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Questions to Determine if a Landlord Should Offer a Month-to Month Lease

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Questions to Determine if a Landlord Should Offer a Month-to Month Lease

In some cases, month-to-month leases may be a more effective and efficient way to run your property rentals. Here are some questions to ask and help determine if offering a month to month lease option would be beneficial for you. 

Is Eviction Likely?  

Longer-term leases are great to keep residents in your rental for longer, but they also make the eviction process more difficult should it be needed. If there are a large number of potential residents and you are having trouble thoroughly screening them all, starting them out with a month-to-month lease could prove helpful. You can transition responsible tenants to longer-term leases as they gain a positive track record. This creates a win-win situation for the tenant and landlord.  

Do Residents Need Flexibility?  

It is always good for a landlord to know the demographic of the type of renters in their area. Maybe you have a rental in a military town, college town, or near major corporations known to relocate employees regularly. In these types of areas, month-to-month leases make more sense because the majority demographic of renters need short term options.  

When Will the Lease End?  

Will the end of a longer lease hit at a time when it could be difficult to fill an empty rental unit? For example: will the lease end during the holiday season when new rentals are typically slower? If you are renting to a college student, a shorter 9-month lease would be more beneficial than a year-long lease. It would allow the lease to end when the student is out of school for the year and eliminate the need for students to sublet the rest of their lease during the summer or walk away and default if they cannot find a person to sublet or if subletting is prohibited in the lease agreement.  

Are Market Rent Costs Constantly Fluctuating?  

Charging higher rent than other rentals all around you could cause your rental spaces to sit vacant for longer. If you adjust your rent to be more in line with fair market value it will help you to retain renters. Some markets can go through periods where that fair market rent number fluctuates often. If you are in a market where this is happening shorter lease terms may be more helpful. It can allow you to adjust rent rates as the market shifts. In general, renters expect month-to-month leases to be just a bit higher than longer-term leases and this can help a landlord to compensate for any sudden vacancies or the cost of switching tenants. 

Are You Reviewing Your Current Leases?  

Knowing what leases you have, when their term is up, and if they are bringing in good results for you and your tenants is a smart move. Periodically adjusting them to help you to alleviate even minor but consistent headaches with tenants will allow you to continue to landlord with less stress. 

For more helpful tips about being a landlord or help with managing rentals in Savannah and surrounding areas please contact me any time.  

Additional:

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Should You Install a Smart Thermostat in Your Rentals?

Do Solar Panels Add Value?

What College Students Seek in Rental Properties

Tips for Cleaning Rentals Between Tenants

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Should You Install a Smart Thermostat in Your Rentals?

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Should You Install a Smart Thermostat in Your Rentals?

Some landlords have begun to offer smart home technology to their tenants. One way they are doing this is by installing smart thermostats in their rental properties. How do you determine if installing a smart thermostat is a smart move for your rental properties? Should You Install a Smart Thermostat in Your Rentals?

Benefits of Installing Smart Thermostats in Rentals

Attract and Retain Renters with Higher End Amenities

Securing quality renters can be competitive, especially in a market saturated with rental options. One way to draw in renters is with amenities they want and find useful.

Recent surveys conducted found that 71% of renters in the millennial age range are more interested in rentals that offer smart technology and 55% of baby boomer age renters are interested in smart technology that is easy and intuitive. Overall on average 32% of renters said that a unit with a smart thermostat would make them more interested in one unit over another. Another survey conducted found that 12% of renters would consider staying in their current rental if smart technology were installed.

Bring in a Higher Rent Rate

About 23% of renters are willing to pay a higher rent rate to live in a place with smart technology. Compared to other more popular highly desirable attributes of a rental such as an in unit washer and dryer, central air conditioning, and private outdoor spaces, a smart thermostat is the most cost effective to install.

Before installing smart thermostats in the hopes of bringing in premium rent rates, make sure you do your homework for your area and determine just how much you will be able to raise the rent and if that number is what you were looking/hoping for.

Save Money on Landlord Paid Utilities

If you have included the cost of utilities in with the rent, this could be a very beneficial way to go. If you have a multi-family residence with no way to fairly divide up the utility costs among each tenant a smart thermostat will help to make all units in the building as energy-efficient as possible. It is not uncommon for tenants in properties where the utilities are included to pay less attention to how much heating and cooling consumption is used. This way it can be monitored and even remotely controlled if need be.

