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3 Tips To Protect Your Vacant Rental Property

Do you own a rental property in the Treasure Valley in Idaho?

The overall vacancy rate between Ada & Canyon counties is at an all-time low of 1.67%! Although the vacancy rate is historically low, your rental property will become vacant at one point or another.

However, you may not have considered that a vacant home is a desirable target for thieves, crime, and vandalism. Empty homes are the easiest to break into without anyone noticing. Property damage from a break-in will likely be costly. Stolen plumbing, appliances, broken windows, and property damage can eat away your property’s profitability quickly. It will also take time to repair the damage so that it is livable again. There are several vital steps that you can take to ensure that your investment is protected and able to be rented as soon as possible.

Protecting Your Vacant Rental

1. Create The Appearance Of Activity

  • Increase Lighting- Keeping a vacant property well-lit is a considerable deterrent for those lurking. Installing motion-activated exterior lights on the front and back of the property is a great start. Further, having timed lights on the interior and exterior of the home will create the illusion that there is a resident in the home. If lights are kept on 24-7, it can quickly become evident to a criminal that there is no movement at the home.
  • Window Coverings- If you haven’t already invested in blinds or curtains, a vacancy is a perfect time to have those installed. Anyone can visit a property and look in a window; if it is apparent that the property is empty, this is an open invitation to crime. Covered windows can create the illusion that someone is home.
  • Maintain Landscaping- Overgrown and unkempt landscaping is the first sign that no one is living at a property. If your home is vacant and between tenants, landscaping will be a top priority to increase curb appeal. Further, keeping the lawn mowed and trimming shrubs and trash out of the yard will deter unwanted visitors.

2. Regularly Inspect The Property

  • Check Locks & Doors- Continue maintaining the home’s security by checking for broken doors and windows and ensuring that all locks are functioning correctly.
  • Remove Mail & Packages- Porch shoppers will quickly notice if there are boxes at the door. Additionally, if the mailbox is overflowing, this is a surefire indication that no one is home.
  • Visit the Property- If you are self-managing your rental and are local, visit your property regularly. However, be sure not to visit at the same time, as this will show a pattern. Thieves are sneaky and notice these small nuances when targeting a property.
  • Hire a Third Party to Inspect the Home- If you are not local or don’t have the time to dedicate to frequent visits, you may consider hiring a trusted third party to inspect the home. Experts such as TaskMasters Idaho will offer convenience and peace of mind to handle your vacant home inspections. A third-party inspector will enter the property frequently, test all doors, locks, and plumbing, and look for signs of forced entry.

3. Hire a Property Manager

It would be best if you were using one of Boise’s most-trusted property management companies. If you have potential tenants contacting you directly regarding your available vacant rental, be mindful of how much information you share. Your property manager can handle the many facets of protecting your vacant property and getting it tenanted quicker. Some of the details that your professional property manager will take of are:

  • Screening Tenants- Property Managers are skilled at screening potential tenants and spotting a scam. If you are inexperienced, you may disclose specific details regarding your vacant property to a stranger, which could set your home up for a break-in.
  • Marketing Your Property– The easiest way to eliminate vacancy concerns is to place great tenants in your property. Your property manager has access to a much more extensive network and will begin marketing the property immediately.

Final Thoughts

Owning a rental property in a place such as the Treasure Valley offers extremely low vacancy rates. Tenants are staying put and leasing properties for more extended periods. However, all rental property owners will experience a vacancy as tenants move from time to time. Additionally, considering the above tips, your vacant rental property will remain better protected. Further, staying proactive will lower the risk of costly damages due to theft, vandalism, or a break-in.

RentWise Property Management is committed to your success while owning an investment property. Investing in our services will not only save you time and money but will offer peace of mind that you are PROTECTING your investment long-term.

What is a Maintenance Emergency? | Your Guide to Identifying Emergency vs Routine Maintenance Requests

Undoubtedly, living at any property, you can expect things to break from time to time. Do you know what is considered an emergency maintenance situation? Sometimes, it can be undeniable in situations such as a severely leaking roof causing it to rain outside and inside your home. This certainly qualifies as an emergency, and requests must be submitted quickly. Other times, it may seem unclear as to what needs urgent attention. What if your oven stops working? Or your air conditioner isn’t cooling the home? Are these emergencies? What is considered an enormous inconvenience and emergency to a resident may not be an emergency when looking at the bigger picture. But, how can you identify an emergency or not? First, it is always a good idea to pull out your lease and read maintenance requests’ verbiage. Emergency maintenance may be identified as fire, flood, uncontrollable water, backed up sewer, electrical problem endangering life, or smell of gas. None of that sounds like fun. Let us break down a few situations that may fall under an emergency.

Emergency Maintenance

A maintenance emergency is something that, if it isn’t remedied immediately, could cause injury, pose a health threat, or cause severe property damage.

