Bellevue's owner-occupied housing rate is lower than the national average, just barely exceeding 50%. That makes Bellevue a city of renters and a great place for investors to build their portfolios.
When you're new to owning rental properties, you may have questions about rental property maintenance. Property managers can take care of maintenance oversight, but will they cover the cost?
The short answer is no. More often than not, the cost of maintenance will come out of your rental income. There are occasional exceptions, which we'll discuss below.
Read on to learn more about covering the cost of rental property repairs and maintenance.
Property Managers and Maintenance Costs
Property managers can take a lot of landlord responsibilities off your plate, including maintenance coordination. Property managers will take care of:
- Finding the best local contractors
- Fielding maintenance requests
- Inspecting rental units
- Scheduling maintenance
- Communicating with tenants about maintenance
You can work with your property managers to set up a maintenance fund. This entails putting a certain percentage of your rental income into a fund that your property managers can use to pay for routine and emergency maintenance.
Do Tenants Ever Pay for Maintenance?
Tenants play a major role in the maintenance of your rental property. Because they see the day-to-day wear and tear, they are best equipped to report any major issues that need to be addressed. It is also their job to keep their unit clean and sanitary.
There are some things that tenants should pay for themselves. For example, they should buy things like cleaning supplies for regular, ongoing cleaning. You may have other stipulations in your lease, like mowing the lawn, that fall on the tenant.
In most cases, however, the cost of maintenance doesn't fall on your tenants. Instead, you should use the money they pay to rent your property to reinvest in the upkeep of your property.
Can Security Deposits Pay for Rental Property Maintenance?
Washington has strict security deposit laws that landlords must adhere to. This includes when and how to make lawful claims on a tenant's security deposit.
For example, you can use a tenant's security deposit to pay for intentional damage they caused. You can't use a tenant's security deposit to pay for things like routine carpet cleaning or appliance upgrades.
If you make a claim on a tenant's security deposit, you have 30 days from the time they move out to send them written notice detailing each expense.
Get the Answers You Need from Bellevue Rental Property Management
Your rental property management company can oversee maintenance for all your investment properties. However, most associated costs will come out of your rental income. That said, an experienced property manager can help reduce costs while improving your maintenance strategy.
Brink Property Management is one of the most experienced property management companies in the Bellevue area, with over 27 years of experience. We've worked with single property owners and investors with massive portfolios and can create a unique strategy for any landlord. Contact us to learn more about our services and maximize your property potential.
