Renting out to military families is not an easy decision to make. They can just leave with hardly any notice due to changes in their deployment. For your part, it means you may have a sudden vacancy in your property and you will not even receive any compensation because they are protected by the Servicemembers Civil Relief Act (SCRA). This means they do not have to pay any penalty fees if they terminate their lease early due to deployment reasons.
If you do decide to rent out your property to a military family, here are some things to keep in mind.
• Secure the property location
A property’s location is a major factor when tenants are looking for places to rent. Even if you have a beautiful property, if access to their daily needs are limited, they might look for a different one. An ideal property is located near establishments and has different options for transportation.
The same goes for military families. They would prefer an area near schools, supermarkets, clinics, hospitals, and their workplace. Keep in mind that they will likely be unfamiliar to the area and needs to find a place they can easily adjust to.
• Always have it ready for occupancy
Military personnel are always being transferred from one place to another and it can be quite stressful. Sometimes, they haven’t even adjusted to their new place by the time they are deployed again. Imagine the hassle of packing all your belongings and hauling it to a new place.
This is why military families usually look for fully furnished houses to lessen the burden of having to move with all the furniture. If you have a fully furnished house, make sure you highlight it in your property listings to attract these military families and let them know that they won’t have a problem moving.
• Maintain it in tip-top condition
Military workers are usually disciplined to follow rules and always have things organized. This is what makes them good tenants to have. You know that they will keep the property clean and damage-free. You will also have no problem laying out rules for them.
This is why you should keep the property in good condition that is ready for occupancy anytime. They will be attracted to properties that are simple and neat. Be sure to check if the property is safe and does not have any issues.
• Suitable price
When figuring out how much to charge for rent, you should take into account the applicable local state laws. Military members usually have a BAH (Basic Allowance for Housing) and is based on their location.
You can use their BAH as your basis along with the features of the property, location, and other fees for services, to come up with a reasonable price for the rent.
• Make it family-friendly
There is a big possibility that military personnel will bring their families with them wherever they have to move. It is best to keep your property family-friendly.
Advertise if your property has nearby schools or public parks that their children can go to. It will also be a bonus if your property has a front yard for them to play on.
• Be mindful of their exceptions
Their deployment can come suddenly with little notice and you should be prepared for that. They are protected by the SCRA so you cannot charge them for ending a lease before the agreed-upon date in the agreement.
Also, the BAH is given to them and not to you directly. They still have to budget their expenses and late payment is still possible.
• Advertise
With the internet and social media available to just about everyone, advertising your property has become a lot easier. Reaching out to a large number of people is just a few clicks away.
For example, when you post a property listing at Padleads, it will not be confined to the platform. You can syndicate it to other well-known rental websites as well. So, it will be very possible for military personnel to stumble upon it.
There may be drawbacks to renting out to military families particularly the unexpected vacancy when they are deployed, but there are also advantages. Constantly moving is also not easy for them and it is nice to have landlords like you to allow them to rent out your property.