A few examples of maintenance emergencies can include:

  • A sewer back-up if it is flooding your home
  • A fire that is unable to be put out with your in-home fire extinguisher
  • The smell of gas / broken gas line / or suspicion of a gas leak (natural gas has an identifiable smell of rotten eggs)
  • Your roof is leaking and causes flooding and damage to the interior of the home
  • A broken pipe, waterline, or flooding inside your home
  • Air conditioning not working in sweltering weather
  • Furnace not heating home in frigid weather
  • Other electrical issues that, if not immediately repaired, could result in lasting damage, such as a fire

Routine Maintenance

Every maintenance issue is not an emergency. For example, if you have a leak from your toilet that is minor and can be contained with a bucket or some towels, this is considered a routine maintenance issue but not an emergency. Furthermore, a small leak, while annoying, would be considered a routine maintenance request.

Here are a few examples of situations where you can submit a routine maintenance request:

  • Your dishwasher isn’t properly draining
  • The garbage disposal is buzzing
  • There’s no hot water
  • Your stove burner won’t light or heat up
  • You have a clogged drain
  • Your ceiling fan stopped working
  • Your refrigerator is not cooling quickly
  • Your HVAC system isn’t heating or cooling in weather above 50 and below 90 degrees

Troubleshooting Maintenance

Many landlords and property managers expect their tenants to troubleshoot some issues before submitting a routine maintenance request. This isn’t because your maintenance team doesn’t want to help. Sometimes, things can be easily remedied with a quick DIY and will save you and the maintenance team time to tend to larger issues.

Below you will find detailed instructions on how to mitigate small maintenance issues in your home:

1.  Smoke Detector won’t work when tested: Test with approved smoke detector smoke spray and replace the battery.

2. Smoke Detector beeps: Replace the battery and check for proper wire termination connection.

3. No power to plugs or switches: Check and reset breaker panel or replace blown fuses. Check and rest all GFI outlets (located in the kitchen, bathrooms, utility rooms, and garages). Check if the plug works off a wall switch.

4. Garbage disposal doesn’t work: When on, do you hear a buzz? If you do not hear a buzz, hit the reset button on the bottom of the disposal and test. If you hear a buzz, turn off the disposal and unplug it from the wall. Mounted on the side of the disposal or side of the cabinet is an Allen wrench. Put the wrench in the center shaft and twist back and forth (this un-jams the disposal). Remove the object, turn it back on, and test. Repeat until the object is removed.

5. No hot water: Check the thermostat on the tank for proper temperature setting. Check that thermostat is not set to “vacation.” Check and reset the breaker in the power panel. Check and reset the button next to the thermostat.

6. Hot water is too hot: Check the thermostat on the tank and turn it down.

7. Plumbing or fixtures leak: Turn off the water fixture, turn off the water at the supply line and notify Landlord immediately.

8. Toilet is plugged: Plunge and test.

9. No heat: Check the thermostat. Check that furnace covers are in properly. Check that a switch that looks like an ordinary light switch is turned on (located in or near the furnace room). Did you pay or disconnect the utility? Clean and replace filter and test.

10. Dishwasher won’t drain clean food out of the bottom of the dishwasher.

11. Dishwasher grinds or no water is coming in. Turn off; if there is no water on the bottom, pour two large glasses of water into the bottom and re-start. If the problem continues, call Landlord and discontinue use.

12. Refrigerator too warm or too cold: Check thermostat in the refrigerator is set correctly.

13. Water drips from the freezer to the refrigerator compartment. Remove all food and store it in a cooler. Turn off the refrigerator and allow it to defrost. Turn the refrigerator back on and replace food.

14. No Air Conditioning: Check all circuit breakers. Clean and replace filter and test.

Filing a Maintenance Request

Do not avoid maintenance requests! Although, some tenants feel as though they don’t want to bother their property manager with maintenance requests, so they don’t notify anyone. Any maintenance request that the property management team is responsible for should be filed as soon as possible. Further, if you fail to submit a maintenance request and the issue has escalated, resulting in damage to the property, you may be held responsible for any damages for neglecting to turn it in. A small issue now could turn into an emergency if it isn’t handled properly.

Additionally, if you have noticed an issue but are unsure of how to proceed, reach out to your property manager! Likewise, they will be glad to hear from you and can direct you toward a solution or suggestion. Your property manager will be able to explain if your issue is considered an emergency or routine maintenance.

Furthermore, if your property manager utilizes online maintenance requests, be certain to familiarize yourself with the platform. Undoubtedly, knowing how to submit a request will make your life less stressful should a maintenance issue arise.

At RentWise Property Management, we promise that we make every effort to act in our client’s best interests in every situation.

