With its highly rated public schools, plenty of outdoor activities, and excellent commute system, it's easy to see how Chevy Chase, MD, got an impressive A+ score from Niche.com. Niche also says the town is among the best places to live and is the second-best place to retire in Maryland.
With those exceptional qualities, the town will likely attract more residents. So, if you own residential properties here, now is the best time to list them as homes for rent.
If you're unsure where to start, don't worry. This guide, written by the experts at PMI Chevy Chase, offers rental and property management tips, so read on.
Get a Rental Valuation
Here's a crucial piece of landlord advice: determine your property's rental potential before anything else. You can do this with a rental valuation, which lets you:
- Learn if your property is ideal for renting
- Determine a fair rental price
- Avoid pricing your rental too high or too low
You can discover all those details by working with a Chevy Chase property management company offering free rental valuation.
Satisfy the Legal Requirements
The Department of Housing and Community Affairs (DHCA) sets the rental property guidelines for most properties in Montgomery County, including those in Chevy Chase, MD. According to the DHCA, before you can offer to rent your property, you must first ensure it complies with all safety codes, including:
- Building codes
- Fire codes
- Housing codes
- Zoning codes
Once you've ensured your property satisfies all the necessary codes, DHCA requires you to obtain a rental facility license. To get one, complete a Rental Facility License Application form, submit the required documents, and pay the licensing fee.
Another thing to remember is that per Montgomery County Code, § 54-43, short-term rentals (STRs) also require licensure. So, if you're considering putting up your Chevy Chase home as a vacation rental, you must get an STR license, too.
Understand What Being a Landlord Entails
Being a landlord can be lucrative, but it's not as "passive" an income-generator as others say. There's a lot you have to do aside from the above, such as:
- Market your property
- Draft lease agreements
- Screen prospective tenants
- Maintain your property
- Collect rent
- Perform accurate accounting
- Evict tenants
You can manage your properties yourself if you have enough time to do all that. However, it would be more challenging if you don't live in Chevy Chase or have many other duties and responsibilities.
Fortunately, you can still rent your homes and earn passive income with the help of a property manager. They'll perform all the abovementioned tasks on your behalf.
Let PMI Chevy Chase Manage Your Homes for Rent
Now that you know what it takes to rent a home and be a landlord, the next step is deciding if you can do everything. If you're too busy to manage things, worry not; PMI Chevy Chase has your back.
We're a locally owned and operated company specializing in full-service property management. We're also a proud member of PMI, a larger franchise with over two decades of history providing exceptional property management solutions. With our background, you can rely on us to manage your homes for rent and let you enjoy passive income.
So, give us a call today, and we'll happily provide you with a free rental analysis.
