Key Takeaways
Understand Your Responsibilities as a Morristown Landlord: Renting out your house means more than collecting rent—you must comply with New Jersey landlord-tenant laws, handle repairs promptly, and enforce lease terms fairly to maintain a positive landlord-tenant relationship.
Prepare and Market Your Property for Maximum ROI: Ensure your Morristown rental meets health and safety standards, make strategic upgrades like energy-efficient appliances and curb appeal improvements, and create compelling rental ads to attract qualified tenants.
Consider Professional Property Management for Stress-Free Renting: Hiring an experienced Morristown property manager, like PMI Prime Property Services, can simplify the rental process—from tenant screening to maintenance—while maximizing your rental income.
Are you considering renting out your Morristown house rather than selling it? If so, this blog has you covered. Renting out a house can provide you with a variety of benefits. From a recurring monthly income, to bountiful tax deductions, to equity build-up, and everything in between.
But being a landlord isn’t a direct ticket to riches and wealth. You must do your due diligence and make appropriate considerations where applicable. With that in mind, here are some proven tips from PMI Prime Property to help you rent out your Morristown property.
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The Key Responsibilities That Come With Renting Your Morristown Home
After you've received your first property, there are certain responsibilities that you’ll need to handle to become a successful New Jersey landlord.
For one, you’ll need to familiarize yourself with the state’s landlord-tenant laws. These laws define important aspects of the landlord-tenant relationship. Including, rent-related rules, security deposit rules, and habitability codes.
Two, you’ll need to stay on top of repairs and maintenance. Things will not always run smoothly. The roof may leak, pests may invade the unit, or electrical issues may arise, among a host of other potential issues. It’ll be your responsibility to deal with such issues as promptly as possible.
Other responsibilities you’ll have as a NJ landlord include the following.
Determining the rent amount.
Evicting a tenant who fails to abide by the lease terms.
Draft a lease and enforce all its terms.
Treat tenants fairly as per the fair housing laws.
If you’re just starting, these responsibilities can seem overwhelming and could quickly lead to burnout. But luckily for you, you can always seek the help of a property manager. They can help handle everything for you so you can focus on other important things or business ventures.
Prepare Your Morristown Rental Property for Occupation
Rental properties in New Jersey must meet certain health, safety, and building codes. That’s why you may need to have it thoroughly inspected for issues before renting it out.
Some of the issues to be on the lookout for include the following.
Serious structural concerns, such as foundation cracks, sagging roofs, or severe water damage.
Electrical or plumbing issues. For example, lead pipes, persistent leaks, frayed wiring, or frequent power outages.
Mold and mildew infestations. These can pose a health risk to residents.
Pest infestations. Persistent issues with bed bugs, cockroaches, or rodents can make the unit uninhabitable.
Aside from fixing these basic uninhabitability issues, you may also want to make some upgrades to the property to ensure your property stands out from the competition. There are plenty of ways to upgrade your property without breaking the bank.
Some of the things you’ll want to do to guarantee a high return on investment (ROI) include the following.
Swap out an old, worn-out flooring with modern options such as laminate, tile, or hardwood.
Go for energy-efficient appliances.
Boost the curb appeal. You can do this by trimming bushes, maintaining the lawn, and planting attractive foliage.
Repaint the exterior walls.
Provide more storage areas for renters.
Market the Rental for Qualified Tenants
After handling the basics, move on to the next stage of letting prospective tenants know about the vacant home. Before you begin listing the home for rent, know the tenant type you’ll be targeting.
Will you be looking to rent to families, single professionals, tourists, or even students? Because, the type of renter you’ll be targeting, will determine the kind of marketing campaign you run.
Once you have that figured out, begin by creating a high-quality rental ad to attract tenants. The rental ad must contain certain elements. That is: one, an eye-popping headline; two, an engaging summary description; and three, high-quality photos.
Next, list the rental ad so that the targeted tenants can see it. Use as many relevant platforms as you can for maximum reach. The goal is to have the ad seen by a large prospective tenant pool, which can increase your chances of landing the right tenant.
Popular listing spaces for landlords include rental listing sites and social media. Others include using yard signs, local dailies, and community bulletin boards.
Alternatively, you could hire a qualified property manager to do everything on your behalf. They know exactly what to do to help you land a great tenant for your NJ rental property, including conducting the time-consuming process of tenant screening. An expert property manager will find you a quality tenant who will care for the rental, report issues on time, and pay rent on time, every time.
Know the Basics of the New Jersey Landlord-Tenant Law
Once you establish a lease with a NJ tenant, you automatically obtain certain responsibilities. You must abide by them for a smooth landlord-tenant relationship.
The following are some of the basics you’ll want to familiarize yourself with:
You must make repairs within an “adequate” time after proper notification from tenants.
You must carry out just tenant evictions that abide by state laws.
You must return the tenant’s security deposits, minus allowable deductions, within 30 days after they move out.
Treat tenants as per the Fair Housing Act in New Jersey. Protected classes include race, color, sexual orientation, gender identity, and marital status.
You must provide the tenant with a one-day notice before entering their rented premises.
Hire a Property Manager to Help Handle Everything on Your Behalf
Renting out your house in Morristown, NJ, can seem like a simple task. However, it goes beyond just finding a tenant and collecting rent checks every month.
Among other things, you’ll need to know the state and local landlord-tenant laws, how to market and screen prospective tenants, and administer the lease terms. All these tasks can be stressful and time-consuming.
Fortunately, working with a property manager can help. Their expertise and local knowledge will take away the day-to-day pressures of landlording, help you maximize your ROI, and keep your investment protected.
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Conclusion
There you have it. The step-by-step process on how to rent out your house in Morristown, NJ, successfully. Becoming a successful landlord begins with a plan. Luckily for you, you now have everything to get you started in the right direction.
For expert help in managing your Morristown, NJ rental property, look no further than PMI Prime Property. We’re a full-service property management company serving Northern New Jersey and surrounding communities. Get in touch to get started.
