Property Management’s Biggest Woes? Maintenance and Renter Screenings
A new survey from Zillow sheds light on the top concerns of new and repeat landlords.
Due to low mortgage rates that spurred increased investment of second homes in 2020 and 2021, Zillow economists predicted that 2023 would bring a wave of first-time landlords. To learn about the new class of landlords and their concerns, Zillow surveyed first-time and repeat landlords mostly having two rental properties.
Nearly all landlords (92%) said repairs or maintenance were one of the top three most demanding responsibilities of managing a rental property, and 40% considered it the most burdensome. In second for most burdensome tasks was screening tenants—including reading applications and completing background and credit checks—at 71%.
“Investing in a rental property can provide reliable income and housing for a renter who needs it, but it’s crucial for landlords to understand the responsibilities,” says Manny Garcia, a population scientist at Zillow. “Many landlords wish they had known more about the effort required to find tenants and keep the property in good condition.”
Over one-third of landlords said they wished they would have known how difficult it is to find reliable renters and how time-consuming managing a rental is, while 37% said they did not expect the amount of effort it takes to lease a property—processing applications, scheduling tours, and writing a lease.
Source: Multifamily Executive
Join AAOA for Free!
All types of rental property owners welcome