Houston Rentals And Other Major Housing Markets On The Rise: Tips To Rent Property In Sugar Land

Data shared by CoreLogic reveals that home prices in Houston increased by 9.2% in December 2020, marking the fastest rate increase since December 2014, according to Houston Agent Magazine. CoreLogic's principal economist, Molly Boesel, says, "In the last months of 2020, rent for single-family homes had the highest increase in over four years." As of November 2020, single-family homes in Houston reached a median monthly rent of about $1,467. In fact, Sugar Land, one of the fastest-growing cities in the U.S, rent rose by 4.7%. With rent prices increasing at a rapid rate, setting prices for rental houses can be challenging. As a landlord, you want to set prices that allow you to make high profits. At the same time, you have to be cautious not to set high rates to avoid long-term vacancies. If you're looking to rent out your property in Sugar Land, below are factors you should consider, including house pricing.

Know The Housing Laws

Many people assume renting out residential property is a straightforward process, but that's not the case. Each state and county has set rules that dictate how property owners should rent out homes, whether it's an apartment, single-family house, or condo. Failure to abide by state laws about rentals can result in lawsuits or hefty penalties and fines. As a landlord, take time to understand your legal obligations. For example, most state authorities expect landlords to treat tenants without discrimination based on color, gender, disability, family status, or religion. Also, pay attention to laws surrounding eviction, security deposits, setting rental rates, and animal assistance. Don't forget to check if your rental property is located in a safe, habitable location.

Prepare Property For Tenants

Tenants are selective and expect all houses to meet their specific needs, from cleanliness to safety and amenities. That's why you should prepare your rental property before placing ads on property listings. This process entails cleaning your house thoroughly and ensuring all appliances are in good working conditions. Another essential aspect you need to prioritize when preparing a rental home is air quality. You want to ensure your housing units smell fresh always to attract potential renters. To improve indoor air quality, keep the house well ventilated by opening all windows, changing AC filters, cleaning hard surfaces, and replacing soft furnishing like curtains and throw pillows. You might also want to invest in an air purifier to maintain clean air in the entire house. While all air purifiers filter all forms of pollutants from the atmosphere, consider buying air purifiers that remove smoke odor if your previous tenant was a smoker. These devices come with HEPA filters that trap smoke particles in the air, leaving behind fresh and breathable air.

Set Rent Prices Right

Pricing your rental property right is crucial if you want to attract tenants fast and earn high profits. But before you can set rent rates, you need to determine your property's market value. Remember, you can't price your property based on perceived expenses or value. Because if you overvalue your housing units, you'll face long vacancy periods. If you undervalue, you may end up losing a lot of money. Therefore, take time to research your market to find out how much your house is worth. You'll also need to consider some factors like location, amenities and utilities, timing, your goals, and vacancy tolerance.

Renting out a house has many benefits like high monthly profits, tax benefits, and numerous opportunities to sell whenever you want. However, to enjoy these benefits, you must know how to price your rental property right. You also need to ensure the property is functional before renting it out. Most importantly, you must follow housing laws to avoid lawsuits and other legal implications.