Interested in learning more about our services and how we can provide you with this type of service? RentWise Property Management. Less Hassle. More Happy.

SW Idaho NARPM | Q2 2022 Vacancy Survey Results

Have you ever wondered how to gauge the vacancy rate of a particular market? Further, have you ever wondered what the vacancy rates are based on the type of property you invest in? Well, you are in luck if you are investing in the Treasure Valley! Each quarter the NARPM Southwest Idaho Chapter conducts a vacancy survey with data sourced from local property management companies!

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q2 Vacancy and Rental Trends survey. The report is as of June 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 5,364 units managed between the counties, with a total of only 89 vacancies.

 

Q2 Vacancy Survey Results

The rental market has seen some very intriguing trends this quarter! The number of vacancies decreased by 152 units. The 2nd quarter of 2022 closed out strong with a market vacancy rate of 1.66%. The data collected indicates that vacancy rates have decreased significantly down by 28.75% from the 1st quarter of 2022! This is exciting news as it shows that the rental market in the Treasure Valley is as hot as ever.

Rental Rates

Ada County single-family rental rates decreased this quarter by an average of $81.00 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $2,004 per month. To compare, that is a $325 or 19% increase per month based on the Q2 2021 Vacancy Survey.

Canyon County rental rates showed a larger increase in the second quarter of 2022 than the first. The rental rates for single-family homes showed an average monthly increase of $180. This puts the average rental rate at $1,927 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 Q3 survey results that will be coming out later this year. 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!

Should You Turn Your Rental Into A Smart Home? | Considerations Before Making The Switch

The world around us is surrounded by technology that is constantly evolving. Investment property owners are following the trends, and some have been converting their rental properties into ‘smart homes’. The technology industry has created devices that range from video doorbells, voice-activated appliances, noise control, flood detection, and more! While smart home devices were created for convenience, they can sometimes feel a little intimidating. Additionally, smart home devices can come at a cost as they are in high demand. So, is converting your rental property to a smart home the best choice? Let’s take a look at some of top considerations associated with adopting smart technology into your rental.

What is a Smart Home?

Simply put, a smart home is a home equipped with lighting, heating, and electronic devices that can be controlled remotely by a phone or computer. Smart home technology allows you to control almost every aspect of your home at the touch of a button.

Types of Smart Home Technology

The most commonly used smart home technology devices control lighting, security, appliances, and temperature control.

  • Lighting– The resident has the ability to set schedules for turning lights on and off, dimmable light features, and control energy output, all from a hub or smartphone device. Smart lighting also eliminates the need for additional outlets and wall switches due to the smart lights’ ability to be plugged in anywhere.
  • Security- Smart Home security is the largest component of adopting a ‘smart’ lifestyle. Smart home security allows the owner and resident to view live footage of their property when away, receive notifications and alerts, detect carbon monoxide or potential fires, trigger alarms to local police and fire departments, and remotely lock doors and windows.
  • Appliances– Many new appliances on the market are equipped with smart data technology that will provide maintenance alerts and recalls and provide the ability to request service.
  • Temperature Control– Possibly the most commonly seen facet of smart technology. Temperature control or ‘smart thermostats’ have taken the smart technology market by storm. Smart thermostats provide the ability to remotely control a home’s temperature by lifestyle sensing, programming schedules, and adjustments based on the local weather.

Why Should a Landlord Invest in Smart Technology?

The next generation of renters is among us. Millennials are more tech-savvy than generations prior and expect the accessibility and convenience of technology at their fingertips. Converting a rental property to a smart home is a value-add amenity for many potential tenants. Additionally, many rental shoppers may have smart home technology at the top of their requirement list. The added technology may create somewhat of a niche market when advertising to future tenants. This can also work in the owner’s favor as more technology and amenities equals the ability to market a higher rent for their respective property.

Benefits of Smart Home Technology

Smart home technology has huge benefits for both the renter and the property owner. Tenants enjoy the ability to set temperature control schedules, turn lights on and off, and get alerts from their appliances, such as when the dishwasher cycle is complete. This can help to keep their utility bills low and help with month-over-month budgeting.

Property owners can immensely benefit from smart home technology by ensuring that their investment remains in ideal condition. Landlords who provide utilities as part of their benefits package can maintain energy efficiency in their rental with smart thermostats. Smart technology can also track necessary maintenance in the home, which can save thousands of dollars down the road if they were not made aware of an underlying issue.

Concerns with Smart Home Technology

The largest concern surrounding smart technology is maintaining privacy. Smart technology can store a lot of data regarding a tenant’s habits, daily activities, and even where the tenant is located in the home. This may raise some serious concerns for potential residents. Owners can mitigate this risk by vetting smart home providers to ensure that data is stored securely.

