Are You Ready to Become An Arlington Landlord?

Are you thinking about renting out property in Arlington? This is a big decision, whether you’re renting out a home you once lived in yourself or investing in a property to use as a rental. Renting out property in Arlington brings both financial rewards and a few risks, so it’s important to understand what you’re signing up for. 

Here are some of the things to consider before you go full landlord. 

Educate Yourself on the Arlington Rental Market 

Landlords need to understand the rental values in Arlington, the competing properties, and the needs and wants of their prospective residents. Get to know the landlord and tenant laws in Virginia as well. You’ll need to understand tenant rights, fair housing, and all of the requirements that come with providing a rental property. 

You might have an idea of what you’ll rent out your property for, but the market drives rent prices. You’ll need to access good data so you can accurately price your property. You’ll need to understand how to market the home, attract potential residents, and show your home. 

If you’ve never rented out a home before, learning the mechanics of the rental market can feel a bit overwhelming. Start early, and make sure you’re surrounding yourself with experts who can help you make good decisions. 

Get to Know Your Landlord Responsibilities 

As a landlord in Arlington, you have a list of habitability standards and legal requirements that must be met. You need to keep up with housing and building codes, and you have to maintain the home so tenants can live there comfortably and safely. You’ll also have to disclose any defects or potential hazards before your tenants move in. 

Decide how you will handle:

• Leasing your rental property. This includes pricing the home, preparing it for the market, marketing the property, talking to prospective tenants, showing the place, and running through the screening process. Once you approve a tenant, you’ll need a lease agreement.
• Managing the rental. Your responsibilities here include collecting rent on time, enforcing your lease agreement, conducting inspections, communicating with residents, and tracking all of the income and expenses associated with the investment. 
• Maintaining the investment. You want to preserve the condition of your property, and you also want to ensure your tenants are having a positive rental experience. You’ll need a plan for emergency, routine, and preventative maintenance. 

Your landlord responsibilities are ongoing. You’ll need to remain available to your tenants at all times in case there’s an emergency. 

Budget for Unexpected Costs