In November of 2019, the City of Boise took legal steps to address challenges, experienced especially by low income residents, in finding suitable accommodation. Currently the city is precluded under Idaho Code from placing any kind of caps or limits on rental rates. However, reacting to anecdotal evidence that some property management companies were engaging in opportunistic business practices around tenant applications, the City has put in place an ordinance outlining policies to be adhered to by landlords and property managers. This new ordinance became effective immediately and left property management companies scrambling to adjust their business models to come into compliance with the City’s new regulations.
Fortunately for RMA, most of the City’s requirements are already a part of our tenant application policy. However, one of the City’s requirements has forced property managers to adjust to a low, or no application fee system. On the surface, this may seem fair and just for the tenant, but the implications of lowering or discontinuing application fees altogether can mean a costly outcome for the Owner. With lower or no fees, tenants will be encouraged to place multiple applications to hedge their bets in securing housing in a tight market. This will result in an increase in non-serious applications which in turn will create many more “walk away” situations. This could seriously increase processing costs and vacancy periods.
RMA has revised our tenant application fees to comply with the City’s ordinance, while at the same time discouraging non-serious applicants. At this time Owners will not experience a price adjustment to their management fees, and we are optimistic the adjustments that we have implemented will be successful and to everyone’s benefit.
Maintenance Updates
Pre-Springtime! This month, we will be scheduling Spring gutter cleaning, Spring landscape clean-up, and Spring yard care. These services will take place in April.
The maintenance updates only apply to those of you who have pre-ordered these preventative maintenance services. If you didn’t opt in for a service you read about in this newsletter, and would like to schedule a service, just email spencer@rentalsinboise.com to let him know.)
Other questions? Please email Spencer. spencer@rentalsinboise.com
Accounting Updates
There are no special accounting items in March.
If you ever have questions about your statement, please contact Karen@rentalsinboise.com.
Your 1099 was mailed out at the end of January. For security reasons, the 1099s are not made available to view online.
If you ever have questions about your statement, please contact Karen@rentalsinboise.com.
Tenant Update
This month’s tenant newsletter reminds our tenants of the importance of picking up after their pets, now that the weather will be warmer, and they will be spending more time outside with their furry friends.
This month, we feature another hidden message, the clues for which are buried in our Reminders sections as well as the feature article.
Check out our tenant newsletter this month: Click here.
What Are You Interested In?
This newsletter is intended as a resource and communication platform for you. If there is a topic, relevant to the management of your investment property, that you would like me to write on, please let me know!