I recently met someone who had been trying to rent out their home for nearly two months without finding a tenant. They had posted an ad, but the inquiries were sparse. Upon examining the situation, it turned out that the rental price was set higher than the market rate. One of the first challenges new landlords face is determining the right rental price.

According to Zumper, as of May 2026, the average rent in Fairfax is $2,489 per month. A one-bedroom unit averages $2,100, while a two-bedroom unit is around $2,600. If the price is set too high, it may get some exposure but will receive fewer inquiries; if set too low, there may be many inquiries but reduced monthly income. From my experience, if there are almost no inquiries in the first two weeks, it might be worth considering lowering the price.

There are pros and cons to different methods of finding tenants. Large platforms like Zillow or Apartment List offer wide exposure but can lead to a high volume of inquiries, making it time-consuming to filter through them. On the other hand, referrals through local communities or acquaintances may yield fewer inquiries but often result in more reliable tenants. It's generally a good idea to use both methods rather than sticking to just one.

Once inquiries come in, the process moves to the screening stage. Basic steps include checking credit scores, verifying income, and reviewing previous rental history. Setting income requirements too high can narrow the pool of applicants, while being too lenient increases the risk of late payments. Many landlords use a guideline of around three times the monthly rent for income, but this is not an absolute rule. Decisions should be based on credit scores, income, and rental history, and personal biases should not influence tenant selection.

When drafting the lease, it's important to clearly outline the rent amount, due date, security deposit, maintenance responsibilities, and renewal conditions to minimize disputes. In Virginia, the maximum security deposit is set at two months' rent, and this money must be held in an escrow account. If the landlord fails to return the balance along with a deduction statement within 45 days after the tenant moves out, they may be liable for double damages and attorney fees.

Documenting the condition of the property with photos and reviewing it with the tenant before move-in has both advantages and disadvantages. While it may take a bit more time, it can be very helpful later when explaining deductions from the security deposit.

Many new landlords mistakenly believe they can immediately evict a tenant if rent is late. In reality, they must first send a five-day payment demand notice, and if it's a lease violation, they need to issue a 21 or 30-day notice to cure. Skipping these steps can put the landlord at a disadvantage.

If you plan to raise the rent, you also need to be mindful of timing. For month-to-month leases, written notice is required at least 30 days before the increase, and if you own multiple rental units, a 60-day notice may be necessary. Virginia does not have a rent control law, but failing to follow the notice procedure can invalidate the increase.

Even after a tenant moves in, there are still responsibilities. Delayed responses to repair requests can lead to conflicts, and I've seen that landlords who respond quickly tend to have higher tenant renewal rates. Maintaining rental income ultimately depends on good management.

Some landlords continue to maintain only standard homeowners insurance while renting out their property, but since coverage can differ for tenant-occupied homes, it's safer to switch to landlord insurance. It's also important to remember that rental income is subject to tax reporting.

Balancing profit and hassle can be daunting at first. However, this article is intended for general informational purposes, and it's advisable to consult with a professional knowledgeable in Virginia landlord-tenant law before finalizing any agreements.