-- The early results from TurboTenant's State of the Industry report reveal that financial concerns — property taxes and insurance costs — rank highest among landlords' worries.
The report surveyed 479 landlords and asked them to rank various issues affecting them on a 1-5 scale (with 5 being the highest level of concern). Property taxes and insurance costs ranked number one, with an average score of 3.81 across all participants. Unexpected expenses and repairs came in at number two at 3.57, while vacancies and loss of rental income scored 3.37.
The fourth concern was directly tied to property taxes: rising property values (3.09). Rising property values directly correlate with the property taxes that landlords pay, and as such, they bear much of the burden. Further, costs remain high for investors and landlords nationwide because of persistent high interest rates, compounded by rising insurance premiums.
The good news for landlords is that TurboTenant discovered eight states that have introduced legislation seeking to cut or eliminate property tax rates. These include Florida, Arizona, Colorado, Georgia, New Mexico, North Dakota, Virginia, and Wyoming.
Lawmakers in these states want to eliminate or reduce high property to ease the financial burden. One significant way for landlords to take action immediately is by cutting operating expenses and reducing their reliance on property managers. TurboTenant’s property management software can help landlords drastically reduce operating expenses by providing a self-managing option to add more to their bottom lines.
“Our solutions bypass many of the costs associated with managing a rental property business and give landlords more control over their investments,” explains the company.
For more information about TurboTenant, use the contact details below:
Contact Info:
Name: Ryan Squires
Email: Send Email
Organization: TurboTenant
Address: 320 E. Vine Dr., Fort Collins, CO 80524
Phone: 719-966-7368
Website: http://www.turbotenant.com
Release ID: 89155598
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