Key Takeaways
Stay Proactive with Annual Tasks: Managing rental property isn’t just about rent collection—it requires regular upkeep. Skipping basic annual tasks like lease renewals, safety checks, or rent adjustments can lead to costly repairs, vacancies, or compliance issues.
Proper Maintenance Protects Your ROI: Small issues like clogged gutters, dirty furnace filters, or unnoticed leaks can escalate into expensive repairs. Annual inspections and preventative maintenance are essential to preserving your property's value and keeping tenants happy.
Professional Help Can Save Time & Money: If you’re short on time or unsure how to handle these responsibilities, working with a property management company—like The Maryland and Delaware Group PM—can ensure your property stays compliant,
well-maintained, and profitable.
Managing rental property is more than just collecting rent, it’s about staying proactive to protect your investment and keep tenants satisfied. Yet many landlords skip key tasks each year, which can quietly hurt their ROI.
At The Maryland and Delaware Group Property Management, we’ve seen how easily missed maintenance, outdated leases, or incorrect rent pricing can lead to costly problems down the line.
In this blog, we’ll walk you through essential tasks you should be doing every year, but probably aren’t. These simple steps can help you reduce turnover, avoid repairs, and boost your long-term returns.
Renew Leases
If you’re renting on a month-to-month basis by choice, that’s fine, but if it’s happening by default, it may be time to reconsider. Switching to a fixed-term lease (like a one-year lease) provides more stability and ensures steady rental income. Once signed, tenants are legally committed to paying rent for the full term.
Plan ahead: Don’t wait until the lease is about to expire. Reach out at least 90 days in advance to discuss renewal. If the tenant plans to stay, great—if not, you’ll have enough time to prepare the property and find a new renter without a costly vacancy.
Charge the Right Rent Amount
The rental market constantly shifts, so it’s important to regularly reassess your rent to stay competitive and maximize ROI.
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Charging above-market rent can drive tenants away and lead to costly vacancies. On the other hand, undercharging means you're missing out on potential income.
To price your rental accurately, compare it to similar properties in your area—matching square footage, location, features, and amenities.
You can also calculate rent per square foot as a guideline. For example, if a nearby 1,000 sq. ft. unit rents for $1,500, that’s $1.50/sq. ft. Multiply that by your unit’s size (e.g., 1,200 sq. ft.) to estimate a fair rent: $1.50 x 1,200 = $1,800/month.
For the most accurate insight, consider consulting a local property management expert.
Test the Working of Smoke and Carbon Monoxide Detectors
This is one of the most important, yet commonly overlooked, annual tasks for landlords. Most states legally require rental units to have working smoke and carbon monoxide detectors, and failing to comply can lead to serious safety risks and legal consequences.
Make sure to test all detectors at least once a year and replace batteries or units as needed. It’s also a good idea to clearly outline responsibilities in the lease, specifying whether you or the tenant is in charge of ongoing maintenance.
Without clear guidelines, tenants may ignore or even remove devices if they start beeping, rather than simply replacing the battery. Staying proactive helps ensure both safety and legal compliance.
Check for Water Leaks
Unchecked water leaks can be surprisingly costly. According to the EPA, the average home
wastes about 10,000 gallons of water per year due to leaks—translating to hundreds of dollars in avoidable utility bills.
Beyond higher costs, leaks can lead to serious damage to walls, ceilings, floors, and even the foundation if left untreated. That’s why annual inspections are essential.
During each inspection, carefully check all water-using appliances and fixtures—like faucets, drains, water heaters, and HVAC units. Also monitor the water meter for unusual spikes in usage, which could signal a hidden leak.
Catch and fix issues early, what starts as a small drip can quickly turn into a major, expensive repair.
Change the Furnace Filters
These need to be changed as frequently as possible. And ideally, have this become the tenant’s responsibility in the lease. Changing furnace filters is a simple, low-cost maintenance that will ensure the tenant stays comfortable.
Otherwise, if the furnace filter is left ignored for far too long, a variety of problems can happen. There can be reduced indoor air quality, high energy bills, and damage to the furnace itself.
Clean the Gutters and Downspouts
Do you have trees in or around your rental unit? If you do, you’ll need to ensure regular cleaning of the gutters and downspouts. If you fail to do so, leaves and other debris will collect in the gutters and prevent them from functioning properly.
The role of the gutters is to direct rainwater to the downspouts for onward drainage to the ground. If these are blocked, then the rainwater may end up impacting your home’s foundation, walls, and roof.
Conclusion
These annual tasks are essential for keeping your rental property running smoothly and maintaining strong returns. Overlooking them can lead to higher expenses, frustrated tenants, and unnecessary stress.
If you're pressed for time or prefer to leave the day-to-day responsibilities to professionals, we’re here to help. At The Maryland and Delaware Group Property Management, we handle everything from routine inspections and maintenance to rent collection and tenant coordination.
Reach out today to learn how our full-service property management solutions can help you protect your investment and improve your ROI.
