How to Manage a Rental Property

Appfolio Websites • January 26, 2021

source:  Apartments.com


Becoming a landlord begins with buying property and is followed by tasks such as learning the laws, determining the cost of rent, and advertising your rental property. But what about managing your property? Being familiar with every aspect of your business is crucial to becoming a successful landlord, and a major part of that business is knowing how to manage your rental property. Whether you plan to manage your own property or hire a professional property manager, it’s important that you know how to manage tenants, maintain your property, and manage your finances.

DIY Management vs. Hiring a Property Manager

Being both the owner and manager of a property is known as DIY (do it yourself) management. As the landlord (owner) of your property, you will simultaneously manage tenants and maintain the property without any assistance from a professional property manager. Although property management is a job all its own and hiring a property manager is a terrific option, it’s entirely achievable to manage your own property. There are pros and cons to each situation:

Pros of DIY management

  • You’ll save money by not paying property management fees
  • You’ll have control over every aspect of the property
  • You can screen and select the right tenant yourself

Pros of hiring a property manager

  • They will make your life easier and lessen your stress when it comes to managing tenants and maintaining your property
  • They can help you get optimal return on your investment due to their knowledge of the rental market
  • Property managers may be better equipped for dealing with tenants, especially in sticky situations such as late rent payments

Cons of DIY management

  • Managing your own property takes a significant amount of time and effort
  • You may not be as up to date on local real estate laws as a professional property manager
  • You may not have a list of reliable, professional contacts for contractors, inspectors, landscapers, or a maintenance team

Cons of hiring a property manager

  • A property manager may be overwhelmed due to managing more than just your property and therefore not manage it as well as you would like
  • The property manager may be dishonest about how much they are charging for rent and maintenance, pocketing some of the extra funds themselves
  • Hiring a property manager may lessen your rental income due to property management fees

If the property you own is out of state, it may be in your best interest to have a property manager in the same location as your property. However, it is possible to own and manage the property from afar, as long as you make yourself available to tenants when they have questions or maintenance requests. If you are managing the property remotely, be sure to have professional, reliable contacts for various repairs that may arise with your property.

Managing Tenants

One of the most important aspects of managing a rental property, whether you’re doing it yourself or hiring a professional, is the ability to properly manage tenants. This includes:

Screening applicants and approving applications

Many issues can arise during a lease term, including property damage, late rent payments, or even an eviction. The best way to avoid any negative scenarios is to properly screen tenants. Tenant screenings should include a full background check, which pulls a tenant’s credit, rental history, employment history, and criminal history.

Scheduling move-ins and move-outs

Managing your tenants involves creating a legal lease document signed by both parties that states the tenant’s move-in and move-out dates. Knowing the exact date the tenant will be leaving the property (if they don’t renew their lease) allows you time to advertise your property as available so that you may find a new tenant. A manager will also deal with scheduling move-in and move-out inspections.

Keeping tenant turnover low

Although managing tenants doesn’t always end in long-term tenants or renewed leases, it’s important to make a tenant’s stay comfortable and pleasant. Having tenants renew their leases means less time spent advertising your property, screening new tenants, and scheduling move-ins and move-outs. Attracting long-term tenants and reducing tenant turnover is a great way to receive positive reviews and lessen your workload. 

Handling maintenance requests

The property manager will handle all maintenance requests. Whether your property is lined up with a professional maintenance team specially for your property or you hire outside vendors to get the work done, the property manager will schedule repairs based off of maintenance requests from tenants. Maintenance also refers to weekly, monthly, seasonal, and yearly tasks that are required by your state and local laws.

Maintaining Your Property

First and foremost, the property you own and manage must be habitable. To avoid any legal issues with tenants, it’s in the best interest of you, your tenants, your property, and your finances to maintain the property properly. Maintaining your property includes both interior and exterior features:

  • Regularly mow the lawn (if applicable) and maintain landscaping
  • Pest control (bi-weekly or monthly)
  • Check that fire extinguishers are up to code (yearly)
  • Test smoke and carbon monoxide detectors (yearly)
  • Clean the gutters (especially during the fall)
  • Inspect the roof for potential damage after storms
  • Trim tree limbs that hover over power lines, vehicles, or other structures
  • Check unit for water damage and leaks (once or twice a year)
  • Check for mold in bathrooms and kitchens (once or twice a year)
  • Change air filters (once or twice a year)
  • Flush your water heater (yearly)

Although we’ve provided an estimate of how often these maintenance tasks should be completed, how often you are required to do each of these items is dependent upon your state laws. Check your local laws on maintaining your rental property so you can create a timeline for yourself of what needs to be done and when. Keeping your property and everything in it in great shape is the best way to reduce tenant turnover.

Although there are requirements to keep a property habitable, you may also find that you want to upgrade your property every few years. Installing new flooring, appliances, fixtures, countertops, and windows are great options if you are interested in increasing the value of your rental property and your rental income. 

