Attention, savvy Columbus homeowners -- the rental market is booming!
Census data reveals over 56% of occupied homes in the city are now rentals, as demand skyrockets.
Whether you've inherited a property or relocated, becoming an accidental landlord can be a profitable venture. But it's not without its challenges.
From finding reliable tenants to handling maintenance emergencies, the responsibilities of a landlord can quickly pile up. If you find yourself in this position, don't worry -- you're not alone.
This guide will help you and other accidental landlords in Columbus navigate your new roles and maximize your rental investments. Read on.
Partner With Columbus Property Management Experts
Even if you didn't plan to become a landlord, approach your new property as an investment. Ensure you seek Ohio real estate investment advice to maximize your returns and avoid costly mistakes.
Working with a trusted Columbus property management company will make your work easier. These professionals can handle:
- Tenant screening
- Rent collection
- Maintenance requests
- Compliance with local laws
A professional property manager will ensure your property looks good to attract quality tenants. Their service offers peace of mind and helps streamline operations.
Know Ohio's Landlord-Tenant Laws
Understanding your rights and obligations is important when becoming a landlord in Ohio. If you're managing properties in Columbus, specific zoning laws and licensing requirements may apply.
Research on state and local regulations, such as lease agreements, security deposit rules, and eviction procedures. When you're informed, you can protect your interests and improve tenant-landlord relationships.
Maintain Open Communication With Your Tenants
Good communication can help you maintain a smooth landlord-tenant relationship. Encourage your tenants to report maintenance issues promptly.
Also, be quick to respond to their concerns. A little communication can help prevent small problems from turning into big headaches.
Budget for Maintenance and Repairs
Every rental property needs ongoing care. As an accidental landlord, you must plan for routine upkeep and unexpected repairs. Wells Fargo financial experts recommend setting aside at least 1% to 2% of the property value annually for maintenance.
Proactive care ensures tenant satisfaction and protects your investment. If you're working with a Columbus property management firm, they can help you coordinate repairs.
Protect Your Rental Property With the Right Insurance
Standard homeowners' insurance doesn't cover rental properties. To reduce risks, update your policy to include landlord insurance.
Landlord insurance policies can cover property damage and lost rental income due to covered events. For extra protection, ask your tenants to have renters' insurance.
Leverage Tax Deductions
As an accidental Ohio landlord, you're eligible for tax deductions. From the interest on your mortgage to property taxes, you can claim nearly every expense related to your rental property. Don't forget about the costs of repairs and maintenance.
What's more, depreciation allows you to reduce your taxable income over time. These deductions can help lower your tax bill and boost your rental income.
Simplify Your Journey as Accidental Landlords
Becoming a landlord in Ohio doesn't have to be hard. Partnering with a professional property management company can streamline the entire process and unlock your rental's full earning potential.
If you're to succeed as accidental landlords, choose PMI Columbus. From marketing your rentals to rent collection, our team handles all aspects of property management.
Don't wait -- reach out to get started.