Related: What happens if your house has code violations?

Setbacks to Installing Smart ThermostatsShould You Install a Smart Thermostat in Your Rentals?

Start-Up Cost

Smart thermostats cost much more than regular traditional thermostats. Depending upon the model and the featured functions of the thermostat it can be anywhere from $95 to $220 per thermostat. This can add up to a hefty bill if you have several units to install thermostats into. Some states offer sizeable rebates and savings to anyone who installs smart or energy-saving devices in their properties, so make sure to check out if the state you are in does this.

Renter Paid Utilities Means Renters See the Savings

If the cost of the heating and cooling bill is the responsibility of the renter, they are the ones saving the money. The upside to this though, is it is more attractive to renters and you will have an easier time retaining them with less vacant time.

Other Improvements May Make Better Sense

If you have been considering updating major appliances or doing a major facelift renovation and those things are in the budget, you may want to wait on the smart technology to better appeal to a wider range of renters.

So the answer to whether it is worth the effort and investment to install smart thermostats in your rentals comes down to a few deciding factors. If you are having trouble making this decision asking the advice of an experienced local property manager would be hugely beneficial. It is their job to know the current rental market including trends and amenities that renters really want in the area that your property is located.

For helpful rental tips and advice and the best property management services in Savannah please feel free to contact me anytime.

What College Students Seek in Rental Properties

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If you own a rental in a college town or a city near to a college campus, it can be a prime market for student renters and always having someone who would like to rent your property. According to the college board somewhere around 44% percent of all college students live off of campus. With the right knowledge and renting strategies, you can make owning a rental property near a college pay off. One of the best strategies is to offer features that your target renter is looking for.  

What College Students Seek in Rental Properties

What Most College Students are Looking for in a Rental 

When it comes to college students the priorities are much different from that of a long term renter. Students are looking for a dwelling close to their school for a very affordable price before they are searching for all the cool new amenities. (Unless of course, they are in a position where the money is not an issue.) For the most part, the majority of college students are looking for a decent living space that won’t take long to get to school. They are aware that more amenities mean a higher price, so they are more likely to forgo the fancy frills. 

 

 Here are some basic niceties that the majority of college students look for in a rental:  

  • Proximity to Campus: Students spend most of their life at the campus and maybe work, so a property within walking distance or next to easy and quick transit is a plus.  
  • Transportation: Many college students do not have cars so if they can find a place where they can have quick access to public transportation that can get them to shopping, popular hangouts, etc. they are more inclined to rent there.  
  • Affordability: Many college students live on a tight budget, so rent that allows them to pay the rest of tuition, get groceries, and maybe even afford to go have fun once in a while is a definite must.  
  • Laundry: We all see the tv shows where the firstborn goes off to college and comes home to visit with a massive laundry bag in tow. Going to the laundry mat or even using the school washers is a huge hassle for students on an already crazy schedule. On-site laundry is a huge plus for a college student.  
  • Wi-Fi: The internet is a much-needed source of information and place to turn in assignments or maybe even take a test. Not to mention it is where most younger generations pull from for entertainment. Offering easy high-speed hookup, or even including it in a bonus package will really appeal to the college market.  
  • Safety: For many, this is the first time they will be living on their own. Safety is a huge concern for college kids and their parents (some who will be paying the rental fees). Rentals with plenty of exterior lighting, deadbolts on doors, a secure area to receive mail and packages, and even a camera security system will go a long way.  

For more great rental advice or information about rental property management in Savannah and surrounding areas, please check out the website or contact me anytime.  

 More:

How does a foreclosure affect your rental property?

Using a Property manager tenants actually want to work with

How to Deep Clean a Property Between Tenants

Trick or Treat and Halloween Events Around Savannah GA 2019

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Trick or Treat and Halloween Events Around Savannah GA 2019

Trick or Treat and Halloween Events Around Savannah GA 2014

Time to dress up in your scariest costume, paint your face and grab your bucket; it’s Halloween around Savannah Georgia.

Here are some of the fun trick-or-treating events happening this weekend in Savannah.

If you haven’t already seen it you have to check out the Ghosts & Gravestones Frightseeing Tour, which will take you on a haunted journey you’ll never forget. Explore River Street’s Chandlery and when the sun goes down you can board the trolley for the doomed frightseeing journey. They don’t even allow kids less than four years of age and anyone under 18 must be accompanied by an adult. Purchase your tickets online and meet at the Simply Savannah Trolley Depot at 301 East River St. The tour takes a little over one hour.

