Key Takeaways
- Renting out a property can come with a lot of challenges, including marketing, maintenance, finances, legal compliance, and more.
- These numerous challenges can make rental investment an intimidating task for a lot of investors. However, there are many strategies to employ that will make your investment journey a lot smoother.
- Partnering with a property management team can streamline rental operations and maximize income.
In Virginia, landlords must follow the Virginia Residential Landlord and Tenant Act (VRLTA), which covers everything from security deposits to eviction procedures. Many landlords in Richmond don’t realize that even a small mistake, such as failing to provide the correct written notice, can lead to legal disputes or delays in rent collection. Renting out a property in Richmond is not just about finding tenants; it’s about operating within the law while keeping the property profitable.
If you want your rental to perform well, you need a clear process and a full understanding of your legal responsibilities. Peak Property Management has put together this guide to help Richmond landlords rent out their properties effectively and in compliance with Virginia laws.
Steps to Renting Out Your House in Richmond, VA
Know the Law
Before renting out your house, familiarize yourself with the VRLTA. This law applies to most residential rental properties in Virginia and regulates areas such as security deposits, repairs, notices, and lease requirements.
For example, Virginia law limits a security deposit to no more than two months’ rent. If you collect one, you must return it within 45 days after the tenant moves out, minus any lawful deductions for damages or unpaid rent.
You should also understand the legal notice periods. In Virginia, if you want to raise rent or change lease terms, you must provide at least 30 days’ written notice before the end of the lease term. For evictions due to nonpayment of rent, landlords must serve a 5-day pay-or-quit notice before filing in court.
Know Your Responsibilities
As a Richmond landlord, you have several legal and practical duties towards the inhabitants of your investment property. You must provide a rental that meets all health and safety codes, including working heat, plumbing, and electrical systems, and you’re responsible for making timely repairs when issues affect habitability.
Virginia law also requires landlords to keep common areas clean and safe in multi-unit properties. You must supply essential services like water and electricity unless your lease clearly states otherwise and the tenant has agreed to handle utilities.
Price Your Rental for the Market
Setting the right rental rate is essential. Price too high and your property may sit vacant; price too low and you reduce your profit and may attract less-qualified applicants. In Richmond, rental prices vary by neighborhood, property size, and amenities, so research similar properties to see what tenants are paying.
Virginia has no statewide rent control, but fair housing laws still apply. You must set rent and screening criteria without discrimination against any protected class under federal or Virginia fair housing laws.
Get the Property Tenant-Ready
Before marketing your rental, make sure it’s clean, safe, and functional. This includes deep cleaning, repairing damage, and ensuring all appliances work. In Virginia, you are legally required to disclose any visible evidence of mold to potential tenants before they sign a lease. You must also provide working smoke detectors and, if applicable, carbon monoxide detectors.
A pre-listing inspection can help you catch issues early and avoid tenant complaints or legal trouble later.
Collaborate with Local Experts
Working with a Richmond-based property management company can make the rental process more efficient and legally compliant. Local experts understand the VRLTA and can manage day-to-day operations that take time and effort from landlords. Partnering with professionals can reduce legal risks, improve tenant satisfaction, and often increase profitability by filling vacancies faster and addressing maintenance issues promptly.
Typical services include:
- Tenant screening including credit checks, income verification, and reference calls, performed according to Virginia law with written tenant consent.
- Lease preparation that complies with the VRLTA and includes required disclosures such as mold or lead-based paint notices.
- Move-in inspections with written reports and photos provided to tenants within the legally required five-day period.
- Rent collection systems that allow secure online payments and ensure late fees meet Virginia’s legal limits.
- Marketing your property with professional descriptions, photos, and compliance with Virginia fair housing advertising rules.
- Maintenance coordination to make repairs within required timeframes and keep the property in good condition.
Schedule Routine Property Check-Ins
Regular inspections help you catch small problems before they become costly. In Virginia, you must give tenants at least 24 hours’ notice before entering the property—except in emergencies.
Resolve Tenant Issues and Handle Evictions
When issues arise, respond quickly and professionally. If you must evict a tenant, follow Virginia’s legal process carefully, including providing proper written notice and filing through the local General District Court. Self-help evictions, such as changing locks without a court order, are illegal in Virginia.
Tips for Long-Term Rental Success
Consistent communication, preventive maintenance, and careful tenant selection are key to a rental property’s long-term profitability. Build positive relationships with tenants, address repairs promptly, and keep detailed records of all transactions and property inspections. Staying proactive can reduce vacancies, avoid costly disputes, and ensure your investment continues to perform year after year.
Bottom Line
Renting out your house in Richmond, VA involves more than just finding someone to pay rent. You must know Virginia landlord-tenant laws, meet your responsibilities, set the right rental price, prepare the property, market effectively, screen tenants, and handle lease agreements properly. Ongoing maintenance, inspections, and legal compliance are essential for long-term success.
Peak Property Management helps Richmond landlords handle all aspects of renting out a property, from marketing and screening to maintenance and legal compliance. Our local expertise ensures your property stays profitable and compliant with Virginia laws. Contact Peak Property Management today to learn how we can simplify your rental process and help you get the most from your investment.
