Avoid These 6 Mistakes When Renting Out Your Property in Decatur

Renting out a property in Decatur can be a lucrative venture, but it's not without its challenges. From understanding local regulations to managing tenant relationships, there are potential pitfalls at every turn. In this article, we'll highlight some of the most common mistakes landlords make and offer solutions to ensure a smooth rental process

1. Not Understanding Local Rental Laws:

Decatur, like many cities, has specific rental laws and regulations. Failing to understand these can lead to legal troubles and financial losses.

Stay updated with local regulations, attend landlord workshops, or consult with a local property attorney.

Here are some general points about Georgia's landlord-tenant laws***not meant as a substitute for legal advice from an attorney***

Security Deposits: There's no state-mandated limit on how much a landlord can charge for a security deposit. However, after the tenant moves out, the landlord must return the deposit within one month unless there are deductions for unpaid rent or damages.

Rent: There's no rent control in Georgia, so landlords can charge whatever the market allows. They must provide 60 days' notice before raising the rent.

Notice to Terminate Tenancy: For month-to-month rentals, landlords must give 60 days' notice to terminate the lease without cause. Tenants must provide 30 days' notice.

Evictions: A landlord can begin the eviction process if a tenant fails to pay rent or violates the lease. They must first provide a written notice, giving the tenant an opportunity to pay or correct the violation.

Right to Enter: Georgia law doesn't specify how much notice a landlord must give before entering a rented property, but it's customary to provide at least 24 hours' notice unless there's an emergency.

Repairs: Landlords are generally responsible for maintaining the property and ensuring it meets health and safety standards. If they fail to do so, tenants may have the right to withhold rent or "repair and deduct."

Discrimination: Landlords cannot discriminate based on race, color, national origin, religion, sex, familial status, or disability.

2. Setting the Wrong Rental Price:

Overpricing can lead to long vacancies, while underpricing means you're leaving money on the table.

Research comparable properties in Decatur, consider hiring a property manager or using online tools to determine the right price.

3. Neglecting Maintenance:

A poorly maintained property can deter potential tenants and lead to costly repairs in the long run.

Conduct regular inspections, address issues promptly, and maintain a reserve fund for unexpected repairs.

4. Not Properly Screening Tenants:

A bad tenant can result in unpaid rent, property damage, or legal troubles.

Always conduct thorough background checks, verify references, and meet potential tenants in person.

5. Failing to Draft a Comprehensive Lease Agreement:

A vague or incomplete lease can lead to misunderstandings and disputes.

Use a detailed lease template, customize it for your property, and consider having it reviewed by an attorney.

6. Not Preparing for Vacancies:

Vacancies can be costly, but they're a part of the rental business.

Save a portion of your rental income for vacancies and have a marketing strategy ready to attract new tenants.

FAQs:

Q: How can I stay updated with Decatur's rental laws?

A: Join local landlord associations, subscribe to local real estate newsletters, and periodically check the city's official website for updates.

Q: What's the average rental price in Decatur?

A: Rental prices can vary based on location, property size, and amenities. It's best to check recent listings or consult with local property managers for current rates.

Q: How often should I inspect my rental property?

A: It's advisable to inspect your property at least once a year, or during tenant turnovers. However, always provide proper notice to tenants before inspections.

Renting out your property in Decatur can be a rewarding experience if done right. By avoiding these common mistakes and being proactive in your approach, you can ensure a steady rental income, happy tenants, and a well-maintained property. Remember, knowledge is power, and staying informed will always be your best asset in the rental business.

Atlanta Property Management Solutions is here to ensure your success with your Atlanta rental property. We have over 20 years of experience with renting and managing Atlanta rental property to help our clients achieve their financial goals.

Contact us today to learn more about our services and how we can help you succeed.

Written By: Melanie Van De Grift

Melanie Van De Grift is the Owner and Broker of Atlanta Property Management Solutions.

With over 20 years of experience in the real estate industry in Atlanta, Melanie has built a reputation for her unparalleled expertise, exceptional customer service, and unwavering commitment to her client's success.