It’s a pretty good time to be a landlord in Utah right now, with rental rates stabilizing after an increase of about 24% between 2019 and 2022. But before you think being a landlord is a quick and easy way to earn supplemental income, Rhino Property Management shares what every landlord needs to know.
Tips for Utah Landlords
First and foremost, treat your rental(s) as a business. It can be tempting to rent your property to a friend or family member and forego a formal contract, but it doesn’t always end well. As appealing as it is to get your property filled and start collecting rent, having a friend as a tenant can be complicated. If you do rent to people you know, be sure you both sign a lease agreement so if anything goes awry, you’re covered.
List Vacancies Online
Long gone are the days of driving through a neighborhood to spot “For Rent” signs. These days, many people are relocating to Utah without even seeing their new home in person. One of the best ways to advertise your rental property is to list it online. Rhino Property Management lists available properties online, making it easy for prospective renters to find. In addition to listing on our site, available rentals are cross-posted to dozens more for maximum exposure.
What a Listing Should Include
Every listing should include professional-quality photos of the propert ands a comprehensive run-down of on-site amenitiese. In addition to listing the number of bedrooms and bathrooms, square footage, and the rental price, our listings typically include the following specifications so tenants know what to expect before they’re even screened for the rental:
- Application Fee
- Lease Initition Fee
- Security Deposit Amount
- Pet Policy (if pets are allowed or not)
Tenants also want to know what the neighborhood is like, so a rental listing should also include snippets about access to main roads, schools, shopping, or recreation.
Refer to Fair Market Rent Price
Just because you can list a property for a certain amount doens’t mean you should. The US Department of Housing and Urban Development (HUD) does nationwide research to help landlords come up with fair rental rates so properties don’t stay vacant too long. Also, fair market rent research can ensure you’re not undercharging for your property, paying more out of pocket than you need to for expenses.
Resources for Determining Fair Market Rent in Utah
- HUD
- City-Data
- InvestFourMore
- Rentometer
- Zillow
- Home Appraiser
You can also calculate the median rent for a handful of properties in your area that compare to your own. Keep in mind that rent is usually about 1% of the home’s total value.
Know Local Laws
In Utah, there are laws to protect both landlords and renters. Be sure you’re aware of all the regulations that govern the rental industry, such as:
- The Fair Housing Act
- The Fair Credit Reporting Act
- Implied Warranty of Habitability
- Mutual Covenant of Quiet Enjoyment
- Security Deposit Rules
- The Residential Lead-Based Paint Hazard Reduction Act
- State-Required Disclosures (regarding property condition/location)
- Landlord Tenant Act
- Local Eviction Procedures
- Mitigation of Damages
With a property management company like Rhino on your side, you’ll always be in compliance with local laws.
Screen Tenants
It’s exciting to fill a vacancy, but it’s even more exciting to fill it with tenants you can rely on. Tenant screening is an important part of being a landlord, whether you do it yourself or outsource it to a property management company like Rhino.
A good property management company looks at rental history, employment history, and criminal history when screening a tenant.
Do the Paperwork
It might seem like a lot of hassle, but all landlords should require a rental application and a written lease agreement. This paperwork ensures you can verify tenants are who they say they are, and communicates your expectations as a landlord.
A rental agreement protects all parties involved and clearly outlines the rules of the rental property, and states who is responsible for repairs, lawn care, snow removal, and the like. If you’re not sure what your rental application or lease agreement should look like, Rhino can help.
Accept Online Payments
Who wants to make a big rent payment in cash every month? Not only is it inconvenient, but it’s also less efficient. While cash payments are fine, allowing online payments makes it easier to tenants to set up autopay and get an instant confirmation they’ve paid on time. Having an online accounting system also makes it easier to issue credits or late fees.
Letting tenants pay online also means you’ll get your income faster; there will be a shorter processing time between their payment and your payout.
CONTACT RHINO PROPERTY MANAGEMENT TODAY
(801) 981-5237
Let us know if we can help you prepare your property for rent, or take the bulk of the work off your hands. Rhino Property Management oversees single-family, multi-unit, and HOA properties.
