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Rental rates have steadily increased over the years, and in 2022, the average rent in Lynchburg, VA, was $863 for a two-bedroom apartment. Of course, rent is much higher today, especially for rental homes.
Many renters look for homes for rent, as they often provide:
- More space
- More privacy
- A yard
- A garage
If you have a home to rent in Lynchburg, VA, you might wonder about the best tips and strategies for managing it. Continue reading to learn these.
Understand Local Rental Laws and Regulations
Before choosing tenants for your homes for lease, you must know about two vital legal issues:
- Lynchburg's Residential Rental Inspection Program
- Landlord-tenant laws in Virginia
In 1993, the city of Lynchburg implemented a rental inspection program. All landlords must follow this program's rules, regardless of the type of rental properties you own. The purpose is to ensure that properties meet required laws.
Secondly, all states have landlord-tenant laws, which primarily protect tenants. You must follow these to avoid lawsuits and to protect yourself in your endeavor.
Maintain Your Property Effectively
When managing rentals, keeping up with maintenance and repairs is one of the most vital tasks for landlords. This includes:
- Establishing a routine maintenance schedule
- Conducting routine inspections
- Addressing issues promptly
- Responding to tenant complaints and emergency repairs quickly
You should keep a detailed record of all the maintenance and repairs you complete, especially if you have multiple rental homes. A list helps you track your work and plan accordingly for upcoming work.
Screen Tenants Thoroughly
When creating rental listings, you should be prepared to receive many inquiries, leaving you with a choice. How do you choose a tenant from all your options? The best way to choose tenants is through thorough tenant screenings.
Check every applicant's:
- Criminal record
- Credit
- Employment
- References
After choosing a tenant, require a lease. You can start the lease on the first of the next month or offer prorated rent.
You may want to spend some time with the tenant explaining the lease and answering their questions. You should make sure you communicate clear expectations with them to reduce the chance of issues later.
Consider Professional Property Management
If you suspect being a landlord will be too challenging, hire a company to help. Property management firms offer management services for landlords, and they can handle every duty, including:
- Finding and screening tenants
- Handling the maintenance and repairs
- Addressing issues
- Providing property management reports
This method lets you be a hands-free rental property owner.
Get Help With Your Homes for Rent
Do you have homes for rent in Lynchburg, VA? You can manage them by following these tips, but you can also hire a property management firm for help.
PMI Lynchburg is a locally owned and operated property management firm in Lynchburg, VA. We have over 20 years of experience helping property owners with rentals and can help you.
Our expert services can help you with your management duties for apartments and homes for rent. Reach out today to learn more about our services.
