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Property Management’s Biggest Woes? Maintenance and Renter Screenings
Thanks to historically low mortgage rates that spurred increased investment in second homes during 2020 and 2021, Zillow economists anticipated a surge of first-time landlords in 2023. To gain insights into this new wave of landlords and their concerns, Zillow conducted a survey targeting first-time and repeat landlords, primarily those with two rental properties.
A staggering 92% of landlords indicated that repairs and maintenance ranked among the top three most demanding responsibilities of managing a rental property, with 40% considering it the most arduous task. Following closely, 71% identified tenant screening—including evaluating applications and conducting background and credit checks—as the second most burdensome duty.
Manny Garcia, a population scientist at Zillow, stresses the importance of understanding these responsibilities, stating, "Investing in a rental property can offer consistent income and housing for renters in need, but it's crucial for landlords to grasp the associated obligations. Many landlords express a wish for greater insight into the effort required to secure tenants and maintain the property's condition."
Over a third of landlords admitted they underestimated the challenge of finding dependable renters and the time-intensive nature of rental management. Additionally, 37% acknowledged being caught off guard by the level of effort involved in leasing a property, encompassing tasks such as processing applications, arranging property tours, and drafting leases.