Single Family Vacancy Rate at historic lows in Ada and Canyon Counties. The SW Idaho Chapter of the National Association of Residential Property Mangers (NARPM) recently published its 2nd Quarter 2010 vacancy statistics, with the following results:
Single Family Homes (Overall) - 2.5% Vacancy Rate
Multi Family (Overall) - 6.1% Vacancy Rate
This statistic is the result of surveying 22 NARPM member property management firms representing 3,864 units (1,693 Single Family, 2171 Multi-Family).
Professional Property Management companies are experiencing low vacancy in the single family home rental market due to the current foreclosure activities in the Boise area home rental market; displaced home owners are being forced into the rental market. Added to this is the incredibly tight credit markets that are preventing qualified home buyers to purchase; this market category is also being forced into the rental home market. Realty Management Associates has experienced a high demand for the nicer 3-4 bedroom rental homes in the Boise rental home market and have started to see a noticeable increase in rental values.
What is happening to the Multi-Family Market? You only need to look at the economy and the jobs market to answer this question. Without jobs the prospective entry level tenant can not afford that entry level apartment! Realty Management Associates is seeing a lot of these would be tenants staying home with parents or relatives to save money and wait for the jobs market to improve. Another trend in the market is roommates; individuals combining resources and renting the nicer single family rental homes. This trend is also impacting the very low single family rental home vacancy rate.
It is a good time to be a landlord in the Bosie area rental home market; vacancy rates are low, quality tenants are applying and rents are bound to start increasing. Realty Management Associates needs quality properties to promote in this market - contact us today about listing your rental home. Remember we service all of Ada County, NE Nampa and Star and Middleton.
Marc Banner, MPM
Friday, July 2, 2010
Landscape - The Gateway to Your Rental
Few things present a good face to your rental home like a quality, well-cared for lawn. Prospective tenants typically begin their inspection of a property by previewing its "Curb Appeal." A suprising number of homes are eliminated from consideration before potential renters get out of their car because they find the exterior appearance unsightly or uninviting.
Idaho's long hot and very dry summer months are very tough on our lawns and landscaping; proper care of lawns requires diligence and a lot of hard work. From April through October the lawn must be mowed weekly and adequately watered. In addition to this basic maintenance insect control, weed control and fertilization is essential to a healthy lawn. Planter bed maintenance, keeping weeds out of sidewalk and driveway cracks and prunning of large plants are other tasks that must be done to keep the landscape of your rental home in great condition.
One of the most important systems in the rental home that ensures well maintained landscape is an Automatic Sprinkler System. The benefits of a sprinkler system can not be overstated; it ensures a consistent watering schedule and conserves water (metered water is very expensive) and ultimately eliminates the need to re-do the entire landscape areas of the property, over and over again.
Even though the typical single family home renter is required to maintain the landscape areas of their home, some renters are not going to spend a lot of time or money maintaining or improving the look of someone else's property. In this case the responsibility will fall to the Owner/Manager of the property. Landscape maintenance is to important to ignore; we must complete these tasks when the responsible tenant fails in this responsibility. Per policy, Realty Management Associates, Inc., CRMC will hire a professional landscape company to complete the deficient landscape maintenance and back charge the responsible renter.
Keeping your rental home looking good on the outside is a sound investment in the property and the renters themselves. A happy and healthy lawn can keep your rental home looking good to those who are currently renting and grab the attention of those who may rent it in the future. Please do not overlook the landscape health of your rental home!
Idaho's long hot and very dry summer months are very tough on our lawns and landscaping; proper care of lawns requires diligence and a lot of hard work. From April through October the lawn must be mowed weekly and adequately watered. In addition to this basic maintenance insect control, weed control and fertilization is essential to a healthy lawn. Planter bed maintenance, keeping weeds out of sidewalk and driveway cracks and prunning of large plants are other tasks that must be done to keep the landscape of your rental home in great condition.
