Becoming a landlord can be an incredibly lucrative venture. You may even be able to enjoy a consistent passive income for many years to come. 

But just like any other business venture, you’ll have to get certain basics right otherwise, it can become more trouble than it’s worth. Luckily for you, the following tips should help you rent out your property in San Diego. 

Know What is Required of You

Being a landlord is a huge responsibility. You’ll need to do certain things right in order to rent out your San Diego rental property successfully and legally. 

One such responsibility is ensuring the property is well maintained. You’ll need to regularly inspect the property and respond to repair and maintenance calls promptly to make sure the tenant is living in a habitable home. 

Another responsibility is finding tenants to fill vacancies. You’ll need to have an elaborate marketing plan to ensure your property is always filled with a reliable tenant. Other key responsibilities you’ll have included the following:

  • Collecting rent every month and addressing late or missed payment issues
  • Managing your tenant requests and needs
  • Enforcing the terms of the lease 
  • Filing tax returns and keeping track of your property’s finances 
  • Remaining up-to-date on landlord-tenant laws, Fair Housing Laws, and other state and local legislation pertaining to rental properties. 

Get the Home Rent-Ready 

The rental property industry is a competitive landscape. You’ll constantly be in competition with other landlords renting out similar units. 

Person using a long paint roller to add a fresh coat of paint to the walls

It’ll be your responsibility to ensure you stand out from the competition in order to maintain high occupancy levels. To help your rental property stand out, you may need to do any of the following:

  • Upgrade the appliances and opt for energy-efficient ones  
  • Boost the curb appeal
  • Improve the unit’s security system 
  • Repaint the walls and/ or update flooring that’s worn out 
  • Provide key amenities that your target market may be looking for like additional storage space or a modern kitchen

Understand Your Legal Obligations 

Federal, state, and local laws require landlords to carry out certain obligations. The following are other legal responsibilities you have as a San Diego landlord:

  • California Habitability Law – You have a responsibility to provide tenants with a safe and habitable unit. Your tenant can withhold rent or make repairs themselves if you don’t.
  • California Fair Housing Act – The act prohibits discrimination based on a tenant’s race, color, nationality, religion, marital status, citizenship status, ancestry, and immigration status, among others. 
  • Advanced Notice – You must provide your tenant with a 24-hour’ advance notice prior to entering their rented unit
  • Tenant Protection Act – You have to abide by this when it comes to raising the rent
  • Security Deposit Law – You need to ensure that you collect a fair amount, store it properly, return it in the right time frame, and only make deductions for the right reasons.
  • Evictions – There is a set legal process to follow when evicting a tenant. Self-help evictions are illegal. 

lawyer reviewing a document with a law book next to them on their desk

Start Marketing Your Home

Take note of what makes the property stand out. Examples of features that can make the home stand out include a garage, an air conditioning unit, a washer, and dryer, or favorable policies. 

After you have identified what makes the property unique, create a rental ad. Make it interesting so that prospective tenants will want to read it. You should consider having quality photos taken throughout the property. Make sure to take photos of all the major rooms in the space, as well as any special amenities offered.

Generally speaking, you must get two elements right when it comes to advertising the property, the first is the headline. To make it enticing, you’ll want to include certain crucial information like the rental price, the number of bedrooms and bathrooms, the property’s location, and one unique feature. 

Second is the summary description section. This is where you’ll want prospective tenants to envision themselves living on the property. Here, you’ll want to talk about what makes the property stand out from the competition. 

Charge Tenants the Right Rent Price

It’s important that you charge the right rent as this will lead to profits and make your San Diego competitive in the local rental market. 

To determine the right rent, carry out a comprehensive market analysis. Interview a couple of landlords renting out similar units and find out how much rent they’re charging versus their vacancy rates. 

cash sitting on top of an envelope 

The best way to determine the right rent is to hire an experienced San Diego property manager who has tried and tested systems in place to determine the best rent to charge. They will also adhere to the rent control provision as outlined in the Tenant Protection Act. 

Work with Professionals 

Being a landlord can be anything but easy. That’s why it’s important that you surround yourself with professionals. Hiring an experienced property management company means you have a team of real estate professionals at your disposal. An experienced property management firm can help you in all aspects, including:

  • Marketing the property 
  • Screening prospective tenants 
  • Collecting rent 
  • Filing tax returns 
  • Repairing and maintaining the unit 

Bottom Line

There you have it, tips on how to rent out your home in San Diego. Being a landlord can be very fruitful, however, for it to be successful you’ll need to put in a lot of work. You need the right property, the right tenant, and the skills to handle the day-to-day management duties.

For expert help in managing your San Diego rental property, turn to the trusted team at Keyrenter Property Management San Diego. Our goal is to help property owners transform their property into profitable investments. Contact us today to learn more about our services!