It's hard work being a landlord in Houston. The city is particularly prone to disasters, with at least 322,000 residential properties in Greater Houston located in FEMA-designated floodplains. But these days, it's not just Mother Nature causing rental property issues for Houston landlords.
Average rent rates are falling. According to Houston Agent Magazine, this significant downturn is due to a major surge in housing construction. Are you a Houston landlord seeking rental crisis solutions? This article lists some invaluable landlord rescue tips to help protect your investment.
Key Problems for Houston Landlords
Compared to other cities, Houston can be a challenging city for landlords to make a solid return on their investment. Here are some of the main problems landlords face in the city:
- Natural disasters like hurricanes or flooding can cause damage to property.
- According to YCharts, the local unemployment rate is rising, which could leave tenants unable to pay rent.
- Ever-changing regulations.
This challenging blend of economic and environmental factors means Houston landlords face greater financial strain and more emotional stress than average. It's no wonder many local landlords are enlisting professional landlord assistance services.
Useful Property Management Tips
You can make tenant management significantly easier by using the following strategies:
- Do robust tenant screening to ensure your tenants are able to pay the rent every month, even during an economic downturn.
- Have strong lease agreements with clearly defined due dates, late fees, and maintenance requirements.
- Maintain open lines of communication with your tenants to ensure you hear about potential maintenance issues as soon as possible.
- Take a proactive and preventive approach to maintenance through regular property inspections.
- Have measures in place to protect against floods and storms.
By using these property management tips, you're much less likely to find yourself needing landlord rescue.
Get Assistance
If you're struggling, don't panic! There's plenty of help out there for Houston landlords. If your tenants are having trouble paying rent, encourage them to apply for rental assistance.
These government programs benefit both landlords and tenants. As a landlord, they ensure your monthly income stays stable, and they help tenants avoid late fees or eviction.
Sadly, eviction is sometimes unavoidable. If you're considering evicting a tenant, make sure you understand eviction laws. If you're ever in doubt about landlord-tenant laws, you should get legal advice.
For Houston landlords facing general stress and anxiety, local landlord associations can provide support and useful information. While the Houston market is certainly more challenging, with the right resources and guidance, you can still make solid returns on your investment.
Need Landlord Rescue? Consider Pro Property Management
If you're a floundering Houston landlord facing dwindling investment returns, a professional property management company could be the landlord rescue team you're looking for. These companies can ease your burden by taking care of everything from tenant screening to maintenance requests.
PMI Bear Creek is a full-service property management company with decades of experience helping landlords navigate the Houston real estate market. We're locally owned and operated, so we fully appreciate the challenges Houston landlords face. Contact us today and let's help you beat the stress and get the most out of your investment.
