The rental market is going great right now. Demand is high in eastern Idaho and as a result rents are up as they are across the nation. According to rentdata.com, fair market rents are high in eastern Idaho compared with 76% of the nation. Invest in your ROI Now.
Things are great for rental investors so what is there to think about?
I recently posted an article describing how it’s important to make good decisions about maintaining your rental property. I substantiated that it was important to spend just a little more for better devices like plumbing fixtures and heating systems and materials. What I left out was one of the reasons why.
When times are not so good you’ll be glad that you have higher quality devices and materials in your rental property. When the economy isn’t so great is when you’ll be glad that you spent money for things like better flooring materials and maybe just a little bit better paint. These items will hold up when it’s harder to come up with money for repairs. In addition, as I have hounded on about endlessly, if your rental property has better materials in it, you can feel better about allowing pets.
Rent it faster.
Yes, pets are a dirty word in the rental investment arena. I’ve written about them in a previous post. Pets can bring in more money. Pets can also reduce turnaround times for your rental property. This can be a real ace in the hole when maybe the rental market isn’t so hot for investors. It’s avoided, but your rental might empty in the winter when nobody wants to move. If you accept pets your wait time for a new tenant will be reduced.
When the demand for rentals has dropped a little there’s competition between properties. If your property is positioned to attract the people that are renting, you’ll win. The people that will be considering your property will demand that pets be allowed. That extra that you spent on LVF instead of taking the cheaper option of carpet will pay off.
I’m in no way inferring that bad times are on the horizon for residential investment properties. People are still flocking here. Yes, there is a lot of demand for housing all over eastern Idaho. However market demands for everything fluctuate. Housing is no exception.
Food is on the shelf.
Consistent, quality maintenance of your rental property in the good times, like now, is the analogue of traditional food storage. Most people in eastern Idaho understand the value of spending time and money on food storage when times are good. When life isn’t so great you reach up on the shelf and have a meal.
By consistently maintaining your properties with quality; people proof and pet proof materials and devices, your investment property will will rent more quickly and for more. A quality property is closer to self-sustaining when the chips are down.
Make hay while the sun shines.
If you’ve been holding off on projects in your rentals, now is the time to invest in quality repairs and improvements. I’m not suggesting that you go over the top. If you have things inside or outside your rental properties that should be taken care of, do it now.
If you’re investment properties are already in good shape, now is a good time to set aside funds for future repairs. That roof will eventually have to be replaced. If your rental has carpet, it will need replacing. The list is endless.