As the largest city in Mesa County, Grand Junction is one of the most sought-after places to live in Colorado.
The city is popular among young professionals, growing families, and outdoor enthusiasts with its picturesque landscapes, outdoor recreation opportunities, and lively arts scene. This makes Grand Junction a prime area when buying investment properties.
By renting out your house, you’ll be able to earn a steady passive rental income while also accumulating long-term wealth and equity.
With that said, managing a property on your own can be a daunting task. Luckily, the experts at Kokopelli Real Estate are here to help you!
In this comprehensive guide, we’ll discuss everything you should know about renting our your home in Grand Junction, Colorado, from familiarizing yourself with state and local laws to getting your home ready for renters.
Familiarize Yourself With Local Rental Laws
The state of Colorado is considered landlord-friendly, as the rental laws typically place the rights of rental property owners over that of tenants. That being said, property owners must comply with a series of landlord-tenant laws and regulations, such as the following:
- Building, Health, and Safety Codes: Your Grand Junction home should always be safe and sanitary. A landlord must ensure that the dwelling is structurally sound, has all the necessary services, and has security features such as sturdy locks and smoke detectors.
- Renter’s Rights for Repairs: Colorado landlords must address repairs between 24 and 96 hours after getting proper notice from a tenant. If repairs aren’t made promptly, the tenant can sue for costs or obtain a court order for repairs. They can also take up the repair responsibilities themselves and deduct the cost from the rent payments.
- Eviction Laws: Landlords in Grand Junction can only evict tenants due to nonpayment of rent, lease agreement violations, lease termination, or illegal activities. To evict a tenant, landlords must follow the established process, which can take anywhere from 2 weeks to 4 months.
- Rent Control Laws: Colorado has no rent control laws, meaning landlords can charge and raise the rent by any amount and as often as they choose. They must always give a tenant proper notice before increasing rent. You must also ensure you’re still charging a competitive rent price to protect your bottom line.
- Fair Housing Laws: The Fair Housing Act prohibits landlords from discriminating against tenants based on race, color, national origin, sex, familial status, religion, or disability. Refusing to house or changing the terms of the lease agreement to a tenant with any of these characteristics can lead to hefty fines and even lawsuits.
- Security Deposit Laws: Colorado landlords can only charge a maximum of 2 months’ rent as the deposit and have up to 60 days to return the tenant’s security deposit after they move out.
Familiarizing yourself with the local landlord-tenant laws and formulating a solid lease agreement will help you, the landlord, protect your investment from liabilities and legal disputes.
Get Your Property Ready
One of the first things prospective tenants will notice in your listing or when visiting your home is its condition. A poorly maintained house will only drive renters away. Before listing their Grand Junction home for rent, a landlord should deep clean it and address any necessary repairs.
Additionally, a landlord can improve the physical appearance of their rental house by investing in upgrades such as painting, new lighting fixtures, and landscaping. To update the condition of your property further, consider renovations an important investment.
Market Your Rental Property
The only way to attract renters in a competitive rental market is with an effective marketing campaign. When renting out your house, start by creating a listing for your rental property and publishing it across several real estate websites.
You can also advertise it across social media, in local real estate forums, and even in your local newspaper to increase the visibility of your property. You should also consider hosting open house events and asking friends and former renters to spread the word about your property to attract a wider pool of prospective tenants.
Screen Tenants Thoroughly
With a good marketing campaign, you’ll be able to attract a wide pool of renters for your Grand Junction property. You’ll then have to determine who’ll be a better fit for your rental. The best way to do this is by screening all potential tenants.
An effective tenant screening process should include inspecting income and credit reports, verifying the employment status, and conducting background and criminal checks on each applicant.
Additionally, when screening tenants, take the time to meet every applicant in person and contact their references, whether it’s their current employer or former landlord. This will allow you to find the best residents when renting out your home in Grand Junction!
Partner With a Seasoned Property Management Company
When renting out your house, its management requires around-the-clock commitment. Landlords are responsible for time-consuming tasks such as rent collection, home maintenance, and administrative work.
They also have to deal with many time-sensitive tasks, such as handling emergency repairs or addressing tenant complaints. If you have a full-time job or own multiple rental properties, you’ll greatly benefit from hiring a property manager. They’ll be able to track the local housing market, adhere to local laws, inform you of tax benefits, prepare and oversee the enforcement of a lease agreement, and attend to all the day-to-day responsibilities associated with property ownership.
Bottom Line
Grand Junction is a great area to invest in rental properties, however, renting out your house is never an easy task. If you’re a first-time landlord, take some time to familiarize yourself with your local rental laws.
After that, work towards improving the physical appearance of your home, creating marketing materials and ensuring consistent rental income. Screen interested potential tenants to find the best fit for your property who will pay rent on time.
If this sounds like a lot of work, consider partnering with a property management service provider! When you partner with a property management firm such as Kokopelli Real Estate, you can rest assured that your rental house will always be in good hands.
The experts will take over all the day-to-day operations of your rental, including monthly rent collection, property maintenance, and financial reporting, while you sit back and reap the benefits! Contact us today to learn how we can help you enhance the profitability of your rental!