those living on the property. Not only does it make living in the property more convenient, but it can also help save tenants money in the long run as they won’t have to purchase and maintain their own appliances.

 

Investing in quality appliances for your tenants helps you to maintain a competitive edge and, in turn, results in higher rents. Unfortunately, not everyone will treat your investment with the same care that you would. While it is impossible to watch tenants 24/7, it’s important to understand which appliances are prone to damage and when you can expect to replace them.

 

We’ve covered a few of the top appliances and how you can make the most of your investment.

Refrigerator

The refrigerator is one of the most common pieces of rental property that tends to receive damage. Refrigerators can experience a number of issues, from dents and scratches to water damage and even potential issues with the compressor. Most refrigerators are designed with a life span of 10-20 years, so if it’s an older model, it may be due for an upgrade.

Here are some things that tenants can do to increase the lifespan of the refrigerator with minimal issues:

  1. Keep Things Dust Free.  Always ensuring that the refrigerator is clean and remains free of dust will help to keep the compressor running smoothly. This can be accomplished by vacuuming the coils, and wiping down the interior and exterior surfaces of the fridge. Additionally, keeping the fridge away from heat sources and pulling the unit from the wall to maintain a safe distance will keep the fridge from working too hard.
  2. Overstuffing. Poor circulation in a refrigerator and freezer comes from packing the units to the max. It is a great idea to notice where the interior fans are and ensure that your groceries are not blocking any of them. This will help prevent the motor from overworking and burning out too quickly.

Dishwasher

Another appliance that often requires attention is the dishwasher. Dishwashers can suffer from various issues, including clogged drains, rusting, and issues with the heating elements. Dishwashers tend to last around 9-12 years, and here are some things you can do to make the most of this handy appliance:

  1. Clean the Filter Regularly. Clean the filter regularly to ensure that food particles and other debris aren’t clogging up the system.
  2. Don’t Overload. Overloading the dishwasher can cause the system to run inefficiently and can cause it to overheat, leading to damage.
  3. Run a Cycle with Vinegar. Running a cycle with a cup of vinegar every few months can help to reduce the buildup of limescale, rust, and other materials.

Stove

Stoves usually last around 12-15 years with the proper care and attention. If you’re renting a home with an older model, it’s important to keep an eye on it. There are a few tried and true ways to keep your unit in tip-top shape for many years.

  1. Keep it Clean. Make sure to clean your stove and oven regularly to remove any grease or residue that can build up over time. Be sure to use a stove/oven safe cleaner to ensure that you are not damaging the cooktop or interior of the unit. Cleaning the drip pans often. Further, be sure to check the door seal. This keeps the oven from working overtime and protects the heating elements.
  2. Regularly Inspect the Burners and Heating Elements. A quick once-over at least twice per year will help to address any functionality issues.

Washer & Dryer

 Washers and dryers typically last around 10-15 years , so it’s important to be mindful of the age if you’re providing these appliances to renters. Staying on top of regular maintenance will ensure that your washer and dryer have a long and productive life.

  1. Don’t Overload. One of the most common maintenance issues with a washing machine is that they can go off balance from time-to-time. Filling the unit with the proper amount of laundry and not overloading will help to prevent this.
  2. Clean the Vents. Ensure that the venting of the dryer is cleaned out at least twice a year and that the lint trap is emptied after each use.
  3. Inspect the Water Hoses. It’s important to ensure that the water supply hoses are inspected every six months and replaced every five years.

It’s important for landlords to plan for wear and tear in a rental property. Regularly inspecting the flooring and appliances, as well as establishing a preventative maintenance plan, can help reduce the need for repairs and replacements. By taking the time to plan ahead, landlords can save time and money in the long run.

In Conclusion, here at RentWise Property Management, our entire focus is providing a positive experience for both our residents and our property owners. We complete Bi-Annual Inspections on every property we manage so that we can get ahead of any concerns. To learn more about our property management services, visit us at www.rentwisepm.com

SW Idaho NARPM | Q4 2022 Vacancy Report

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!

How to Declutter Like a Pro: Making the Most of Your Rental Space

 

 

Decluttering is scientifically proven to reduce stress, increase the ability to focus, and helps to combat feelings of depression. If you’re a renter, then you know how difficult it can be to keep your living space organized and clutter-free. It’s easy to let things pile up over time, especially when you don’t own the space and don’t plan to stay in it for too long. But don’t worry because there are plenty of simple and effective decluttering tips you can use to help you keep your rented space organized!

 

Take a walk through your home and identify the items you don’t need. This might include anything from clothes and shoes to old magazines, DVDs, and even furniture. Make a list of all the items you plan to get rid of, and then decide what you’ll do with them. You might choose to donate them, sell them, or simply throw them away.

 

Once you’ve identified the items you don’t need, it’s time to start organizing the things you do want to keep. Take advantage of vertical storage solutions like shelves, bookcases, and over-the-door hooks to maximize your space and make it easier to find things. You can also use bins and baskets to store items that don’t need to be seen.

 

When it comes to bigger items like furniture, try to choose pieces that won’t take up too much room. Invest in multi-functional items like an ottoman with storage, a coffee table with drawers, or a futon that can be used as both a sofa and a bed.

 

Finally, don’t forget to keep your living space tidy regularly. Make it a habit to take 10-15 minutes each day to pick up clutter, dust, and vacuum. This small investment of time can make a big difference in the overall appearance of your home.

