We understand the challenges and opportunities of renting out your property in Des Moines, Washington. With average rents continuing to rise in this desirable area, more homeowners are exploring rental options to generate steady income. In this comprehensive guide, we'll walk you through everything you need to know about the process, from preparation to tenant management, ensuring your rental journey is as smooth and profitable as possible.
Why I Decided to Rent My Home: A Personal Journey
The decision to rent my home in Des Moines wasn't one we made overnight. Like many homeowners, we found ourselves at a crossroads - perhaps relocating for work but not ready to sell, recognizing the financial opportunity in the growing rental market, or inheriting a property with investment potential.
With Des Moines' proximity to Seattle and Tacoma, plus the beautiful Puget Sound waterfront, we knew our property would attract quality tenants. The average rent was steadily climbing, making it an opportune time to enter the market.
What ultimately convinced us was calculating the numbers. When we compared the monthly mortgage payment against the potential rental income, the decision became clear. The Des Moines rental market was strong enough that we could cover our mortgage and potentially generate additional monthly income.
The Pros and Cons of Renting My Home
Before fully committing to renting our home in Des Moines, we carefully weighed the advantages and disadvantages to prepare for the realities of becoming landlords.
- Pros of Renting Out Our Primary Residence:
- Steady monthly income, often exceeding mortgage obligations
- Property appreciation continues while tenants help pay down the mortgage
- Potential tax benefits, including deductions for mortgage interest, property taxes, insurance, maintenance, and depreciation
- Preservation of equity in the Des Moines housing market
- Flexibility to return to the property in the future
- Building wealth through real estate investment
- Cons of Renting My Home:
- Responsibility for tenant issues and complaints
- Ongoing maintenance costs and unexpected repair expenses
- Potential for property damage beyond normal wear and tear
- Risk of problematic tenants or vacancy periods affecting cash flow
- Legal responsibilities and compliance with Washington state landlord-tenant laws
- Time commitment for property management if self-managing
Steps I Took to Prepare My Home for Renting
When we decided to rent our home in Des Moines, proper preparation was crucial for attracting quality tenants and maximizing rental income. Here's our step-by-step process:
- Conducted a Thorough Property Assessment
We walked through our home with a critical eye, documenting everything with photos and videos. This assessment served as our baseline for determining necessary improvements and provided documentation for comparison when tenants eventually moved out.
- Made Strategic Repairs and Upgrades
We prioritized repairs affecting habitability and safety first, then focused on improvements with the best return on investment: fresh neutral paint, updated cabinet hardware, and modern light fixtures. These relatively inexpensive changes significantly improved the property's appeal.
- Deep Cleaned and Depersonalized
We hired professional cleaners to thoroughly clean every surface, with special attention to kitchens and bathrooms. We removed personal items and unique décor to present a clean, neutral canvas appealing to the broadest range of qualified applicants.
- Secured Proper Insurance Coverage
We switched from a homeowner's policy to a landlord policy that protected the structure and our liability. We made sure our policy included loss of rental income coverage and decided to require tenants to obtain renter's insurance.
- Researched Local Rental Laws and Regulations
We thoroughly researched Washington state and Des Moines-specific landlord-tenant laws, including security deposit limits, notice requirements, tenant rights, and fair housing regulations.
- Created a Comprehensive Lease Agreement
We developed a detailed lease that clearly outlined all terms and conditions, ensuring the document complied with Washington state laws while protecting our interests as property owners.
- Established a Maintenance Plan and Emergency Fund
We created a schedule for routine maintenance tasks and established a dedicated emergency fund for unexpected repairs, calculating approximately 1-2% of our property's value annually for maintenance costs.
Navigating Legal and Financial Aspects When I Rented My Home
Understanding the legal and financial landscape was crucial for success in the Washington rental market. We first familiarized ourselves with Washington's Residential Landlord-Tenant Act, which outlines the rights and responsibilities of both landlords and tenants in the state.
We invested in having a Washington-specific lease drafted that complied with all state and local regulations, clearly outlining important terms including rent amount, security deposit, maintenance responsibilities, property alteration rules, pet policies, and lease terms.
On the financial side, determining the right rental price was critical. We researched the Des Moines rental market thoroughly using tools like Zillow, Rentometer, and local property management company websites. Our 3-bedroom home could command approximately $2,200 per month based on comparable properties.
We consulted with a tax professional who specialized in real estate investments to understand important deductions available to landlords, including:
- Mortgage interest payments
- Property taxes
- Insurance premiums
- Maintenance and repair costs
- Property management fees
- Depreciation of the property
We established a separate bank account for our rental activities and implemented accounting software specifically designed for rental properties to track income and expenses accurately.
How I Found the Right Tenants to Rent My Home
Finding quality tenants was perhaps the most crucial step when we decided to rent our home in Des Moines. Here's our systematic process:
- Created a Compelling Property Listing
We crafted an attractive, detailed listing with high-quality photographs highlighting our home's best features. Our description included key details such as square footage, number of beds and baths, included appliances, and neighborhood amenities, along with rental requirements.
