As spring approaches, the San Diego housing market begins to perk up as individuals start looking for new places to rent, and demand continues to rise. This is a terrific time for landlords to take advantage of the transition from winter to spring and get ahead on both administrative and seasonal property upkeep!
In this piece, North County Property Group will go over some things you should keep an eye out for during the spring season, including new tenants, lease renewals, and property care.
An Influx of Tenants in the Market for Rentals
Although lease term dates vary by property and by the tenant, the spring and summer are times when San Diego landlords experience an influx of people wanting to relocate or renew their leases. Landlords should anticipate an upsurge in rental applications, property viewings, and new leases in the spring.
In addition, remember that during the spring season, the San Diego housing market experiences a high level of competition between renters due to increased demand, resulting in many property owners charging higher rental fees. However, be cautious while increasing your rent since you want to avoid a situation where your rent skyrockets compared to competitors' properties in your neighborhood.
Research extensively to discover the applicable market trends in your area or neighborhood. This way, you can determine the rents charged by competitors in your area and then alter your fees accordingly.
North County Property Group can provide you with the most up-to-date rental rates in your area and the optimal amount for your property! By doing so, we can fill vacancies fast and maximize your rental income.
Lease Renewal Terms
If some of the former tenants are interested in renewing their leases this season, now is an excellent opportunity to examine your lease to make sure all the clauses, policies, terms, and conditions are working for both you and your tenant.
Some possible lease terms, clauses, and policies that a landlord must address with tenants before renewing or signing the lease include:
Improvements to the property. Some tenants may request repainting their rooms or replacing/adding electrical fittings such as outlets, lighting, and lamps
The shifting of responsibilities. Landlords can sometimes offer to lower the applicable rent rates in exchange for renters accepting greater responsibility for the property's upkeep. If a landlord chooses to rent the top and bottom levels of their rental property to different tenants, they may assign lawn care to one of them in exchange for reduced rent
Fees associated with pets. You might want to add or revise pet fees. You can weigh whether it's too high or too little. Some of the factors to consider include whether there has been an increase in damage or complaints reported in your property by renters' pets and if you've had to foot the cost of replacement or repairs
Try your best to maintain a good relationship with your tenants, as they want this living arrangement to work just as much as you do! Revisiting the lease terms in the spring with your tenants shows them that you want the property to feel like home and that you value them as a tenant.
Be Ready for Notices of Repair
Spring is an excellent time to conduct property inspections. It's also a season when most of your tenants are likely to spend more time outdoors. By being outside so often, they'll be more aware of maintenance and repair issues with the property’s exterior.
Consider performing an exterior check of the property to prevent your tenants from flooding you with maintenance notices. There are a few things to look out for when inspecting the facade of your property:
Check your roof for missing or loose shingles, as well as other signs of damage
Inspect the roof and foundation for leaks. Crawl spaces, attics, and washing machine hoses should all be given special care
If necessary, repaint the outside of the property
Consider a simple polish, a fresh coat of paint, or replacing the front door
Keep trash and leaves out of gutters and drains to function appropriately
Consider trimming the trees if your property is surrounded by them. Don't forget about your grass, either
Freshen up the inside walls by repainting them
Check the air conditioning system, clean it, and make necessary repairs
If your rental property has been vacant for an extended period, a deep clean is required
Clean the windows thoroughly to remove the build-up from the winter months
Make sure that you put habitability issues first and speak with your tenants regularly. It's essential to let your tenants know that their concerns have been acknowledged and that you'll take care of their repairs as soon as possible.
Bottom Line
After putting in your time, effort, and money to create a great home for San Diego renters, you should be able to rest and enjoy your investment. To do this, the best course of action would be to work with a reliable property management firm.
We pride ourselves as the only San Diego property management company awarded the Certified Residential Management Company (CRMC) designation by the National Association of Residential Property Managers (NARPM). North County Property Group has been delivering high-end San Diego property management based on 20+ years of experience.
Our approach is tailored to exceed your expectations, foster trust and confidence, and increase the value of your real estate holdings in San Diego. Our mission is to be your go-to resource for protecting your rental property investment, achieving your real estate financial goals, and relieving you of the time commitment that comes with being a landlord. Contact us today to learn more about our services!
