SW Idaho NARPM | Q1 2023 Vacancy Report

April 13, 2023

We are starting off 2023 with a bang! 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 2023 Q1 Vacancy and Rental Trends survey. The report is as of March 31, 2023, 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 5,207 managed between the counties, with a total of 180 vacancies.

Q1 Vacancy Survey Results

The number of vacancies in this report decreased by 90 units. However, the reported number of rentals managed significantly decreased by 2,531 homes. The 1st quarter of 2023 closed out with an overall vacancy rate of 3.46%. The data collected indicates that vacancy rates are beginning to level out. Between Q4 of 2022 and Q1 of 2023, the vacancy rate decreased by .03%, respectively.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $246 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,953 per month. To compare, that is a $156 or 8.68% monthly rental rate increase based on the Q4 2022 Vacancy Survey.

Canyon County rental rates continued to remain steady. The rental rates for single-family homes showed an average monthly increase of $26. This puts the average rental rate at $1,740. The current data illustrates that rental rates in both Ada and Canyon Counties come in lower for multi-family properties than single-family homes.

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 survey results that will be coming out in Summer 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.

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

June 22, 2022

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!

Top Amenities On A Renters Wishlist That Make A Profitable Rental Property

February 2, 2022

According to a recent survey from the U.S. Department of Housing and Urban Development, there currently are 100.9 million people living in a rental home. The rate of homeownership has steadily declined over the past few years and younger generations are opting to rent vs purchasing a primary residence.

The majority of rental properties are owned by individual investors rather than large corporations. This opens up a large window for a personal touch and value add when an individual investor is involved. Large corporate areas may create every rental unit they own to be uniform with the same features. An individual investor has the flexibility to tailor some amenities and upgrades in a rental property according to demand and market trends. When it comes to rentals, knowing what your tenants want and like will not only quickly secure tenants, but retain them as well.

There are obvious amenities that all of us would love to offer, such as a balcony view over the ocean. This list is focused on the things that are largely able to be controlled by an investor.

Top Amenities on a Renters Wishlist

1. Parking

If you’re renting in an urban area, parking can be somewhat of an issue. For tenants who have cars, especially in a community, parking is of the utmost importance. No one likes to come home from a busy day at work, after spending time in a traffic jam and having to worry about parking 20 minutes away from home. Designated parking also makes your tenants feel safer and secure because they will always be familiar with the area and surroundings.

2. A Good Pet Policy

According to the III- Insurance Information Institute, 70% of American households, or 90.5 million people own a pet. It is no surprise that people love their furry friends. Renters are no exception. Having a policy in place where you allow pets will eliminate some of the stress for a tenant searching for a home. Being smart and having a thorough pet screening policy is the best way to protect yourself as a property owner. Having a flexible pet policy will secure tenants quickly.

3. On-Site Laundry

In today’s world, it isn’t always feasible to spend a few hours a week at a local laundromat. Loading your car up and traveling to a laundromat is not only a hassle, but can also create unnecessary stress with the additional cost. Having a washer/dryer in the unit would be an ideal situation for most renters. At a minimum, offering a few on-site washers and dryers, even if they are paid, will suffice and fill that void. In most residential areas, I think it is safe to say that many people would not even consider renting a place without access to laundry facilities.

4. Outdoor Areas

This one isn’t always within your control. As a property investor, keep this one in mind when purchasing a rental property. Many renters will be satisfied with any outdoor space whether it is a balcony, deck, or porch. Not only is an outdoor area an extension of the property, but it also can pack some really big value if the space is kept in great condition. If your property doesn’t have a great outdoor space, look toward community areas such as parks and recreation nearby.

5. Storage Space

While it can be expensive and challenging to modify an existing floorplan to create additional storage, you can always get creative. Adding additional shelving units in closets creates extra storage space. Ensuring that kitchen cabinets have ample shelving inside to maximize storage space is a huge bonus. Over-the-door hooks and racks will allow for shoe storage, towel storage, and even odds and ends. Also, if you plan to update your bathroom vanities, be sure to select one that has maximum drawer and cabinet space.

