According to the news website 256 Today, North Alabama's rents increased from May 2023 to May 2024. For example, Florence's average rent increased by 8%, while Decatur's went up by 7.26%. Despite these increases, the average rent in Alabama is still just $1,372, over $600 lower than the U.S. average.
All those figures show that North Alabama is an ideal place to be a landlord or a tenant. So, if you have properties here just sitting empty, now's a good time to list them for rent by owner.
The property management experts at Stutts Properties, Inc. have shared rental property tips to help you attract quality tenants, so read on.
Set a Fair Rental Price
As NOLO pointed out, Alabama doesn't have rent control laws, and its counties and cities cannot enact such laws. So, landlords like you can set rental rates for owner-rented homes at your discretion.
However, that doesn't mean you can just charge whatever you want.
Instead, one of the most crucial pieces of DIY landlord advice is to set fair rental prices to make properties more attractive to renters. After all, no one would want to pay more than necessary, so overpricing your rental can put off prospective tenants.
You don't want to underprice your rentals, either. Doing so can attract the wrong crowd. Setting too-low rates also cuts your profits, and you may not even earn enough to pay your mortgage, much less yourself.
A thorough rental analysis can help you determine fair rental rates for your North Alabama properties.
Make Properties Occupant-Ready
Before developing marketing campaigns, thoroughly inspect your self-managed rental properties first. The goal is to catch and fix major problems that may compromise your soon-to-be tenants' health and safety. Some examples of issues you should address before moving tenants in are:
- Roof and plumbing leaks
- Mold and mildew
- Malfunctioning heating, ventilation, and air conditioning systems
- Old or faulty electrical systems
It's imperative to get those problems out of the way because if you don't, and prospective tenants see them during a showing, they'll unlikely want to rent out your property. Even if they still do, if the issues worsen so much that they compromise tenant safety and health, renters may file complaints against you.
Screen Tenants Thoroughly
Another critical advice for North Alabama landlords is never to skip comprehensive tenant screening. The last thing you want is to just take a tenant's word about their income or rental background without verifying it. If they lied on the application, they might be unable to pay rent on time or damage your property, forcing you to evict them.
Evictions are expensive, but even more so in Alabama, where the average filing cost can run upwards of $270!
Follow These Tips Before Listing Properties for Rent by Owner
Now that you know what listing properties for rent by owner entails, it's time to decide if you can manage independently.
If you don't have time but still want to be a landlord, don't worry; Stutts Properties, Inc.'s team of licensed real estate experts is ready to help! We provide full-service property management solutions that are highly customizable to ensure we can meet your needs and preferences. From marketing to tenant placement, rent collection, and maintenance, we can do all these and more.
So, speak with us today to request your complimentary property analysis!