One of the most important systems in the rental home that ensures well maintained landscape is an Automatic Sprinkler System. The benefits of a sprinkler system can not be overstated; it ensures a consistent watering schedule and conserves water (metered water is very expensive) and ultimately eliminates the need to re-do the entire landscape areas of the property, over and over again.
Even though the typical single family home renter is required to maintain the landscape areas of their home, some renters are not going to spend a lot of time or money maintaining or improving the look of someone else's property. In this case the responsibility will fall to the Owner/Manager of the property. Landscape maintenance is to important to ignore; we must complete these tasks when the responsible tenant fails in this responsibility. Per policy, Realty Management Associates, Inc., CRMC will hire a professional landscape company to complete the deficient landscape maintenance and back charge the responsible renter.
Keeping your rental home looking good on the outside is a sound investment in the property and the renters themselves. A happy and healthy lawn can keep your rental home looking good to those who are currently renting and grab the attention of those who may rent it in the future. Please do not overlook the landscape health of your rental home!
Monday, June 7, 2010
Welcome to Realty Management Associates, Inc., CRMC
Greetings and welcome to the this page which is new for Realty Management Associates and we hope will become a great source of information. With time we will explore what is happening in the Ada County residential rental market as well as other market conditions. Not all serious this published page will keep you informed about fun facts happening in Boise and with Realty Management Associates.
Sunday, February 21, 2010
Determining Responsibility
Maintaining a property is important to the investment and normally the property owner's responsibility. However, there are times when the tenant could be responsible and sometimes that can be difficult to determine.
Habitability is Essential
Even if landlord and tenant sign an agreement in writing that the tenant is responsible for ALL maintenance, no owner can hold a tenant responsible for all repairs, This evolved from the Uniform Residential Landlord Tenant Act (URLTA), which established that landlord's must provide habitability for all tenants. Using this as a basis, courts have passed down many judgments against owners who have tried to use a written rental agreement to avoid their responsibilities. This act, however, does not mean that a tenant cannot be responsible for any damage that caused inhabitability.” Property owners must prove the tenant caused the
damage prior to charging them for the repair. In addition, it is a mistake for owners to withhold a repair until the tenant pays, particularly when it affects habitability. Make the repair in a timely manner, then charge the
tenant, seeking legal methods, if necessary, to obtain the damages. Here is an example. Mrs. Wilson
placed a frantic call to her Property Manager because the toilet wasoverflowing and flooding the bathroom, which is located upstairs. The manager calls for a plumber to go to the property immediately. He resolves the problem and stops the flooding, but discovers that Mrs. Wilson’s son, Timmy, dropped a small toy truck in the toilet where it became lodged, causing the blockage and damage. The Property Manager acted responsibly on behalf of the owner by quickly calling the plumber to resolve the problem. However, the Property Manager charged Mrs. Wilson with the plumbing and repair bills, which Mrs. Wilson then paid, reimbursing the owner.
What is a Reasonable Tenant Repair
There is maintenance that landlords can require of residents, such as replacing light bulbs, keeping the residence clean, changing the smoke alarm battery, cleaning the trash receptacle, picking up debris, landscape care as agreed, etc. This falls under reasonable care of the property.” It is the tenant's residence and while living there, they should maintain it in a clean and orderly manner. Tenant-required maintenance needs to comply with landlord/tenant law.
When is a Repair the Tenant's Responsibility?
Simply put, the tenant is responsible for a repair if they were the direct cause of the repair. Mrs. Wilson's son, Timmy, was the cause of the flooding; therefore, it was a definite tenant responsibility. If large tree roots had caused a sewer blockage, backing up the toilet, it would have been an owner charge. Here is another example - the tenant moves in a large appliance and damages the flooring. This is a clear-cut case of
tenant caused damage.