- Marketed the Property Across Multiple Platforms
We listed our property on several popular rental websites including Zillow, Trulia, Apartments.com, and Craigslist. We also leveraged social media and placed a physical "For Rent" sign in the yard.
- Conducted Pre-Screening Phone Interviews
We conducted brief phone interviews before scheduling showings, verifying key information such as move-in timeline, household size, income level, pet ownership, and smoking status.
- Hosted Efficient Property Showings
We scheduled individual showings rather than open houses, prepared property information sheets, and paid close attention to how prospects interacted with the property.
- Implemented a Thorough Application Process
Interested parties completed our comprehensive rental application, with a reasonable application fee to cover background and credit checks. Our application clearly stated our screening criteria, including minimum credit score, income requirements, and clean rental history.
- Conducted Rigorous Background Screening
We partnered with a reputable tenant screening service to run comprehensive checks including credit history, criminal background, eviction history, employment verification, and rental history verification.
- Verified Income and Employment
We personally contacted employers and requested recent pay stubs or tax returns as documentation, ensuring prospects could comfortably afford the rent.
- Contacted Previous Landlords
We prepared specific questions about payment timeliness, property care, lease compliance, and whether they would rent to the applicant again, contacting both current and previous landlords.
Managing My Rental: Tips from My Experience
Effective property management requires systems, communication, and proactive planning. We implemented an online payment system for efficient rent collection and clearly communicated our rent collection policy, including due dates, grace periods, and late fees.
For maintenance management, we created a request system allowing tenants to report issues through an online portal. We developed a preventative maintenance schedule that included:
- Quarterly HVAC filter replacements and system checks
- Annual gutter cleaning and roof inspections
- Seasonal landscaping maintenance
- Regular pest control treatments
- Water heater and appliance servicing
We built relationships with reliable contractors for various maintenance needs and provided tenants with direct contact information for emergency situations. Regular property inspections became an essential part of our management strategy, conducted quarterly during the first year and semi-annually thereafter.
Communication proved to be the foundation of successful property management. We maintained professional, responsive communication with our tenants through multiple channels and made it a policy to respond to all inquiries within 24 hours.
We tracked all income and expenses meticulously using property management software and set aside 5-10% of monthly rent in a maintenance reserve fund. We also stayed informed about changes to landlord-tenant laws in Washington state through landlord association newsletters, seminars, and occasional consultations with a real estate attorney.
Areas We Serve
We proudly serve landlords throughout the surrounding areas and King County, including:
Ready to start your rental journey? Contact us today to learn how we can help maximize your property's potential!
About Des Moines, WA
Des Moines, Washington offers an attractive setting for both property owners and tenants. Located along the shores of Puget Sound between Seattle and Tacoma, this waterfront community combines natural beauty with urban convenience.
The Des Moines rental market has shown steady growth, with the average rent for a 3-bedroom home ranging from $2,000 to $2,400 per month. This strong rental demand is driven by several factors:
- Strategic location approximately 15 miles south of Seattle and 15 miles north of Tacoma
- Easy access to major employers including Amazon, Boeing, and Microsoft
- Proximity to Seattle-Tacoma International Airport (just 5 miles away)
- Excellent transportation options via Interstate 5 and Sound Transit
- Beautiful waterfront parks and marina
- Lower cost of living compared to Seattle proper
The city's stable economy and growing population provide a solid foundation for rental investments, attracting a diverse range of residents from young professionals to families drawn by quality schools and community amenities.
Key Takeaways from Renting My Home
After navigating the journey of renting our home in Des Moines, Washington, we've gathered valuable insights that can benefit other property owners:
- Proper Preparation Pays Dividends
Investing time and resources in preparing our property before listing yielded significant returns. Professional cleaning, strategic upgrades, and addressing maintenance issues upfront attracted better-quality tenants and commanded higher rent.
- Tenant Screening Is Your Most Important Protection
Thorough tenant screening—including credit checks, employment verification, rental history, and background screening—significantly reduced our risk exposure and saved us from potential headaches and financial losses.
- Legal Compliance Cannot Be Overlooked
Staying informed about legal requirements regarding security deposits, disclosures, maintenance standards, and eviction procedures helped us avoid costly mistakes. Consulting with a real estate attorney to review our lease and procedures was money well spent.
- Systems and Documentation Streamline Management
Developing organized systems for maintenance requests, financial record-keeping, and tenant communication made property management significantly more efficient. Thorough documentation provided peace of mind and protection against potential disputes.
- Financial Planning Is Essential for Long-term Success
Successful rental property ownership required disciplined financial management. We learned to budget for vacancies, set aside reserves for maintenance and repairs, and understand the tax implications of our rental income.
These key takeaways have transformed us from nervous first-time landlords into confident property investors. While the journey involved a learning curve, the financial and personal rewards have made it worthwhile for anyone considering entering the Des Moines rental market.
