People love living in San Diego, perhaps more than any other city in California. After all, this is the location of Spain's first permanent settlement during its colonization of the Americas.
The reason people decide to live in this beachside town is self-explanatory: wonderful oceanside weather, cool summer temperatures, and endless sun. From vacationers to retirees, San Diego is always bustling with people. Especially for those looking to make it their home with rental properties in San Diego.
If you own a San Diego rental property—or plan to—then you'll need a crash course in San Diego property management. Keep reading as we discuss how to care for your rental properties in California's crown jewel of a town.
Tenant Management With Rental Properties in San Diego
It all begins and ends with tenants. Good tenants can make or break a property and your passive income stream. You will have to develop effective strategies for screening tenants and funneling them through the application process.
Once you have good tenants, it's essential to be a good landlord. That means keeping on top of maintenance requests and taking into account any tenant complaints—even with other tenants. Having prompt, effective service will determine whether your tenants stick around at the end of their lease.
Choose the Right Rent Amount
Rent is the elephant in the room for landlords as much as tenants. In most of California, rent is quite high. The same is true for San Diego, which predicts consistent rent increases.
Choosing rent is a tricky game since you want a balance between profitability without pushing away too many applicants. Further, you will have to be careful about raising rent from year to year. This can drive away good tenants, so you must carefully contemplate any rent hike that you plan to do.
Handling Maintenance and Renovations
Aside from property taxes, maintenance, and renovations can eat up your San Diego property management budget. The law protects your tenants, especially when it concerns necessities. You need to make sure that your apartment is always in a livable condition.
Further, it's important to keep an eye on issues that could get worse in the future. A simple leak may seem inconsequential, but it could quickly turn into costly water damage.
If you have an older property, consider getting more frequent inspections. All the valves and pipes may be in need of a change. Outdated appliances such as refrigerators and air conditioners may benefit from a high-efficiency upgrade.
Manager Property With Income Property Advisors
Rental properties in San Diego present an excellent passive income opportunity in this gorgeous seaside city. Managing San Diego property rentals involves everything from screening potential tenants to treating them well throughout their tenancy. Be judicious as much with rent increases as with your maintenance and renovation plans.
Looking for help with managing your property so you can enjoy that San Diego weather? Income Property Advisors can help you with that. Take a look at our property management services.