The best move for landlords to maximize revenue from their rental properties is keeping vacancies to a min. We have 3 rules you should follow to reduce your turnover time before re-leasing your Baltimore rental property
The time it takes to lease your property is in your control. Even in weak rental markets, owners that are proactive, thoughtful, and have the proper systems in place will rent units in record time.
This is what it takes to make a Baltimore residential property “rent-ready” in your market. Make your Baltimore residential property rent-ready by following these rules.
Rule #1: Appealing To The Local Market
Some local city owners use an upcoming vacancy as an opportunity to maintain their property—and with good reason. Once a renter has moved in, it becomes much harder to make various changes without scheduling.
PS. In Baltimore, Tenants need 24hr notice before entry unless deemed an Emergency.
When a rental property is in turn over your main focus is residents. This is the best time to reevaluate your target market and find what features they care about most in their homes. Lots of townhome design features updated bathrooms and open concept living areas. Even if your property is on the dated side, updates in key areas can make dramatic changes in getting your property off the market.
Rule #2: Updated Baltimore Rental Licence
Baltimore City now requires ALL residential rental units to be registered, inspected and licensed. They say this will ensure that Baltimore rental property will meet basic safety and maintenance requirements. Previously one- and two- family dwellings were not required to be inspected and licensed to operate as a rental. On August 1, 2018, a new law took effect requiring all Baltimore City rental properties, including one- and two-family and multi-family dwellings, to be licensed to operate as a rental by January 1, 2019. If your property is not a rental but is non-owner-occupied it still must be registered annually.
In order to receive a rental license from the Department of Housing and Community Development (DHCD) the property must meet two requirements: 1) be registered with DHCD using the online portal and 2) be inspected by a State Licensed,Baltimore City registered Home Inspector.
Rule #3: Updated Lead Inspection
Lead Paint in Baltimore city is a big problem that is prosecuted for if not handled accordingly. A rental dwelling unit that was constructed prior to 1978 must, at a minimum, meet the Risk Reduction Standard.
When you’re thinking about what will make your unit rent-ready, go back to the renter mindset. Think of what matters most to them: Cleanliness, paint, floors, and outdoor areas. The savviest property managers know that focusing on these areas will get an apartment in rent-ready condition quickly—without breaking the bank. Treat your “rent-ready” process like a beauty pageant by spending money where tenants will see it.