6. Appliances

The majority of renters will not come into a property-owning a full set of appliances. Including an oven, refrigerator, and dishwasher in your tenant package will certainly add immense value and attract quality tenants quickly.

7. Air Conditioning

Air conditioning is probably one of the most desirable amenities, especially in hot and humid climates. If your property does not currently have an air conditioning unit, you may need to consult with an HVAC specialist and put it into your budget. Consulting with a specialist may cost more upfront, but it pays to do it right the first time so that yearly maintenance costs will be lower. If your property lacks the capacity for a central air conditioning unit, exploring other options such as providing a window unit, or an individual room cooling system may be the next best thing.

These are just a few of the top amenities that renters across the United States have expressed as being valuable in their search for the perfect home. If you’re looking to rent your home and would like a free estimate on what your property would rent for, we can help! Additionally, we can provide professional and expert service to your tenants, such as a designated maintenance team, easy ways to pay rent, credit for on-time payments, and more! The RentWise motto is ‘Less Hassle, More Happy’ and we stand by that in every interaction we have with property owners and tenants alike!

Five Decorating Hacks For Renters!

January 5, 2022

Happy New Year! Whether you just moved into your dream rental home, or you just cleared out all the holiday decor- we know that decorating as a renter can be a challenge. Starting off the new year with some fresh, new decor can brighten the mood in the winter months and even make your space feel more open and light! We have compiled a shortlist of our landlord-friendly decorating tips to make your house feel like home!

Temporary Wallpaper

Wallpaper? YES! Wallpaper is making a comeback! Peel and stick removable wallpaper is one of the easiest ways to add a pop of color to your rental home! Since you are likely unable to paint the walls, this is a quick and affordable way to make your space stylish! Websites like Amazon have hundreds of options and are filled with inspiration! When you are ready to remove, just peel the design and be sure to wipe the walls down!

Area Rugs

When you are renting a space, you do not get to choose the floor coverings and they may not completely match your taste. Your landlord is very unlikely to change the flooring if it is still in good condition, so the renter will need to improvise. Area rugs are a great way to make a space come together with very little effort. The hardest part will be choosing the perfect design! Area rugs will also keep flooring in tip-top shape & prevent wear and tear of the flooring in your rental.

Photo Tiles

Nothing says “home” like personal photos! Your landlord may have strict restrictions on nail holes which can limit your decorating options. Websites like Snapfish and Mixtiles and many other photo sites have helped to solve this problem! While we have no affiliation to any specific provider, we have used these ourselves! You can upload your favorite photos, and they come printed on a lightweight surface and are ready to hang with double-sided photo tape. Photo tiles also create a clean, uniform look that solves the issue of mixing and matching photo frames.

House Plants

Whether you have a green thumb, or just prefer the look of an artificial plant, house plants are a stress-free decorating option for renters! If you opt for artificial plants, you do not have to worry about watering them or getting dirt anywhere. If you prefer live plants, be sure to keep a watch for bugs or leaks in the pots to ensure no damage occurs in the property.

Battery Operated Flameless Candles

Relaxing at home almost always includes lighting a candle. When you are a renter, you have to be especially conscious about fire hazards and your lease may even have specific terms against candles. Thankfully, there are many options out there to create the same ambiance of candles, but without the risk! Some flameless candles come scented and even have lifelike flickering flames. Battery Operated Flameless Candles usually come with timers so you can even set a daily timer so your candles are lit each night at dark! Pretty cool, right? You can find flameless candles almost anywhere that sells traditional candles. A side note, flameless candles are a huge bonus if the power goes out!

We hope you loved these easy-to-manage tips on how to beautify your rental home as well as keep your landlord happy! Want to learn more about our services or how to become one of our happy tenants? Contact us at 208-949-3083 or check out our website at www.rentwisepm.com. Less Hassle. More Happy.