Halloween night celebrates at the Crawl-O-Ween on River Street from 7 PM until 11 PM. Participants will stop at select bars and restaurants for this haunted pub crawl. Admission is just $10 per person and includes a souvenir.

The city of Savannah has recommended trick or treating times, which keeps everyone safe. The city does not set time specifically unless a Halloween falls on a Sunday. But this year, Halloween is on Friday and trick-or-treating normally starts around 6 PM. In Pooler Georgia, the police department recommends that trick or treating happened between 4 and 8 PM.

Many churches and schools will also be participating in the Trunk or Treat events such as:

Sat, Oct 26, 4:00pm
The Rail Pub, Savannah, GA
Starts at $10.00
Thu, Oct 31, 7:30pm
Bonaventure (The Chapel Mausoleum), Savannah, GA
Starts at $20.00
Fri, Oct 11, 7:00pm
Club One, Savannah, GA
Starts at $15.00
Fri, Oct 25, 7:00pm
Crosswinds Golf Club, Savannah, GA
Thu, Oct 31, 5:00pm
Tom Triplett Community Park, Pooler, GA

There’s more happening all over Pooler and Savannah this weekend so get out there and spread a few Halloween treats!

Image by Matt McGee Flickr Commons

Young Families Love These Savannah Neighborhoods

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Savannah has long been a favorite city to settle into for many, with its historic charm (one of the oldest cities in the country) and its mix of gorgeous historic architecture and modern amenities. It’s no wonder that Southern Living Magazine has named it number 2 three years straight on their list of best southern cities to live in.  

Recently Savannah has seen a surge of young families moving in to enjoy all Savannah has to offer. Here are the top five neighborhoods for families in Savannah.  Content deemed reliable and accurate at the time of posting. Prices may have changed since publishing.

Young Families Love These Savannah Neighborhoods

Bacon Park a.k.a. Sandfly 

Located near the Isle of Hope and Moon River areas, this neighborhood is quickly growing. You will find Bacon Park Golf Course, Lake Mayer, Chatham County Aquatic Center, Oglethorpe Mall, and Sandfly Bar-B-Q. It is a great place for sports and recreation as well as shopping and good eats. Also nearby is the Wormsloe Plantation the home of Noble Jones, one of the first settlers from England. Enjoy a colonial reenactment or guided tour at the Plantation.  

Median home price is $172,600 and median rent is $958. 

Gordonston 

Named for the Girl Scouts of American founder Juliette Gordon Low who made her home here. This neighborhood started as a bedroom community just outside of Savannah and is now part of the city as it has grown to include it. This is a quiet and secluded piece of the city still today making it highly desirable among young families. Residents love the Juliette Low Park and Savannah Golf Club, a members only club just outside of the neighborhood.  

Median home price is $110,600 and median rent is $895.  

Parkside 

An affordable neighborhood with a great location. Parkside is home to Daffin Park offering playgrounds, basketball courts,  swimming pool and more. Close by is Grayson Stadium home of the Savannah Bananas minor league baseball team. There are shopping and dining options all around  including Whole Foods, IHOP, and Home Depot. It is a great midtown neighborhood not too far from urban and suburban amenities.  

Median home price is $110,600 and median rent is $895. 

Victorian District 

On the south side of the historic downtown area this is the place to find some of the most interesting housing in Savannah. The amazing Victorian-style homes here are more expensive than other areas, but well worth the price. Neighborhood highlights include Forsyth Park with amazing fountain and farmers market, King-Tisdell Cottage full of African-American culture from Savannah, 700 Drayton a spot for adults to enjoy nightlife, and Blowin’ Smoke Southern Cantina a family barbeque restaurant.  

Median home price is $247,400 and median rent is $889. 

Windsor Forest 

A quiet neighborhood with a suburban-like setting offering homes with large square footage and big yards. Windsor Forest has excellent shopping at Savannah Mall including Dillard’s, Target, and Bath and Body Works. Enjoy a movie at AMC Classic Savannah 11. If you enjoy the outdoors you will love the 51 acres of Joseph Tribble Park. 

Median home price is $158,800 and median rent is $987. 

Are you looking to buy or rent a home in Savannah? I am happy to help your family find the best home to suit your wants and needs. Contact me anytime.  

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