Should The Price a Tenant Is Paying for Rent Affect My Approach Toward Maintenance As A Landlord?

Property-management Rental property owners often cut costs while increasing their bottom lines. However, maintenance…

Property-management Rental property owners often cut costs while increasing their bottom lines. However, maintenance is one reason that prevents them from achieving this, whether lawn care or roof replacement. At 3 Options Realty, we believe investing in your rental property goes a long way to maintain existing tenants and attracts new ones, growing your investment portfolio. As a rental property owner, you may wonder whether the price a tenant pays for rent affects your approach toward maintenance. Let’s discuss crucial factors to help you make informed decisions about maintenance.

Why the Initial Answer Is Often “NO”Many higher end rentals are usually occupied before coming into the market. Over the past several years, changing trends have brought more investors into the rental market, whether single-family homes or condos. However, most peo
ple renting out property they used to live in often ignore maintenance because the property was good for them as it is. In addition, landlords and property managers may feel that the tenants should pay for the damage, and therefore should handle maintenance. This is not a sound business strategy, as it may compromise your goal of long-term tenancy and higher ROI.

Why the Answer Should Be “Yes”

The primary goal of every landlord or property management company is profitable and long-term tenancy. However, achieving this requires compromising some things, including maintenance expenses, to smoothen your investment journey. Tenants often run into various items that require repairs within the first weeks of tenancy, so addressing these issues makes them feel valued and increases the time on your property. Also, maintaining your property lets tenants know they can come to you for any maintenance need, ensuring the property is in tip-top shape.

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Factors Affecting Maintenance Cost for Rental Property

Now that you know the importance of handling maintenance, understanding the different factors affecting the maintenance of rental property is crucial. Let’s discuss these factors to help you make informed decisions.

Age of the Property

Older property usually requires more maintenance because of deterioration over time. Whether it is aging appliances like HVAC systems and water heaters, or damaged surfaces, the cost of maintenance increases with time. If you have an older property, working with a reputable property management company can help you attract and maintain tenants.

Property Size and Type

A large property has many areas that need routine maintenance, increasing your estimated cost for repairs. Also, the type of property is a vital factor, as apartment complexes often have shared utilities, and single-family homes have larger outdoor spaces that need care.

Tenant Turnover Rate

Lastly, rental properties with higher tenant turnovers can increase the average maintenance costs. If you experience frequent move-ins and vacancies, investing in frequent deep cleanings, carpeting, and repainting can enhance wear and tear.

If you are concerned about paying for maintenance, consult a professional property management company to help you set competitive rental rates and handle repairs without compromising the bottom line. Contact us today at 3 Options Realty and schedule a consultation with our property managers to make the most of your investment.