It can also be the tenant's responsibility if they do not report a necessary repair that leads to unnecessary damage, such as continual leaking under the kitchen sink. This is why property owners should encourage tenants to report maintenance. Many times, when residents do not report a problem, it becomes a battle to determine what the owner should pay and what the resident should reimburse to the owner because the initial problem was the owner's but the tenant contributed to the damage.
Educate and Work with the Tenant
Preventative maintenance is always the simplest route. Educating tenants is a key to avoiding unnecessary maintenance and charges to the tenants. As your Property Manager, we outline what is their responsibility and what is not, require them to report maintenance, and define what is “reasonable care of the property.”
If a tenant-caused repair occurs, we act first, resolving the problem to protect your investment. Then we determine and document the problem. Last of all, we work with the tenant to achieve a peaceful resolution and reimbursement to the owner if it has been a true tenant-caused repair.
Habitability is Essential
Even if landlord and tenant sign an agreement in writing that the tenant is responsible for ALL maintenance, no owner can hold a tenant responsible for all repairs, This evolved from the Uniform Residential Landlord Tenant Act (URLTA), which established that landlord's must provide habitability for all tenants. Using this as a basis, courts have passed down many judgments against owners who have tried to use a written rental agreement to avoid their responsibilities. This act, however, does not mean that a tenant cannot be responsible for any damage that caused inhabitability.” Property owners must prove the tenant caused the
damage prior to charging them for the repair. In addition, it is a mistake for owners to withhold a repair until the tenant pays, particularly when it affects habitability. Make the repair in a timely manner, then charge the
tenant, seeking legal methods, if necessary, to obtain the damages. Here is an example. Mrs. Wilson
placed a frantic call to her Property Manager because the toilet wasoverflowing and flooding the bathroom, which is located upstairs. The manager calls for a plumber to go to the property immediately. He resolves the problem and stops the flooding, but discovers that Mrs. Wilson’s son, Timmy, dropped a small toy truck in the toilet where it became lodged, causing the blockage and damage. The Property Manager acted responsibly on behalf of the owner by quickly calling the plumber to resolve the problem. However, the Property Manager charged Mrs. Wilson with the plumbing and repair bills, which Mrs. Wilson then paid, reimbursing the owner.
What is a Reasonable Tenant Repair
There is maintenance that landlords can require of residents, such as replacing light bulbs, keeping the residence clean, changing the smoke alarm battery, cleaning the trash receptacle, picking up debris, landscape care as agreed, etc. This falls under reasonable care of the property.” It is the tenant's residence and while living there, they should maintain it in a clean and orderly manner. Tenant-required maintenance needs to comply with landlord/tenant law.
When is a Repair the Tenant's Responsibility?
Simply put, the tenant is responsible for a repair if they were the direct cause of the repair. Mrs. Wilson's son, Timmy, was the cause of the flooding; therefore, it was a definite tenant responsibility. If large tree roots had caused a sewer blockage, backing up the toilet, it would have been an owner charge. Here is another example - the tenant moves in a large appliance and damages the flooring. This is a clear-cut case of
tenant caused damage.
It can also be the tenant's responsibility if they do not report a necessary repair that leads to unnecessary damage, such as continual leaking under the kitchen sink. This is why property owners should encourage tenants to report maintenance. Many times, when residents do not report a problem, it becomes a battle to determine what the owner should pay and what the resident should reimburse to the owner because the initial problem was the owner's but the tenant contributed to the damage.
Educate and Work with the Tenant
Preventative maintenance is always the simplest route. Educating tenants is a key to avoiding unnecessary maintenance and charges to the tenants. As your Property Manager, we outline what is their responsibility and what is not, require them to report maintenance, and define what is “reasonable care of the property.”
If a tenant-caused repair occurs, we act first, resolving the problem to protect your investment. Then we determine and document the problem. Last of all, we work with the tenant to achieve a peaceful resolution and reimbursement to the owner if it has been a true tenant-caused repair.
Subscribe to:
Posts (Atom)
