Oregon is a rent-control state, but that's still good news for prospective landlords wanting to buy a rental property in Portland, or those who already own one.
State authorities have set the maximum increase at 14.6% for 2023, which is a big increase from the 9.9% allowed this year. What's more, real estate prices are starting to cool in the City of Roses, while demand for rentals remains at an all-time high.
Simply owning a Portland property isn't a guarantee of success with rentals, though. You need to put in a lot of hard work to make the most of your investment.
Here's your guide to maintaining your rental property for maximum tenant satisfaction.
Carry Out Regular Property Inspections
Regular checks can help prevent small issues from developing into big problems. These are some things you should check for at least once a year:
- Loose roof shingles
- Windows and door seals
- Leaks in the plumbing
- Floor coverings
By law, you must provide your tenants with functioning carbon monoxide detectors, but it's the tenant's responsibility to check these every six months. If necessary, you're responsible for repairing or replacing these safety features.
Maintain Heating and Cooling Systems
Replace the air filters in the home's air conditioner every month, and arrange for a professional to service the HVAC system every six months at least. These routine procedures can prolong the lifespan of the HVAC and help you avoid expensive repairs.
Likewise, it's best to arrange for a technician to inspect and clean the water heater annually. Sediment build-up can seriously hamper the water heater's performance and place undue strain on its components.
Keep Pests at Bay
Not only will pests drive tenants away, but they can also cause serious damage to your property. Termites are the usual culprits, but rodents' gnawing habits can also cause widespread problems in a home.
Arrange with a pest control company to visit your rental property at least once every quarter and make sure they check the roof, too. Spraying for pests or implementing barrier methods will keep your Oregon property free of pests and ensure happy tenants.
Keeping your rental property's yard in good order is the tenant's responsibility, but it pays to remember that landscaping impacts your curb appeal.
Planting drought-resistant plants are one way to make sure your home's exteriors always look good if your tenants aren't particularly skilled at gardening. A garden and lawn mowing service can help prevent invasive weeds from taking over your property.
You should also refresh the exterior paint on your rental property every four to eight years.
The Easy Way to Maintain a Rental Property in Portland
Hiring a property manager is the best way to ensure your Portland real estate investment stays in excellent shape.
An effective property manager will find and vet tenants for you, collect your rent and keep your property perfectly maintained. That way, you can enjoy the benefits of being a landlord without giving up too much of your time.
If that sounds like the perfect situation for you, get in touch to discuss how we can help you maximize your rental property in Portland.