Financial Management

It’s crucial to have your finances in order as a landlord and property manager. The financial and accounting responsibilities of landlords/managers may include:

  • Researching and setting the cost of rent
  • Collecting rent, move-in fees, and late fees
  • Researching and communicating rent increases with tenants
  • Handling security deposits
  • Dealing with the cost of property damages
  • Filing taxes and taking account of all property expenses

Documents to keep on hand

Managing a property is more than approving a tenant and collecting rent each month, so if you intend to practice DIY property management, it’s important that you prepare yourself for the task at hand. Owning and managing properties requires a lot of paperwork as well. To stay organized, you can simplify the process by keeping the most important rental documents stored in a safe place (along with digital copies). These include:

  • The signed move-in/move-out checklist by both tenant and landlord/property manager
  • Rental applications
  • Tenant emergency contacts
  • Lease agreements
  • Addendums to the lease agreement
  • Property mortgage and improvements
  • Utility providers
  • Lease renewal letter template
  • Move-out letter

As a landlord, you have an important decision ahead of you: choosing to self-manage your property or hire a third party (a professional property manager). If you believe that you are the best person to manage tenants, maintain the property, and manage the finances, then hiring a professional property manager won’t be necessary. However, if you feel that the workload will overwhelm you and you’re not interested in taking it on as a full-time job, then hiring a pro is the best next step to ensure that everything is handled efficiently. If you need assistance with screening tenants, collecting rent, and lease signings, remember that Apartments.com Rental Tools are here for you!


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When Buying a Home Feels Out of Reach, Some Families Do This Instead

By KCM • April 30, 2026
When Buying a Home Feels Out of Reach, Some Families Do This Instead For a lot of people, the math on buying a home just doesn’t really work right now. Maybe that’s how it feels for you too. You look at the cost of buying . Then you look at the cost of childcare. And it starts to feel like you have to choose one or the other. But some families are finding a way to make both work by doing something a little different: teaming up to purchase a multi-generational home . One Reason This Is Becoming More Common It’s no secret that affordability has been a challenge in recent years. But for families with young kids, there’s an added layer that can make it feel even harder: childcare. According to the Department of Health and Human Services, childcare should take up no more than 7% of your monthly income. But in reality, the average married couple spends closer to 10% (see map below): When you combine that with the cost of buying a home, it’s easy to see why things can feel stretched. That’s exactly why more families are starting to rethink how they approach both. The Solution More People Are Turning To: Multi-Generational Living One option gaining traction? Multi-generational living. That’s when parents, grandparents, or other relatives buy a house together and live under the same roof. And it’s not just about convenience anymore. It’s becoming a go-to strategy. You can see it in the data . According to the National Association of Realtors (NAR), almost 1 in 7 homebuyers (14%) bought a multi-generational home in 2025 (see graph below): And for the first time, childcare is showing up as a key reason why they chose this option. As NAR explains : “This year’s report features two new primary reasons for purchasing a multi-generational home: grandchildren living in the home (12%) and to help reduce the cost of childcare (6%).” Why It Works Buying a multi-generational home solves two big challenges at the same time. First, it shares the financial responsibility . If you pool multiple incomes together, you may be able to afford a home you couldn't have on your own. Second, it can also solve the childcare puzzle . When grandparents or other relatives live in the home, they may be able to help with daily care – which can significantly reduce or even eliminate daycare costs. And for many people, that combination is what finally makes their move possible. If the costs of childcare and housing together have made buying feel out of reach right now, it may be worth exploring creative options like buying a home with your loved ones. Bottom Line If you want more information on multi-generational homes, let’s have a quick conversation about what’s available in our area. Sometimes the path to homeownership isn’t doing it alone. It’s doing it together.

Thinking About an Adjustable-Rate Mortgage? Here’s What You Need To Know.

