Massachusetts has the lowest rental vacancy rate of any state in the U.S., sitting at 2.8%. This indicates that lots of renters want to live there. But what does it take to build a successful rental property business?
As a landlord in Boston, keeping your property in good condition is vital. A well-maintained property attracts high-quality tenants and keeps them happy. This can translate to higher rents and more stable occupancy. These factors combined are essential for maximizing your rental income.
Here are some key property maintenance responsibilities for Boston landlords.
Ensure Basic Utilities Function Properly
Essential utilities, like heat, water, and electricity, lay the foundation of a comfortable and livable space. Tenants who constantly deal with disruptions or breakdowns are unlikely to renew their leases.
Ensure the smooth operation of all functional utilities throughout the year. Regular checks and maintenance will help prevent any unexpected breakdowns, minimizing inconvenience and repair costs.
Make Prompt Repairs
When something breaks, your Boston tenants rely on you to get it up and running again. Whether it's a leaky faucet or a malfunctioning appliance, quick fixes show your tenants that you care about their comfort. It also prevents minor issues from turning into major headaches and potentially huge bills down the road.
Keeping a list of reliable contractors or having a handyman on call can make dealing with repairs a breeze.
Keep the Property Safe and Sanitary
Your property must be a safe place for tenants to live. This means regular cleaning and maintenance of shared spaces like stairs, hallways, and laundry rooms. It also requires addressing pest infestations if they arise.
Proper waste management is also crucial. This means providing adequate trash bins for tenants' use and arranging for regular garbage pickup. Keeping the trash areas clean and odor-free is as essential as making sure they are easily accessible for all tenants.
Don't forget recycling. Boston enforces strict recycling laws. Offering recycling services is not only important for your tenants but also supports the environment.
Stay Up-to-Code
Boston has strict housing codes designed to protect residents. For example, scheduling regular inspections for smoke detectors, carbon monoxide alarms, and electrical wiring helps maintain fire safety. It's an investment in peace of mind and keeps your tenants safe.
You'll want to stay informed about these regulations and check that your property complies with all current laws. This will help you avoid potential legal troubles.
Contact PMI Bay State for Expert Advice on Property Maintenance
Keeping your property in excellent condition is key to rental success in Boston and surrounding areas. Skipping on property maintenance can mean empty units and less rent coming in, hurting your bottom line. Luckily, you don't have to go it alone - a specialized company can take the weight off your shoulders.
At PMI Bay State, we know juggling landlord responsibilities can be a handful. That's why we offer rental property management services, helping you stay compliant and keep tenants happy.
Don't hesitate to get in touch for valuable landlord advice or to find out more about our services.
