Have you contemplated selling your Charlottesville home to gain back your investment income? Rather than doing this for a small profit during an economic downturn, consider converting it into a rental property. Renting out your home can generate extra income while you wait for the economy to recover.

Before making your home rent-ready, evaluate its features to gain a competitive advantage. Is the location strategic? 

You already have a ready market if your property is near universities, tourist attractions, or the business district. 

You may even want to consider furnishing your home to attract short-term renters, which provides the flexibility to sell when the right buyer comes along or consider buying investment property.

Landlords must also be guided by the following when it comes to rent increases. In Virginia, there are no rent control laws, meaning landlords are free to increase the rent as they see fit, subject to certain conditions.

However, there are important legal guidelines that landlords must follow to ensure that rent increases are handled properly. Keep reading to learn more!

No Rent Control

Virginia does not impose rent control, and local governments are prohibited from enacting their own rent control laws. This means you can raise the rent to any amount, at any time, but you should comply with the terms in the signed lease. 

Rent Increases During the Lease Term

Rent increases cannot occur during the term of a lease agreement unless the lease itself specifically allows for rent adjustments, such as a rent increase due to inflation. Landlords must wait until the lease expires and issue a notice before increasing the rental rate for short-term residents.

Notice Requirements

Landlords must provide proper notice to tenants before increasing the rent:

• For month-to-month tenants, landlords must provide at least 30 days’ written notice before raising the rent.
• For weekly tenants, landlords must give at least 7 days’ written notice before the rent increase takes effect.
• By adhering to these guidelines, landlords can ensure that rent increases in Virginia are fair, legal, and transparent.

Prepare Your Property for Tenants

During economic slowdowns, vacant properties may lead to more tenant demands. To remain competitive and avoid turnovers, consider offering extra services to keep tenants satisfied and loyal. One key strategy is professional cleaning to prolong the life of your furnishings and prevent wear and tear.

Strengthen Your Marketing Strategy

Once your property is ready for rental, evaluate its features and amenities. What makes it stand out? 

Here are some top amenities that tenants look for:

• Parking space
• Dishwasher
• In-unit washer and dryer
• Granite countertops
• Storage space
• Outdoor areas

Highlight these top amenities in your property listings to attract more interest and increase inquiries.

Be sure to include high-quality photos and an engaging property description in your ad. A well-crafted listing can spark interest and lead to more property showings.

Additionally, targeted ad distribution is key. Research where potential tenants are most likely to look for rental listings and focus your efforts there.

Simplify Your Rental Management with a Trusted Property Manager

One of the most effective options for landlords is to enlist the services of a reputable property management company like KRS Charlottesville. 

With our expertise, you gain access to broader marketing strategies and professional consultations, ensuring your Charlottesville VA rental property fills vacancies quickly and efficiently.

A skilled property manager doesn't just help with marketing; they can also streamline your rental operations, provide valuable resources, and implement industry best practices. From tenant screening and property maintenance to financial reporting, rent price setting, and rent collection, a property manager handles it all. 

The in-depth knowledge of the real estate market allows professional property management companies to design targeted advertising campaigns that save you time and effort while maximizing your rental’s visibility.

Take for instance, landlords are required to draft lease agreements that adhere to both state laws and local regulations. 

This can be a complex task that demands careful legal knowledge. By partnering with a trusted property manager like KRS Charlottesville, you ensure that your leases are legally sound and that you remain protected under the law.

Managing a Charlottesville rental property requires strict adherence to Virginia’s property laws. KRS Charlottesville ensures that the terms of your lease agreement comply with all legal requirements, protecting you from potential liabilities.

Conduct Tenant Screening

One of the most crucial responsibilities of landlords is properly screening tenants. Skipping the tenant screening process can expose you to significant risks, such as property damage, unpaid rent, or legal disputes. Here are the key factors landlords should assess:

• Rental history
• Income and employment verification

If a tenant passes your screening process, you may request a security deposit. 

In Virginia:

• Security limits are a maximum of two months’ rent for fixed-term leases.
• A written report must be given by landlords to describe the state of the rental at the beginning of the lease term.
• There is no interest requirement.

When returning security deposits, landlords must comply with these Virginia laws:

• You can deduct for unpaid rent, late fees, property damage, and fees associated with early lease termination, including costs detailed in the lease.
• The security deposit must be returned within 45 days.
• If the deposit is returned late, the penalty is the due amount, plus actual damages, and attorney fees.

Understanding these regulations is crucial to ensure compliance with state law.

Hiring a property management company is a smart choice if you lack the time or expertise to handle day-to-day responsibilities. While a fee is charged, the convenience, expertise, and peace of mind offered often outweigh the cost.

Bottom Line

It's crucial to understand your responsibilities and stay informed about property laws in Virginia when renting out your Charlottesville home. For expert guidance and reliable property management services, reach out to KRS Charlottesville today! 

We’ll help you navigate the complexities of property management while ensuring your rental operations are smooth, legal, and profitable.