- Landlords must provide secure and comfortable living conditions for tenants.
- Landlords should ensure their properties meet domestic Energy Performance Certificate (EPC) targets to help tenants save money on utility bills.
- Adequate ventilation is essential to provide tenants with healthy living conditions by installing air filtration systems near industrial areas.
- To maintain good relationships with tenants, landlords should enforce rules and regulations and communicate with them regularly to foster a peaceful environment.
Being an apartment landlord can be a pretty profitable business venture. According to the National Multifamily Housing Council, the apartment market has seen record rent growth and occupancy rates in recent years. In 2019 alone, rental needs saw a 4.2% increase in rents compared to 2018, and occupancy levels were above 95%. Furthermore, in 2021, investors spent $478 billion on multifamily properties, setting a new record for investment spending.
These numbers show that being an apartment landlord can be a lucrative investment opportunity. As long as landlords can secure reliable tenants, they can expect steady monthly income and greater investment returns. Additionally, landlords can benefit from certain tax deductions, such as the depreciation of their property and expenses related to maintenance and repairs.
Unsurprisingly, the demand for apartments will remain strong in the coming years due to increasing urbanization and changing lifestyles among younger generations, who often prefer renting over buying. Given the current market conditions, it may be a good time for potential investors to consider getting into the apartment landlord business.
However, being a landlord is not only about making money. It also involves a certain level of responsibility, especially when providing tenants with habitable and safe living conditions. Here are a few to consider.
Tenant Safety and Security
The safety and security of tenants should be one of the top priorities for landlords. Landlords are legally obligated to provide rental units that meet basic safety requirements. Here are a few to consider for building safety and security:
Secure Building Access
Landlords should ensure that only authorized people can access their property and that preventative measures protect the building from intruders or potential criminals. Landlords can provide building access by installing digital locks on all entry points, including the main door, stairs, and elevators. Digital locks require vital cards or codes to open instead of conventional keys, providing extra security against unauthorized entry.
Another measure landlords can take to ensure tenant safety and security is proper lighting around the building’s exterior areas. Installing motion-activated lights on walkways and parking lots can deter intruders while providing tenants better comfort when returning home at night. Landlords may even consider adding solar-powered lights as they are cost-efficient and require minimal maintenance throughout their life.
Install Security Cameras
Security cameras are an excellent way for landlords to monitor their property inside and outside their building. These cameras should be placed near entrances, exits, stairwells, elevators, lobbies, common areas, parking lots, and other public spaces to detect suspicious activity or potential threats. Additionally, having visible cameras serves as an effective deterrent against criminal behavior since it sends a clear message that the landlord is taking preventative measures to protect tenants’ safety.
Frequent Maintenance Checks
Finally, landlords should perform regular maintenance checks of all security systems installed on their property to ensure they function correctly. This includes regularly testing digital locks and security cameras and providing doors and windows close securely without gaps or cracks that could serve as potential entry points for intruders.
Functionality for Units
Apart from security, landlords must also provide tenants with habitable living conditions. This means ensuring that all necessary items are in working order before a tenant moves in and are well-maintained throughout the tenancy period. Here are a few things a landlord should make sure of:
Appliances and Fixtures
Landlords must ensure that all home appliances and fixtures are fully functional. This includes refrigerators, stoves, microwaves, air conditioners, water heaters, washing machines, dishwashers, lighting fixtures, and faucets. Landlords should also provide tenants with the necessary instruction manuals for each item so that they can familiarize themselves with their operation.
The landlord should also ensure the property meets domestic Energy Performance Certificate (EPC) targets. Domestic EPC tests aim to rate a building’s energy efficiency and identify ways to save money on utility bills. In other words, landlords must ensure that their units are sufficiently insulated and have efficient heating systems so tenants can benefit from lower monthly expenses.
Finally, being an apartment landlord also ensures adequate ventilation for each unit. This includes providing all exhaust systems are correctly installed and maintained and using window coverings to prevent drafts or excessive sunlight from entering the home. Also, landlords should consider installing air filtration systems if their buildings are close to industrial.
Peaceful Tenant Community
Beyond providing tenants with secure and comfortable living conditions, landlords should prioritize fostering a peaceful tenant community. Here are a few ways to do so:
Enforcing Rules and Regulations
First and foremost, landlords must ensure all tenants have read and understand the rules of the building before they move in. This includes noise regulations, smoking policies, garbage disposal instructions, pet policies, parking restrictions, etc. Once tenants sign their lease agreement form, they become legally obligated to follow these rules, and failing to comply can result in eviction or other legal consequences.
Communication with Tenants
To maintain good relationships with tenants, landlords must communicate regularly with them. Landlords should listen to tenants’ concerns or complaints and address them promptly. This will help foster a sense of trust between landlords and tenants, thus creating a peaceful environment for all residents.
Being an apartment landlord requires a certain level of responsibility. Landlords must ensure their properties meet safety and functionality standards and foster peaceful tenant communities. Landlords can benefit from more reliable monthly income and greater investment returns in the long run by taking the necessary steps to secure these basic needs for tenants.