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.

You already have an advantage if your property is near universities, tourist attractions, or the business district. 

You may even want to consider furnishing your house 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 landlord-tenant laws when it comes to rent increases. In Virginia, 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 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 when collecting rent.

Rent Increases During the Lease Term

Rental increases cannot occur during the term of a lease agreement unless the lease itself specifically allows for rent adjustments, such as in the case of 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 local laws, landlords can ensure that increases in Virginia are fair, legal, and transparent.

Prepare for Tenants

During economic slowdowns, vacancies may lead to more tenant demands. To remain competitive and avoid turnover, consider offering extra services to keep renters satisfied and loyal. This will help reduce the vacancy rate of your rental property while keep your rental income consistent. You want to keep your reliable renters happy so they stick around and continue to pay rent on time. 

One key strategy is professional cleanings to prolong the life of your furnishings and prevent wear and tear. Stay on top of property maintenance and repairs to ensure everything is in top shape.

Strengthen Your Marketing Strategy

Once you're ready to rent out your house, evaluate its features and amenities. What makes it stand out? 

Here are some of the top features that prospective tenants are willing to pat for:

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

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

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 people wanting to view your rental.

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. 

You can benefit from our expertise by gaining access to broader marketing strategies and professional consultations, ensuring your Charlottesville, VA rental 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, maintenance, and repairs to financial reporting, rent price setting, and monthly rent collection, we handle it all. 

The in-depth knowledge of the real estate market allows us to design targeted advertising campaigns that save you time and money while maximizing your potential income.

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.

We also help renters pay rent on time using an online rent collection system that makes it convenient for both landlord and tenant alike.

Conduct Tenant Screening

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

• Rental history
• Proof of income 
• Employment verification

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

In Virginia:

• Deposits are limited to 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 like taking care of repairs and managing utilities. While a fee is charged, the convenience, and peace of mind offered is worth the money.

Bottom Line

It's crucial to understand your responsibilities and stay informed about property laws in Virginia before you rent out your house. For expert guidance and reliable maintenance and property management services, reach out to KRS Charlottesville today! 

We’ll help you write up lease agreements and manage your rental income, making it easier to navigate the complexities of being a Charlottesville landlord while ensuring smooth rental operations.