Keyrenter Property Management South Florida

The Need to Know Rental Property Facts and Trends – Keyrenter South Florida

Are you up to date with changes to the Rental Market?

Rental properties are a great tool for getting in extra, steady income. But if you’re not paying attention, changes in market trends can sneak up on you.

Don’t worry, we’re here to help! Read on for important rental property facts and trends for the South Florida markets.

Rentals are a Growing Market

There are over 100 million renters in America. Between 2010 and 2018, the number of renters increased by 9.1 million.

And the share of renters now makes up 37 percent, which is the highest it’s been since 1965. In the past, the percentage of renters has fluctuated over the years. But, since the 2000s, it has seen consistent growth.

This means that it is currently the best time in the last 50 years to invest in rental properties.

The Importance of Millennials

Increased property prices and an increasingly mobile workforce have resulted in Millennials being the largest rental and the smallest homeowner demographic in the United states. Only 4% of all homeowners are Millennials.

The sheer volume of millennial renters is not something that can be ignored when looking for a rental investment. A rental property that is appealing to this younger demographic will have much less difficulty finding a tenant.

The age at which Millennials purchase homes is also increasing, meaning that they remain in the rental market for longer – increasing their attractiveness as long-term tenants.

Less Families with Children

Family units are less likely to move around, which is why the prevailing wisdom has always been that the most attractive long-term rental properties were family homes. But over the last decade this idea has been put to the question

Since 2010, the number of American families with children has decreased by 1.3 million. As the types of properties that are most sought after by renters depends on their family composition, it is likely that ‘family homes’ will become less sought after in the rental market.

Although the overall numbers of renting families have only decreased slightly, this is a trend that should not be ignored.

Rental changes in 2020

Although historically overpriced cities like New York and San Francisco have seen rent reductions this year, the same cannot be said of for most cities. Even during the uncertainty of 2020, the US rental market has seen a strong trend in rent prices.

The rental market in South Florida remains strong, and has actually seen some of the largest increases across the country. The average rent for a one bedroom property has increased Year on Year by 15.9%, closely followed by 2 bed properties at 15.10%.

Rental Property Facts Everyone Should Know

As you can see, the rental property market is a booming industry, and by keeping on top of the latest rental property facts and trends, you can make great long term investments in the market.

If you are looking for quality property management services, contact us today at Keyrenter South Florida Property Management today. Whether you are a homeowner or a real estate investor, our award-winning services focus on maximizing your profits and maintaining your rental property.

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5 Landlord Responsibilities Every Landlord Should Know – Keyrenter South Florida

Keyrenter Property Management Blog South Florida Landlord Responsibilities

Did you know that there are over 48.5 million rental units in the US? While there aren’t many accurate statistics on how many landlords there are, suffice it to say that that million rental units means that there are quite a few landlords across the US. 

If you are a new landlord or are considering purchasing a rental property, there are certain requirements that, by law, you must follow. Keyrenter South Florida outlines some of the most important responsibilities you should have as a landlord below.

1. “Warranty of Habitability”

In simple terms, this means that the landlord must provide a safe and habitable space for the tenant. Habitable means that the rental unit must be secure and free of hazards.

The necessary utilities must be provided, including water, appropriate heating systems, and electricity. The unit must be pest free and any damages to windows or doors that would render the unit unsafe must be repaired. 

If there are local requirements pertaining to safety, those must be followed as well, such as lead paint disclosures, providing safety measures such as handrails and appropriate outdoor lighting, and removal of snow, ice, or other hazards (unless it is specified otherwise in the lease).

2. Making Repairs Promptly

Landlords may not be obligated to repair certain things immediately, such as ripped carpet or something that doesn’t impact the habitability of the rental unit, but other repairs must be made promptly. Broken HVAC systems, sewage backups, water damage, malfunctioning sinks or toilets, and shorted wires or electrical problems must be addressed. 

Your state or local area may have requirements as to how quickly repairs must be made, so be sure you are adhering to these laws. 

3. Maintaining Insurance 

Landlords do not have to insure the personal belongings of tenants, but they are responsible for insurance policies covering the structure. Tenants need a renters’ insurance policy to cover any of their personal effects inside the unit, but the landlord will hold the insurance to cover things like the roof, walls, and outdoor spaces. 

