Indianapolis is one of the hottest rental markets in the United States. Over the last year, the average rent increased by more than $400 per month.
A few factors are driving the rent increase. Demand for rental properties is surging due to other housing metrics.
The supply of for-sale homes is low. Also, home prices remain unaffordable due to high mortgage rates and home values.
Higher operating costs also contribute to increasing rent. Landlords must cover higher property taxes, maintenance fees, and other operating expenses.
Read on to learn whether rental property management covers repairs in Indianapolis, IN. Explore topics such as landlord emergency funds and whether rental property maintenance is included in monthly rent.
Does a Property Manager Pay for Repairs?
The answer to this question is no. Property managers do not have an obligation to pay for repairs.
Instead, the landlord is on the hook to pay for certain repairs. To allow for this, landlords build an emergency fund. Property managers can access this to pay for the necessary repairs.
To accomplish this, landlords will give account information to the property manager. This may take the form of a checking account or a credit card.
What Repairs Is the Landlord Responsible For?
It is important to clarify which repairs the landlord needs to cover. Landlord duties include a legal obligation to keep his or her property in a livable condition.
This means having safe and clean running water. It also is necessary to provide heat and electricity.
The rental agreement may call out other amenities. For example, some rental units have a washer and dryer on the property. If so, the landlord is responsible for keeping them in working order.
At some point, appliances like the water heater or HVAC system may fail. The property manager can use funds from the landlord's emergency account to fix these items.
Like most landlord responsibilities, there can be exceptions. If a tenant breaks an appliance from misuse or abuse, they may ultimately pay for it. In these cases, the repair capital will come out of the tenant's security deposit.
How Is the Repair Completed?
The process starts when the tenant informs the landlord or property manager of a repair. Some properties require a tenant to complete a hardcopy or digital form. The form provides details of the issue.
The property manager schedules a professional contractor to make the repair. They may perform a property inspection prior to the repair. Once the contractor completes the repair, the property manager pays for it out of the landlord's account.
Your Guide to Rental Property Management and Repairs
You now understand how rental property repairs get completed. The property management company is in the driver's seat. They will receive a repair request and schedule an appointment for repair.
PMI Midwest has the experience to quickly handle rental property maintenance. Our team has nearly 30 years of experience and a robust network of professional contractors. If you need help with rental property management and repairs, contact us at PMI Midwest today to speak with an expert.
