There was a landlord in Savannah who took over two months to find their first tenant. They posted ads, but inquiries were scarce, and even when they did receive contact, the terms didn't match, preventing a lease from being signed. The issue was the rent price. They were frustrated, wondering why there were no inquiries when they had set the rent higher than the local market rate.

The average rent in Savannah is $1,705 per month according to RentCafe. Zumper reported a higher average of $1,900 during the same period. The significant difference between these two figures indicates that there can be considerable variations in market rates depending on the location and condition of the property. The actual rent that can be charged varies greatly based on proximity to downtown, the number of bedrooms, maintenance condition, and availability of parking. Setting the rent too high can lead to longer vacancy periods, while setting it too low can reduce profits. Finding the right balance is the first step.

If the rent is set at an appropriate level, inquiries will naturally increase. It's standard to post ads on platforms like Zillow and Apartments.com. When inquiries come in, don't rush to sign a lease; it's important to go through a screening process first.

• Credit score and payment history
• Income verification documents
• Previous rental history check
• Consent for background check

While it's understandable to want to find a tenant quickly, skipping this process can lead to greater losses than having a vacancy. It's safe to use a guideline where the tenant's income is about three times the rent, but it's also important to consider credit and rental history together.

The quality of photos also significantly impacts the number of inquiries. Taking bright photos during the day and accurately listing the number of bedrooms and the distance to downtown is beneficial. If an application fee is charged, it's reasonable to set it at a level that covers the costs of credit and background checks.

The lease agreement should clearly outline the rent amount, payment due date, security deposit amount, maintenance responsibilities, and contract duration. In Georgia, the maximum security deposit is equivalent to two months' rent. The deposit must be returned within 30 days after the tenant moves out, or a written notice of deductions must be provided; failing to meet this deadline results in losing the right to deduct. If it's determined that the landlord wrongfully withheld the deposit, they may be liable for three times the amount.

If rent is overdue, the first step is to send a notice within three business days, and if the issue isn't resolved, the next step is to file for dispossessory proceedings in the magistrate court. Setting the rent in line with market rates and carefully selecting tenants are the two most important balancing points for anyone renting out a property for the first time.

Even if dispossessory proceedings are filed, the property won't be vacated immediately. The tenant can respond to the notice within seven days, and once the response is received, a hearing typically occurs within 10 to 30 days. As seen in the previous example, setting the rent according to market rates from the start is the best way to reduce both vacancies and disputes.

Before the tenant moves in, it's advisable to conduct a walkthrough to document the condition of the property with photos and confirm it with the tenant. Distinguishing between normal wear and actual damage can significantly reduce disputes during the security deposit settlement.

Insurance issues are also important to address. Homeowner's insurance for owner-occupied properties and rental insurance have different coverage, so it's wise to inform the insurance company before bringing in a tenant and make adjustments if necessary. As the lease term approaches its end, deciding on renewal in advance can ease the burden of finding the next tenant.

Many landlords require tenants to obtain renter's insurance. Since most homeowner's insurance policies do not cover damage to tenants' personal belongings due to incidents like fire or theft, it's prudent to include this clause in the lease agreement.

Savannah is a city with tourist demand, leading some landlords to consider short-term versus long-term rentals. However, long-term rentals have the advantage of lower vacancy risk and significantly less management burden, making them a more stable choice for first-time landlords.

This article is intended for general informational purposes, and it is recommended to consult with a real estate professional or attorney before entering into any contracts.