More and more people are becoming landlords. From repairs to finding reliable tenants, here’s what they had to say about rent maintenance.
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With more Americans becoming landlords for the first time, we are acutely aware of how painful it is.
After a period of historically low interest rates that prompted more people to enter the rental market by buying second homes, Zillow said the number of new landlords had increased by 23% as of March 2023. Reported. new report from real estate giants.
This has kind of set off alarm bells for some people who report that offering tours, screening renters, and keeping up with maintenance is more difficult than expected.
“Investing in rental properties can provide reliable income and housing for those renters who need it, but it’s important that landlords understand their responsibilities,” said a demographic scientist at Zillow. One Manny Garcia said. “Many landlords would like to know more about the effort it takes to find tenants and keep their property in good condition.”
According to the report, most landlords say repair and maintenance is one of the most demanding responsibilities in managing their rental property, with 40% saying it’s the most burdensome.
This is a close second to tenant screening, with nearly three out of four landlords saying it was one of their top three most burdensome activities. More than 1 out of 3 said they wished they had known how difficult it is to find reliable tenants.
Landlords were most likely to report that good tenants were those who paid their rent on time. According to reports.
Thirty-four percent said they would have liked to have known the leasing process, including providing tours to tenants, was very frustrating.
The report also gave some insight into the types of investors who are landlords in the United States today. A typical landlord he has two rental properties.
More than half of first-time landlords only have one other rental property. A repeat landlord, who makes up her 75% of landlords, usually has two. Only 2% of first-time landlords reported owning five or more properties, according to the report.
Zillow used the report to promote tools for landlords, including screening, lease support, payment support, and future maintenance trackers.
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