By KCM • April 29, 2026
Thinking About an Adjustable-Rate Mortgage? Here’s What You Need To Know. If you’ve been looking for a home lately, you’ve probably felt how tough affordability still is. And that's exactly why more buyers are opting for adjustable-rate mortgages , or ARMs. Here's what you need to understand about how they work, and whether they make sense for you. What Is an Adjustable-Rate Mortgage? Since a lot of people aren’t familiar with this type of loan, let’s start with a definition. This is how Business Insider explains the main difference between a fixed-rate mortgage and an adjustable-rate mortgage: “With a fixed-rate mortgage, your interest rate remains the same for the entire time you have the loan. This keeps your monthly payment the same for years . . . adjustable-rate mortgages work differently. You’ll start off with the same rate for a few years, but after that, your rate can change periodically. This means that if average rates have gone up, your mortgage payment will increase. If they’ve gone down, your payment will decrease.” Basically, one doesn’t change much over the life of your loan. And one could change... either by a little, or a lot. Of course, things like taxes or homeowner’s insurance can still have an impact on a fixed-rate loan, but the baseline of your mortgage payment is fairly steady. But the big difference is that with an ARM, your monthly payment could change over time. Why Adjustable-Rate Mortgages Are Getting More Attention So, why do some buyers choose this option? It's simple. It’s because of the upfront savings. Business Insider explains it like this: “Because ARM rates are typically lower than fixed mortgage rates, they can help buyers find affordability when rates are high. With a lower ARM rate, you can get a smaller monthly payment or afford more house than you could with a fixed-rate loan. ” And right now, according to Mortgage News Daily and the Wall Street Journal , the upfront rate on an ARM is lower than a 30-year fixed mortgage (see graph below): If you’re wondering how that shakes out in real dollars and cents, here’s what Redfin says. According to their research, the typical buyer could save about $150 per month by taking out an ARM instead of a 30-year fixed mortgage. For some people, that’s enough to make a difference. More Buyers Are Choosing Adjustable-Rate Mortgages Today A growing number of buyers are willing to trade the uncertainty later for a lower payment now. Data from the Mortgage Bankers Association (MBA) shows the share of buyers choosing ARMs has increased, especially over the last few years (see graph below). This doesn’t mean ARMs are becoming the go-to option for everyone. It only means some buyers are opting for this type of mortgage, so they can still buy today. And if you remember the housing crash, seeing ARMs gain popularity again may raise concerns. But rest easy. Today’s ARMs aren’t the same. Back then, some buyers were given loans they couldn’t afford once rates adjusted. Today, lending standards are stricter, and lenders evaluate whether borrowers could still handle the payment if rates rise. So, the return of ARMs doesn’t signal another widespread crash. It just reflects how some buyers are adapting to today’s affordability challenges. The Trade-Off – What You Need To Consider If you’re considering an adjustable-rate mortgage yourself, just remember it really all depends on your situation and your risk tolerance. An ARM may make sense if you plan to move before your rate would adjust or if you expect you’ll make a higher income in the future. But there are trade-offs you need to think through. For example, once the fixed period ends, your rate can adjust, and your payment could increase, potentially by a meaningful amount depending on where rates are at that time. And keep in mind, there’s also no guarantee mortgage rates will come down in the future, which means refinancing later isn’t always an option. That’s why it’s important to think through your plan, understand your long-term earning potential, and work closely with a trusted lender before you choose an ARM. Bottom Line ARMs are getting more attention again because they can make buying a home more affordable in the short term. But they’re not right for everyone. The key is understanding how they work, what the risks are, and whether they fit your plan. And that’s why you need to talk to a trusted lender and financial advisor before you make any decisions.

Don’t Let Home Prices Headlines Fool You

By KCM • April 27, 2026
Don’t Let Home Prices Headlines Fool You Spend about 5 minutes online searching for news about the housing market, and odds are you’ll see something pop up about home prices . You may even stumble onto social media influencers saying we’re headed for a crash. Let’s get you the context you need. The truth is prices are going to vary depending on where you live. But they're not crashing. Here’s what you need to know. The Local Perspective: Home Price Trends by Area The biggest thing feeding into the confusion online is how different home price trends are by area right now. Take a look at this data from ResiClub and Zillow (see graph below). About half of the largest metros are seeing prices go up. The other half are seeing some declines. Unfortunately, the online chatter only focuses on the markets where prices are down – and that makes it sound like something bigger is happening. But, as you can see in this graph, that’s only one side of the story. The full picture is different. The National Perspective: Moderate Price Growth As a country, when you average it all together to get a true baseline, one thing becomes clear, home prices are still net positive at the national level. According to the Redfin, national home prices were up about 1% year-over-year in February. So, what we’re seeing right now isn’t a collapse. It’s a market that’s normalizing after a period of unusually fast growth. And that impacts some local markets more than others – particularly those where prices rose too far, too fast during the pandemic. A true crash, like what happened in 2008, would mean prices dropping sharply across the entire country. That’s just not what the data shows today. And it’s not where things are going either. Experts Agree This Isn’t 2008 In fact, Fannie Mae surveyed over 100 housing market experts to ask their opinions on where prices are headed from here. And the experts agree, nationally, prices are expected to keep rising over the next five years : That rise will be moderate, particularly this year, but the trend is clear. Nationally, prices are forecast to grow every year now through at least 2030 – and that’s normal. Daryl Fairweather, Chief Economist, at Redfin explains: “ House prices aren’t going to fall on a national scale any time soon—and that’s actually a good thing. It’s normal for house prices to rise gradually over time . . .” That's why even in the select areas where prices have dropped slightly this year, the decline is expected to be temporary. According to that same quarterly Fannie Mae survey mentioned above, 85% of the experts say the markets that are seeing mild declines right now will return to positive price growth before the end of 2027. The main takeaway? This isn’t a crash. And prices aren’t expected to fall nationally. If anything, the few areas experiencing declines are expected to rebound in the next year or so. Bottom Line It’s easy to get caught up in headlines that make it sound like something big is about to happen. But don’t be fooled. The housing market isn’t crashing. It’s just shifting. The key is understanding what’s actually happening in your market, so you can make the right move for you. Let’s connect if you want the local perspective.
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