Another concern that falls on the owner of the property is the cost surrounding converting to a smart home. According to homeadvisor.com, a full smart home conversion can cost anywhere from $10,000 – $150,000, depending on the features you are requesting.

Smart technology can be a great way to make your rental property more efficient and convenient for tenants. Well-managed smart technology can make a landlord’s job much easier! With some research and uncovering your needs as well as your tenants, you can create a positive tech experience for everyone

Are you currently looking for homes to rent in the Treasure Valley area of Idaho? Our lists are continuously updated, and houses move quickly here at RentWise Property Management. Feel free to check out our current listings!

Creative Temporary Gardening | Tips for Renters to Keep Your Landlord Happy!

Summer has arrived, and you are seeing all of the gorgeous flowers and plants lining the porches and decks of all of the surrounding homes. Am I right? In addition to looking beautiful, planting flowers and plants have some huge health benefits. Not only is gardening a great way to get some exercise, but it also can help to reduce stress and anxiety.  If you are renting your home, you may also be wondering how you can achieve optimum green space without compromising the terms of your lease. There are many creative ways you can incorporate temporary gardening into your rental. The best news is that when you’re ready to move, you can take all of this with you! Here are a few tried and true options for temporary gardening.

Mini Porch Greenhouse

 

Our first option is this Tiered Mini-Greenhouse from Amazon. This is is an all-season structure that you can place indoors or out. It contains 5 tiered shelving options and provides a PVC cover to contain the humidity and moisture required for successful gardening. This small but mighty mini greenhouse won’t take up much space at all on your porch or in your backyard and easily stores when you are ready to move or take it down for the winter months. This is the perfect way to grow herbs and small vegetables in individual pots without having to worry about making space in your yard if you have one.

Raised Garden Bed

 

 

 

 

 

 

 

Raised garden beds are a fun option to incorporate greenery and plants into your landscape without having to do much digging. You can buy a manufactured raised garden bed at any garden supply store. Also, if you are ready to take on a DIY project, you can make one yourself with a little sweat equity, such as this one.

If you choose to purchase a raised garden bed with a higher elevation, this can be handy for keeping wildlife out of your fruits and vegetables. Additionally, raised garden beds that rest on the ground can be a great way to create a temporary landscape option. Raised garden beds are often more productive than if you were digging in the ground due to better drainage and the soil gets warmer quicker. One consideration with the ground option is to ensure that once you are ready to remove, you aren’t placing the bed over existing grass or landscaping. This could cause potential damage that may result in your landlord holding you responsible for remedy.

Verticle Stacking Planters

Verticle gardens such as this one from Home Depot are all of the rage in the world of temporary gardens! They are easy to install and easy to remove at the end of the season. Verticle gardens fit well in the corner of a deck or porch. Vegetables such as tomatoes, peas, and squash grow best in verticle gardens such as this. One thing to keep in mind is that these planters don’t drain as well as other conventional options so you must monitor for moisture containment and soil rot. Also, if not careful, this could leak on your neighbors below if you are on the second story.

Over-The-Rail Planter Boxes

Over-the-rail planter boxes are one of the absolute easiest ways to spice up your curb appeal and increase your plant presence without causing any damage. This will be a surefire way to make your landlord pleased! There are so many options for these planters including plastic, wrought iron, and wooden, and many different mounting options. If you have a deck or porch with a railing, these are the perfect option for you! Typically, sun-loving plants will thrive best in these planter boxes. Be sure that your planter box has drainage holes to ensure that moisture isn’t staying stationary on top of your railing.

Upside Down Gardens

Last, but certainly not least on our tips and tricks list of temporary gardening options are the quirky and visually appealing upside-down gardens! These hit the market as an ‘As Seen On TV’ product several years ago and have picked up a ton of steam with consumers trying to grow fruits and vegetables in an easy, mess-free, damage-free, environment. The planters are made of high-quality felt and are washable and reusable. The success of upside-down gardening comes from the shape of the hanging planters and that they promote excellent drainage and prevent root entanglement. This is the perfect option for a renter who doesn’t have a lot of space to grow fresh fruits and vegetables. You can hang these planters from a shepherd’s hook or from your porch or deck with no damage!

Making your rental home feel like your own can sometimes feel like a challenge. If you have a porch, balcony, deck, or small yard, there is a surprising amount of space that you can get creative with temporary gardening options. Greenery, flowers, fruits, and vegetables are one way that you can personalize the exterior of your home to your liking, all while keeping your landlord happy!

We fully support making your house feel like a home. If you are a prospective tenant in the Treasure Valley, our team would love to speak with you. Additionally, we can help you navigate through your home search and application procedures! View our available listings and schedule a time to view your dream home here! Our motto here at RentWise Property Management is LESS HASSLE, MORE HAPPY!

SW Idaho NARPM Q1 2022 Vacancy Survey

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!