Houston Texas Rental Market – Reasons to Have Renters Insurance

By Vestpro Residential Services

HOUSTON, TX. – Do you own rentals on the Houston Texas Rental Market? If so, there’s no denying that Hurricane Harvey was one of the worst natural disasters that we’ve ever seen and a prime example of why your tenants should have renter’s insurance.

How Should Houston Renters Get Started With Renters Insurance?

Thankfully it’s very easy to get started with renter’s insurance thanks to the Internet, any Houston renter can search online and get quotes for a renter’s insurance policy in as little as 10 minutes.

A typical renter’s insurance policy will cost a renter about $30 per month and the average deductible will be about $500.

Property owners in Houston should require their tenants to have renter’s insurance because, not only does the renters insurance policy protect the tenant if their personal belongings are damaged or destroyed due to fire or some other act of God, the renter’s insurance policy also acts as a liability policy by protecting the tenant if one of their guests is injured and needs medical attention while they are in the tenant’s rental property.

Besides covering the medical costs and expenses, the renter’s insurance policy will also cover the tenant’s legal costs as well.

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Houston Texas Rental Market

Houston Texas Rents to Flatten in 2016

Humble Texas Renter

HOUSTON, TX. – After months of rent increases thanks to the booming economy many experts are predicting that rents will start to flatten out in 2016 and the rapid increases that we’ve seen over the last 12 months will soon become a thing of the past.

This is good news for the Houston Rental Market since the area has certainly been hit hard since the drop in oil prices but the question is will slower rental appreciation actually help renters since rents have been increasing faster than incomes over the last 24 months?

National median rent at the end of 2015 was $1,381, and is expected to increase slightly to $1,396 over the next 12 months.

The slowdown in rents means that, by the end of the year, they will be rising at a slower pace than incomes in many markets.

In December, home values rose 4 percent to a Zillow Home Value Index of $183,500.

Rent appreciation will level off over the next 12 months, slowing to an annual rate of 1.1 percent by December 2016, according to the new Zillow® Rent Forecasti. The national Zillow Rent Indexii at the end of 2016 is projected to be $1,396 — compared to $1,381 in December 2015.

Zillow is forecasting a decrease in the rate of rental appreciation amid a rental affordability crisis that has renters in some markets spending almost half of their income on rent.  Some of the fastest growing metros had double-digit annual rental appreciation at the end of 2015.

Zillow expects rental appreciation to slow down most significantly in Nashville, Tenn., San Francisco, Portland, Ore. and Denver. Rents in San Francisco saw 12.5 percent appreciation in 2015. Zillow forecasts rent in San Francisco will grow half as fast in 2016 — 5.9 percent.

Even with the slowdown, rents will remain unaffordable in many of the major markets across the U.S., especially on the West Coast. Renters in San Francisco and Los Angeles can expect to spend 40 percent of their income on a rental paymentiii.

“Hot markets are still going to be hot in 2016, but rents won’t rise as quickly as they have been,” said Zillow Chief Economist Dr. Svenja Gudell.

“The slowdown in rental appreciation will provide some relief for renters who’ve been seeing their rents rise dramatically every single year for the past few years. However, the situation remains tough on the ground: rents are still rising and renters are struggling to keep up.”

The slowdown in rental appreciation indicates that supply of new multi-family homes is catching up to demand. Substantial new housing supply is becoming available in Atlanta, Denver, Portland, Seattle, and other markets.

The Zillow Home Value Index rose 4 percent year-over-year in December 2015, to $183,500, according to the Zillow® December Real Estate Market Reports.

Source – rentalhousingjournal.com 

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Houston Texas Rental Property – Questions To Ask Before Building a Laundry Room

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By Grid Property Management

If you ask most tenants who live in Houston Texas Rental Property, they will tell you that they prefer to live in units which have a washer and dryer, or laundry room on site.

There’s no doubt that having a laundry room on site will help with keeping your units occupied longer and increase its value, but before you invest money into building a laundry room on site make sure you ask these questions.

Question #1 – Will My Tenants Actually Use This Laundry Facility?

The very first thing you should do before building a laundry room on site at your four-plex, or multi-family unit, is to speak with each of your tenants personally and find out if they would be open to using a laundry room if there was one on site.

You should also ask your tenants where they do their laundry now, and how much they are paying per load, so you have a better idea of what local laundromats are charging in the area.

Question #2 – How Many Washers and Dryers Will I Need?

To avoid overspending on washers, dryers, and other hardware, you should consider starting small and maybe buying two washers and dryers first.

Also another thing you can do to make adding more washers and dryers in the future easy is to add additional outlets and plumbing to your laundry room when it’s under construction.

Question #3 – What Will Your Laundry Room Hours Be?

As with any laundromat in Houston Texas Rental Property it’s important to have set hours for the laundry room in your Houston Texas Rental Property that way people know when they can use it. This will help to keep noise at a minimum in the evening and insure that all tenants respect the laundry facility.

Houston Texas Rental Property Management

For more tips on improvements you can make to your Houston Texas Rental Property, or to speak with us about our property management services, contact Vestpro Residential Services by clicking here, or calling us at (832) 498-0016.

Houston Texas Rental – Simple Tips for Maintaining Your Carpeting

Vestpro Residential Services

By Vestpro Residential Services

One of the most difficult parts of owning a Houston Texas Rental property is when the carpeting begins to wear out and will need to be replaced.

Everyone knows that carpeting can be very expensive to replace.

Most property owners will choose all hard surface flooring vs. carpeting in order to avoid the hassle and expense of having to deal with carpeting, but the reality is that the average renter likes the feel of carpeting under their feet when they wake up in the morning.

To save you the time, money and hassle of losing your carpeting investment here are 4 tips you can use to save the carpeting in your Houston Texas Rental Property.

Tip 1 – Install Half Carpeting and Half Hard Surface Flooring

One of the first things you do to save money in your Houston Texas Rental Property is to install half carpeting and half hard surface flooring in your rental.

Consider installing hard surface flooring in high traffic areas like: kitchens, bathrooms and entry points to the home.

Tip 2 – Add Floor Mats To Entry Points

Although most people add floor mats to the inside of most homes, you should consider adding a floor mat to both the inside and outside of each entry door to your Houston Texas Rental Property.

This will provide tenants and their guest multiple places for them to wipe their feet and eliminate the problem of more dirt getting trapped in the carpeting during the year.

Tip 3 – Purchase a Multi-Purpose Cleaning Machine

If your Houston Rental has multi-surfaces like carpeting and hard surface flooring you should consider purchasing a multi-surface cleaning machine which you can use to clean both hard surface flooring and carpeting.

Tip 4 – Clean Carpeting At Least Twice Per Year

Last of all, but most important, consider having the carpeting in your rental property cleaned at least twice per year.

This will help to maintain your investment in the carpeting you’ve purchased and also keep your tenants happy as well especially if they have allergies to dust or dirt in the carpeting.

For more tips on how to save money in your Houston Texas Rental Property, or to speak with us about our cost effective property management services, contact Vestpro Residential Services today by calling us at (832) 498-0016.