10 Tips For Attracting And Retaining The Best Tenants!

December 8, 2021

One of the primary concerns of a good property manager is maintaining occupancy in all of the properties they manage. High occupancy is a result of resident retention. Winning the loyalty of current and prospective residents is a key piece in maintaining a high occupancy rate. Location and luxury amenities may seem like home runs for keeping residents, but this isn’t always the case.

Additionally, a picture-perfect neighborhood will certainly attract prospective residents right off the bat. It is what happens behind the scenes that really make the true difference. An attentive, professional property manager and leasing team can set the tone for how the entire tenant-property manager relationship will go. Trust, credibility, reliability, and rapport with new and existing tenants will be what drives success in both new leases and renewals.

In addition, we have compiled a list of our Top 10 tips to attract & retain the best tenants!

1. Be Easy to Reach and Responsive

A good property manager sets the stage with creative options for communication. This does not mean that you are on call 24/7, but that your tenants know you will be responsive if they need to reach out, for instance. If your tenants feel as if you aren’t responsive, they may give up. This can lead to larger issues down the road that you may not be aware of.

2. Build Professional, Flexible Lease Terms

If a tenant feels like they are locked into never-ending rules, regulations, and fees they may start looking to move. Maintaining positive communication and being flexible to reasonable requests can make a world of difference.

3. Create Personal Relationships

No one likes to feel like a number in a database. Starting the interactions off right with a positive impact will create lasting relationships between tenants and their leasing team. Helpful welcome packets, personal notes, or cards at the holidays and birthdays, and planning small events will create a sense of community & makes tenants want to live there.

4. Make Improvements To The Property

Inexpensive upgrades can make a property feel brand new again. This can look like a fresh coat of paint, installing new technology, new landscaping, or upgrading appliances. One of the personal touches that can go a long way is letting a resident choose their preferred color of paint(within reason). This will make their house feel like their own and they will likely take pride in their residence.

5. Observe Fair Housing Practices

Treating all tenants fairly and equally is one of the best things that you can do to retain your best residents. This ensures that you don’t overcharge your tenants in rent and also prevents illegal discrimination.

6. Conduct Routine Inspections

Creating a schedule for routine inspections at move-in will eliminate any confusion when the time comes. Additionally, a tenant may be putting up with a small problem in their home that they haven’t reported to you. Relying on tenant maintenance is ineffective to knowing the true state of your property. Conducting routine inspections will keep your property in tip-top shape and will keep your tenants happy.

7. Keep Up On Maintenance

The number 1 reason tenants choose to move out is a slow response to maintenance requests. From a tenant’s perspective, they are not in control when something goes awry and they rely on responsible property management teams to alleviate the problems quickly.

8. Make Rent Collection Easy

Having a reliable and user-friendly platform to collect rent is one of the most valuable tools a property manager can have. Reminders and receipts can be sent to tenants so that rent payments are received in a timely manner.

9. Conduct Thorough Tenant Screening

A property owner and management team only want to retain tenants who are responsible, maintain their home, and pay their rent on time. One way to get a good idea of if someone will be a good fit is to conduct a thorough screening. This will include a credit check, financial credentials, and a background check.

10. Respect And Prioritize Privacy

Tenants want and deserve to live somewhere peaceful and where they feel respected. This means that if you must enter a property, with the exception of urgent emergencies, you should always give at least 24 hours’ notice. This allows the tenant to prepare and also make arrangements if there is a pet on-premises.

This is only a small list of ways that you can attract and retain the best tenants! It is our mission to provide excellent service to you when it comes to your most valued asset and do it with the highest quality of customer service, tools, technology, and expertise in our industry! Visit us at https://rentwisepm.com/free-rental-estimate-boise/ to receive a free, no-obligation, estimate on what your home may rent for! Our motto here is LESS HASSLE, MORE HAPPY when it comes to owning a rental property!