 

Here is a breakdown of our 10 Favorite Decluttering Tips:

  1. Donate, sell, or give away any items you no longer need or use.
  2. Create a designated spot for frequently used items, like keys, phone chargers, and mail.
  3. Utilize storage bins or baskets to keep items like blankets, pillows, and books organized.
  4. Utilize vertical space with shelves and racks to store items like spices, canned goods, and cleaning supplies.
  5. Use drawer and cabinet organizers to keep items like cutlery and dishes orderly.
  6. Invest in furniture that has additional storage like ottomans, armoires, and sofas with built-in drawers.
  7. Hang items like coats and hats on wall hooks, or in closets.
  8. Utilize the back of doors to store items like cleaning supplies and scarves.
  9. Consolidate similar items, like craft or office supplies, into one storage container
  10. Label storage containers, shelves, and bins to make items easier to find.

If you’re like us, we love a good list or guide to help with visual progress. Here are two fantastic guides to help you on your journey of a wonderfully organized home.

 

 

 

 

 

 

 

 

 

 

If you would like to know more about how RentWise Property Management does property management, visit us at www.rentwisepm.com, where we make finding your dream rental a LESS HASSLE, MORE HAPPY experience!

We hope these decluttering tips help you keep your rented space organized and clutter-free. Good luck!

Don’t Get Your Tinsel In A Tangle | Easy Damage-Free Holiday Decorating Tips For Renters

The holiday season is officially upon us. There are few things more exciting than decorating your home for the holidays, putting up the lights, and decorating the tree. As property managers, we always want our residents to feel at home! We also need to ensure that our owner’s properties remain in good condition and minimize any maintenance issues. Aside from checking your lease and complying with decorating standards, we’ve provided a few quick and easy tips for damage-free decorating!

Damage-Free Decorating Tips and Ideas

 

Tension Rods for Garland

Framing your front door with garland looks gorgeous! However, it may seem impossible to hang without nails or screws, right? Consider using a tension rod (shower or curtain) and hang the garland from that! This one is so easy and takes hardly any time at all. Measure your doorway, find a tension rod that meets your taste, and suspend the garland from the tension rod for a beautiful, holiday-themed entryway. There will be zero damage to the door frame, and you can use this trick for years to come!

You can purchase a high-quality tension rod like this one on Amazon for under $30.

 

Adhesive Hooks & Strips for Wreaths and Wall Decor

Piggybacking off of beautiful garland, every holiday door loves a good wreath! You don’t need a nail and hammer to hang a wreath. Simply place a damage-free adhesive hook on the door, and you have a beautiful home for your holiday wreath in one minute or less. You can also use adhesive strips to hang wall decor on the interior of your home year-round!

 

Flameless Candles

Nothing says holiday ambiance like a beautiful tablescape with candles to make a home feel warm and cozy. Am I right? The holiday season brings the most significant risk of house fires than any time throughout the rest of the year. Removing open flames from your home and replacing them with beautiful flameless candle options is one way to mitigate this risk. There are so many wonderful options out there! You can even get a large package of candles with timers and remotes, like these, and have your home glowing each day when you return!

 

Adhesive clips, Shingle Clips, and Gutter Hooks

Hanging Christmas lights can feel like a headache, right? Even on the best of days, something is tangled, or one bulb is missing. Once you get through that,  these S-shaped clips will make decking the halls a breeze! Adhesive clips will work on smooth vinyl siding, and single clips will help to frame your home by positioning the lights near the roofline. Be sure not to put too much weight on the clips placed on the gutters, as the weight of snow/ice/and lights could cause the gutter to detach and fall.

Window Cling Theme Setters

 

One of the most beautiful sights to see during the holidays are windows that have been decorated and glowing in the night light. Window clings are one of the easiest ways to set the scene are with window clings such as these. These decorations are applied to the interior side of your window and can easily be peeled off at the end of the season without leaving any residue. Window clings are also a safe and fun way to include younger family members in decorating by allowing them to place the decorations themselves.

 

Wrapping Up

See what we did there? Our entire motto here at RentWise Property Management is LESS HASSLE, MORE HAPPY! We believe that should apply to all things in life. The relationships, business practices and process we have built and continue to build guarantees our focus is on providing the best possible experience and pricing in our industry. Furthermore, if you want more information on incorporating our LESS HASSLE, MORE HAPPY motto into your investment property portfolio, visit us at www.rentwisepm.com!

SW Idaho NARPM | Q3 2022 Vacancy Report

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 Q3 Vacancy and Rental Trends survey. The report is as of September 30, 2022. 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 9,018 managed between the counties, with a total of 314 vacancies.

 

Q3 Vacancy Survey Results

The rental market has seen some very interesting fluctuations this quarter! The number of vacancies in this report increased by 225 units. However, the number of rentals managed significantly increased by 3,654 homes. The 3rd quarter of 2022 closed out with an overall vacancy rate of 3.48%. The data collected indicates that vacancy rates are beginning to level out, and Q3 of 2022 is right in line with Q3 of 2021, in which the vacancy rate was 3.2%

Rental Rates

Ada County single-family rental rates decreased this quarter by an average of $42.00 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,962 per month. To compare, that is a $324 or 19.78% monthly rental rate increase based on the Q3 2021 Vacancy Survey.

Canyon County rental rates showed a rental rate decrease in the third quarter of 2022. The rental rates for single-family homes showed an average monthly decrease of $97. This puts the average rental rate at $1,830 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 Q4 survey results that will be coming out in early 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

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.

 

Our Location:

RentWise Property Management
925 N Main St. (drop box only)
Meridian, ID 83642

Mailing Address:
P O Box 191208
Boise ID 83719

Contact Us:

Office: (208) 949-3083
Fax: (208) 953-7870
E: office@rentwisepm.com