How Much Should I Budget For Maintenance On A Rental Property?

What are typical maintenance costs with property rentals? When owners ask what they should expect, we recommend budgeting between 5 and 10% of annual rental income for maintenance.

This covers both unscheduled and scheduled maintenance.

Property Age

Newer properties naturally require less maintenance, resulting in lower expenses. Older properties however are likely to need more frequent repairs.

Scheduled Maintenance

It’s critical to prioritize preventative maintenance. This means not postponing regularly scheduled upkeep of the property, like changing out the air filters, repainting walls when necessary, and making sure all systems are serviced annually.

This is particularly important for major systems like HVAC and plumbing, which is where the highest repair costs can occur.

Keeping these systems in good condition will save you money in the long run, and neglecting maintenance can lead to larger, more expensive problems over time.

You’ll also have a harder time renting the property, creating a snowball effect.

Vendor Relationships

Rental property managers in Salt Lake have access to reliable maintenance personnel, and highly qualified, trustworthy vendors.

This network of dependable professionals is a valuable resource for property owners, and it’s a good idea to have this pool of people that you can rely on to do good work.

They’ll give you an honest estimate, and provide quality work for your property and tenants. It’s a significant advantage of hiring a property management firm.

When managing a property yourself, contractors often come and go, but property managers develop long term relationships with vendors, and this ends up benefiting you and your property.

Property managers will have access to reliable maintenance personnel and highly qualified vendors they can trust. It’s a huge resource to have this pool of people that you can rely on to do good work at your property. They will give you an honest estimate and provide excellent work. This is a great example of why you should use a professional property manager. When you’re managing your own property, the contractors you use often come and go. Property managers develop relationships and that ends up benefitting you and your property.

If you have any questions about maintenance on your property, or how to prepare for the associated costs, please contact us at Advanced Solutions Property Management. We’re here to help!