Any damage to the structure is the responsibility of the landlord and their insurance company, not the tenants.  

4. Provide Contact Information for Emergencies

Whether you provide your tenants with your contact information or that of a property management firm who handles emergencies and maintenance requests is up to you, but you must provide some way for tenants to report any emergencies or make maintenance requests.

If you are an absentee landlord who does not maintain the property, you face the risk of legal repercussions from code enforcement or other agencies. 

5. Return Security Deposits in a Timely Manner

The lease should specify when the security deposit will be returned. This is typically dictated by state law and is often between 30 and 60 days. When the tenant moves out, landlords must do a walk through and note any damage that is present.

If you are going to withhold any part of the security deposit, you must document the damage and the deduction. Most states will not allow you to withhold part of the security deposit for normal wear and tear, so be sure to clarify what you can charge your tenant for upon their departure. 

Landlord 101: What You Should Know Before Becoming a Landlord

These are just a few of the important things you should know before becoming a landlord. It is a big responsibility and can take a considerable amount of time, especially if you want to do it right. One of the most crucial tips is to make sure you are knowledgeable about landlord-tenant law in your state. 

If this all sounds a bit overwhelming, considering hiring a property management company to handle the landlord duties for you. They can handle all aspects of renting, from advertising your property, screening tenants, preparing leases, handling repairs and maintenance, and facilitating move out.

Contact us at Keyrenter South Florida today to learn about how we can help you be a successful landlord.

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How Keyrenter Can Help You Manage Your Property – Keyrenter South Florida

Keyrenter Property Management Blog South Florida Keyrenter Guarantees

Are you a new property owner looking to rent out your private unit? Maybe you’ve been a landlord over several multi-unit complexes for some time, and while this industry is nothing new to you, you’d like to optimize the way you manage your property. No matter where you fall on the property ownership spectrum, one thing is sure: managing your property effectively is a laborious and time-consuming task, and making the most out of your investment can require some help.

That’s where Keyrenter property management comes in. We understand the difficulties and nuances associated with property management, and we’re willing to take care of the hard work for you so that you can get back to your life and enjoy the wealth your rental property can bring to you. From finding the right tenants, to performing regular inspections and repairs, to handling the legal work involved with messy evictions, we can bring you peace of mind by dealing with the details so that you can rest assured knowing that you’re getting the most from your rental unit with as little effort as possible. Here are some services we provide:

  • Advertisement and Tenant Screening – At Keyrenter property management, we understand that one of the most valuable assets a landlord can have is a trustworthy, respectful tenant. Conversely, one of the biggest liabilities a landlord has to deal with is a disrespectful tenant that won’t pay on time. We also know that vacant property equates to lost profit, and that’s why we advertise our client’s rental properties across demographics that our research shows will likely yield the most reliable, respectful tenants. We also have a rigorous tenant screening process that evaluates applicants based on their credit score, employment history, background check, payment history, and more. That way, you’ll know that your rental properties will be filled with stable, reliable tenants who are likely to keep your investment in good condition and pay on time regularly.
  • Property Inspection and Maintenance – If you’re like many landlords, you may have an additional job throughout the workweek, and regular inspection of your property takes up too much time from your life. Our inspectors provide detailed documentation of the state of your property so that you can stay in compliance with your lease, and become aware of any existing or arising issues. This helps keep your tenants satisfied and paying on time by making sure that all their needs are met, and also helps you as the landlord to know if a tenant has been behaving irresponsibly and has broken the terms of their lease. We also offer maintenance and referrals from qualified professionals so that if any part of your property does become damaged, you can have it restored without delay, thus protecting the value of your investment.
  • Eviction Advocacy – Evicting an irresponsible tenant can be a time-consuming and unpleasant process, and much legal work is sometimes needed. We can advocate on your behalf to try to resolve any disputes with your tenants, and should the situation require it, we can handle the legal work required to remove problematic tenants from your property.

Whether you’re just starting out in the property ownership industry, or you’re a seasoned real estate investor, there’s no question that you could benefit from having a group of talented property managers working on your behalf to make sure all of your units are occupied with the right tenants, are regularly checking on the condition of your investment and fixing whatever needs to be repaired, and are getting you the right value for your property. We can do all of that and more at Keyrenter South Florida, so contact us today to see how we can take the stress out of managing your property!

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