Do you own a property in Orange Park that is sitting empty? You should consider turning it into a rental property!
Owning a rental property offers benefits like consistent passive income, potential property appreciation, and tax advantages on expenses like repairs and maintenance. Rental properties also allow investors to build equity over time as tenants’ payments contribute to paying the mortgage.
Additionally, rental homes can provide a hedge against inflation, as rents often rise with living costs, ensuring substantial financial growth and security over the long term.
In this guide, the experts at The Coffey Group will go over all the things you must do to rent out your Orange Park home quickly and efficiently. Let’s dive in!
1. Familiarize Yourself With the Local Rental Laws
Florida is a landlord-friendly state. This state has no rent control regulations, low property taxes, and no state income tax, meaning that investors can get more for their money than in other comparable areas.
This doesn’t mean that landlords don’t have any responsibilities. In fact, here are some of the key rental laws you should comply with:
Building, Health, and Safety Codes
Your Orange Park rental must always be in safe and sanitary conditions. This includes ensuring that the property is structurally sound, is free of health hazards like mold and asbestos, provides the necessary services, and offers security features such as proper locks and functioning smoke detectors.
Renters' Rights for Repairs
Florida landlords must make any necessary repairs within 7 days after receiving written notice from their tenants. If repairs aren’t addressed promptly, tenants can end the lease or sue for a court order to force the landlord to fix the issues.
Tenants in Florida aren’t allowed to withhold rent or repair and deduct the cost from the rent.
Eviction Laws
Landlords in Orange Park can only evict tenants for three reasons: nonpayment of rent, due to lease violations, or because their lease has ended. Trying to evict tenants for any other reasons will be fruitless.
Fair Housing Laws
The Fair Housing Act protects tenants from being discriminated against due to their race, color, national origin, religion, sex, familial status, or disability. Florida rental law also provides additional protections for pregnant individuals. Failing to comply with fair housing laws can result in hefty fines and even lawsuits.
Late Rent Fees
Florida has no rent control laws, however, the local rental laws limit the amount charged for late fees to $20 or 20% of the rental amount, whichever is greater.
Landlords do not have to give tenants a grace period for rent payments before charging any late fees. Rent is typically considered late one day after its due date.
Security Deposit Laws
In Florida, there are no laws limiting how much landlords can charge for a security deposit. Landlords have up to 30 days to return the security deposit after the renters leave the premises.
Allowable deductions include unpaid rent, property damage beyond normal wear and tear, cleaning costs, and other charges mentioned in the lease agreement.
2. Get Your Rental Property Ready for Renters
The condition of your Orange Park rental will have a huge impact on its profitability. That’s why you should take the time to deep clean and make any needed repairs.
In addition to this, you can improve the overall appearance of your rental property by investing in minor cosmetic upgrades, such as installing new fixtures, painting the walls, and refreshing the curb appeal.
3. Research the Local Rental Market
While tenants look for rental accommodation all across Orange Park, not all neighborhoods are equally profitable. Before listing your property for rent, you should research the local market beforehand.
By paying close attention to the area’s vacancy rates and tenant demand trends, you’ll be able to determine whether renting is the right call. Furthermore, understanding the local real estate market will help you set competitive rates for your rental.
4. Crunch the Numbers
Financial planning is key when investing in real estate. Before listing your Orange Park home for rent, you should calculate your potential expenses. This includes things such as mortgage payments, insurance premiums, maintenance and cleaning costs, and property management fees.
Determining your operational expenses will help you set an appropriate rent price and ensure the long-term profitability of your investment.
5. Advertise Your Orange Park Property
Advertising is key to attracting quality renters for your Orange Park rental. The good news is that marketing a rental property doesn’t have to be overly complicated.
Start by taking quality photos of your rental to catch potential renters' attention and help your listings stand out. Simple smartphone photos with good lighting can showcase your property’s best features, building credibility and appeal.
Take the time to write an informative and engaging listing that highlights essential information like rent price, number of bedrooms and bathrooms, layout, and unique amenities.
Posting your listing across multiple real estate sites, social media, and even local forums or newspapers will help you maximize the visibility of your property.
By responding quickly to inquiries, you’ll ensure that potential tenants stay engaged, boosting the chances of leasing the property quickly!
6. Partner With a Property Management Company
Renting out a property in Orange Park can be a time-consuming and stressful process. Luckily, a property manager could help you.
A seasoned company like The Coffey Group can help you with all the tasks necessary to rent out your property, from regular maintenance and upkeep to writing an attractive listing, responding to inquiries, and conducting property showings.
This way, you’ll be able to sit back and enjoy the benefits of owning a rental property without the hassle!
Bottom Line
Renting out a property in Orange Park, Florida, can be a highly lucrative venture. As the city continues to expand, the need for rental accommodations will grow significantly. This can result in a steady passive income and long-term wealth appreciation.
For your investment to pay off, you’ll have to spend a lot of time doing things to attract quality renters. This includes familiarizing yourself with the local rental laws, regularly inspecting and cleaning the property, researching the local market, and advertising your property online.
If this sounds like too much work, contact The Coffey Group! Our team of dedicated property managers can help you find quality tenants quickly.