There are several reasons why you should consider renting out your house in Boise. Home to over 221,000 residents, Boise is an excellent location for investing in real estate. It has a thriving economy and a strong job market, making it a desirable place to live in. Many people are moving to this part of Idaho and Boise’s population is growing steadily.
Owning a rental property in Boise is a great way to earn additional income. In fact, renters make up around 38% of Boise’s population. This means that there are plenty of opportunities for those looking to invest in the Boise rental market.
If you want to become a landlord in Boise, it’s essential to come prepared. While Boise real estate is a lucrative investment, there are things that you need to know before you decide if being a landlord is right for you.
Here are a few effective tips on how to rent out your Boise property successfully:
Landlord Duties and Responsibilities
While many people believe that owning a rental property is a great way to earn passive income, this is not usually the case. In fact, being a landlord is often more hours than a traditional job. In order to be successful and profitable, landlords need to spend time and energy managing rental units.
This means attending to your business even after your usual business hours.
Landlords are mandated by law to provide a habitable dwelling for their tenants. This means that the rental property must comply with the health and safety codes according to Boise’s ordinances. It also means that you need to address repair issues within a reasonable timeframe, including any urgent maintenance problems.
In addition, landlords are also responsible for paying property insurance and taxes. Since this is a rental business, you need to stay on top of your finances and ensure that all the necessary reports are available when you need them. You have to keep track of your cash flows to ensure that everything is properly monitored, making tax season smoother and easier.
Idaho Landlord-Tenant Law
Rental properties in Boise are regulated by landlord-tenant law in Idaho. As a landlord, it is your responsibility to know and understand the provisions of the law. Here are a few important things that you should keep in mind before you rent out your house in Boise:
- Repairs: Idaho landlords are required to make the requested repairs within three days in order to provide a habitable dwelling space.
- Security Deposits: Landlords in Idaho may require tenants to pay security deposits. There is no maximum limit to how much landlords can charge. However, landlords are mandated to return the amount, less any allowable deductions, within 30 days after the tenants move out of the rental unit.
- Lease Termination: In Idaho, tenants may be allowed to break a lease early due to justifiable reasons. These reasons include having an early termination clause in the lease, being involved in active military duty, being a victim of landlord harassment, violation of the lease agreement, being a victim of domestic violence, among other issues.
- Rent Increases: Idaho landlords may increase the rent as they see fit, however, they must provide tenants at least 15 days advance notice.
- Housing Discrimination: The Fair Housing Act prohibits landlords from discriminating against tenants based on sex, race, skin color, religion, familial status, national origin, and disability. In Idaho, mental illnesses, blindness, chronic alcoholism, and AIDS are covered under the “disability” portion of this law.
Failure to comply with the law may result in severe penalties. As a landlord, it’s your responsibility to ensure that your tenants also understand the provisions of the law and that they know their rights and responsibilities too.
Marketing the Property
In order to make profit off the property, you have to rent it out. Make sure to prepare your property for marketing. This means that you have to repair any damages and make improvements that will help increase the value of your rental unit.
Selecting Tenants
However, you should also be selective when it comes to choosing tenants. Landlords should perform an extensive tenant screening process to ensure that they don’t end up with bad tenants. You also want to attract long term tenants.
Keep in mind that having to deal with problematic renters can cause a lot of unnecessary stress. You should avoid this kind of problem early on by making sure that your tenants are screened thoroughly.
Perform the necessary financial and background verifications, including employment checks, criminal background checks, and verification of the tenants’ past tenancies. Choose tenants who have the financial capability of paying their rent on a timely and regular basis.
Moreover, make sure that the tenants you accept into your rental unit are those who will abide by the terms and conditions of the lease.
Partner With a Property Manager
Hiring a reliable property manager can help you accomplish all these tasks with ease. When you choose a property manager, make sure that the company is knowledgeable of the local landlord-tenant law, as well as the market trends in your area. Check the reviews from their existing clients to see how they work.
The best property manager should provide services that are tailored fit to your unique needs.
Closure
Hiring a property manager can help lessen your load as a landlord. When you’re ready to invest in Boise rental properties, reach out to Keyrenter Boise for your property management needs.