Ready to join the growing class of landlords in Boise, Idaho?
The city has been experiencing a growth in population over the past several years. People from smaller cities in Idaho and elsewhere in the United States are drawn to the livability of the city and the thriving job market.
Boise has a low unemployment rate, significantly below the national average. What’s more, large multinationals and manufacturers in the area such as Hewlett Packard, Micron Technology, and Simplot have played a significant part in improving the economic situation in the city.
With a growing population and the lure of jobs, the Boise rental market is doing well. As a landlord, you can enjoy good returns from your property. Other benefits from leasing your space include tax exemptions and payment of your mortgage if you have one.
However, leasing space is not just about advertising and bringing in a tenant. There are a number of responsibilities and duties that you’ll have to undertake as a landlord.
The experienced and professional team at Realty Management Associates has prepared some tips that will help you navigate the waters of the Boise rental market.
Tips on Renting Out Your Property in Boise, Idaho
State and Federal Laws
As a prospective landlord, you should be aware of Idaho’s landlord-tenant laws as well as federal laws and regulations. The clauses provided therein will guide you on what your rights and responsibilities are to your tenants and what’s expected of them in return. Below is an overview of some provisions that you should consider.
With regards to a security deposit, it should be about one month’s rent and would go to covering damages to the rental property during the term of the lease. Once the tenant has vacated, it should be reimbursed within 30 days.
There are also explicit procedures when it comes to termination of the lease and eviction. Depending on the breach of contract, Idaho law has provided different types of eviction notices. For substantial damage to the property, the landlord can issue an unconditional 3-day quit notice.
Federal laws come into play during the tenant screening and selection process. Landlords have the right to reject applications from prospective tenants. However, under the Fair Housing Act, the advertising and screening process and interview questions cannot discriminate based on sex, nationality, religion, race, familial status, national origin, or disability.
We highly recommend that you keep yourself informed of these laws and any changes to them. Failure to do so can lead to heavy penalties and lawsuits. In case of any queries, you should consult a property or legal professional with the expertise and knowledge to guide you.
The Lease Agreement
Once you have locked down on the ideal tenant, it is time to prepare a lease agreement. This is a legally binding contract that will determine the nature, length, and terms of the lease. It also contains the obligations of both parties, adhering to the State and Federal laws mentioned above.
Having a written lease agreement is always advised. The implications of an oral agreement have far-reaching consequences, especially when it comes to terminating the ‘informal’ tenancy. The lack of concrete terms in an oral lease agreement can easily create issues that can lead to legal disputes.
To avoid all this, have a clear, written lease agreement detailing and rights and responsibilities of both parties and ensure that both you, the landlord, and your tenant have read and signed the document.
A rental unit in peak condition easily lures in tenants. The floors must be cleaned and polished while the walls should have a new coat of paint. Utilities and appliances such as the HVAC and plumbing must also be operating effectively.
If you are unsure of the condition of your house, request a home inspection. The reports are very comprehensive as they cover every element of the property. It will serve as a guide for future renovations and repairs.
The landlord must comply with the ‘implied warranty of habitability.’ The legal doctrine establishes the duty of a landlord to provide a tenant with a safe and livable space. The State of Idaho recognizes this right and as a landlord, you should be aware that it is not waivable.
Property Management Companies
As a new landlord, the idea of self-management is very enticing. This is an added stream of income. However, you’ll quickly learn of the challenges of self-management.
As a property manager, you’ll have a long list of responsibilities. You’ll have to ensure that rent is collected on time, keep track of potential tenant disputes, manage repairs, keep up with property expenses and taxes and so much more. That’s why you should consider hiring a professional property management company.
Employ the services of the premier Boise property management company, Realty Management Associates. With nearly 50 years of experience, we are the property professionals Boise landlords rely on and trust.
Our level of expertise is unmatched, offering quality services that will keep your property well-maintained and your tenants satisfied. To deliver maximum returns, the team at Realty Management Associates offers customized solutions to each client.
In a Nutshell
Currently, Boise has a thriving rental market. People are relocating to the city to take advantage of the excellent quality of life and employment opportunities available. While this might forecast good tidings for a landlord, you must remember that tenants give priority to well-maintained and properly managed spaces.
To beat the competition, you will need the services of a proven and trusted property manager. Realty Management Associates are the experts you need in your corner. Our policy is to represent our clients in every property issue and matter!