In the U.S., where rental prices average $2,000 and continue to rise, Jacksonville, FL, stands out with its lower-than-average and declining rents. Here, rents only average around $1,700.
That's fantastic news for you, a first-time landlord, as reasonable rental rates often attract more tenants.
However, you must still implement the right strategies to maximize your rental income. These include conducting comprehensive rental analysis and tenant screening. We've discussed them in more detail in this guide, so read on.
Conduct Rental Analysis for Proper Pricing
A rental property analysis allows you to determine a fair rental rate. It involves checking how much similar rental properties within your area charge. It can help maximize your property rental ROI by ensuring you don't overcharge or undercharge tenants.
Prepare yourself, though, as these assessments are time-consuming. They also require good observation and analytical skills. The good news is that if you partner with the right property managers, they'll do it for you for free.
Understand Fair Housing Laws
As a landlord, you must comply with Jacksonville's Fair Housing Act. Under this law, you must have consistent and fair tenant screening practices. You must screen applicants without using the following as the basis of your choice:
- Color, national origin, and race
- Physical and mental handicap
- Familial status
- Religion
- Sex and sexual orientation
The FHA also requires landlords to make reasonable accommodations for tenants. For example, you must allow service and emotional support animals. Another is to make structural adjustments for renters using wheelchairs.
Always Screen Prospective Tenants Thoroughly
While you must comply with the FHA, you must screen all prospective tenants carefully and thoroughly. Effective screening involves:
- Reviewing income sources and current and previous employment
- Checking credit scores and credit histories
- Assessing rental histories, verifying landlord references, and reviewing past evictions
- Checking for criminal convictions
Please don't skip any of those steps, as they can give you insights into how trustworthy and responsible your future tenants are.
Make Your Best Tenants Happy
Once you find qualified, trustworthy tenants, you'd want to do everything you can to keep them in your rentals and encourage them to renew their lease. Here are some ideas:
- Set aside enough money to cover timely property repairs and maintenance costs
- Offer incentives, such as small discounts, to your best tenants who always pay on time
- Consider implementing pet-friendly policies
With those strategies, you're more likely to attract the best tenants you could ever have and have them stay longer. That can help lower turnover rates and costs, boosting your rental business's profitability.
Find Qualified Tenants Today
From performing rental analysis to having fair tenant screening practices, these are all strategies first-time and veteran landlords must have in place. They can help you find and retain qualified tenants, helping optimize rental returns and income.
The expert property managers at Green River Property Management can do all that and more for you. We're proud to have over 15 years of experience managing properties across Greater Jacksonville. As a result, you can count on us to provide consistent, positive results.
So, schedule your consultation today, and we'll happily give you a free rental analysis!
