Key Takeaways
Know Virginia Requirements: Review Virginia rules for leases, security deposits, disclosures, inspections, late fees, and property access before renting.
Protect the Property: Confirm you have appropriate landlord insurance and complete necessary repairs, safety checks, and condition documentation before move-in.
Set the Right Rent: Use current Richmond rental comparables, property features, and seasonal demand to establish a competitive asking price.
Screen Consistently: Create written screening criteria before advertising and apply the same standards to every applicant to support consistent, fair housing-compliant decisions.
Renting out a house for the first time goes more smoothly when the legal, insurance, pricing, and property preparation are handled before the rental listing goes live.
Richmond landlords also need to understand their responsibilities for screening applicants, handling the lease, and maintaining the property throughout the tenancy.
This first-time landlord checklist covers the key steps Richmond owners should take before renting out a home, whether they are becoming landlords by choice, relocation, inheritance, or another circumstance.
KRS Holdings has managed Richmond rentals since 2005 and helps local owners navigate the responsibilities of rental property management.
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Virginia Law Basics
Most Richmond-area residential rentals are governed by the Virginia Residential Landlord and Tenant Act (VRLTA), found in Title 55.1, Chapter 12 of the Code of Virginia. Landlords should understand the basic requirements before listing a property. The following is general information, not legal advice, and Virginia rental laws can change.
Start with these:
Use a written lease: Clearly document the terms of the tenancy and make sure the agreement complies with Virginia law.
Follow security deposit limits: A security deposit cannot exceed two months' rent. Any deductions and the remaining balance must be itemized and provided to the resident within 45 days after the tenancy ends or the property is vacated, whichever occurs later.
Complete a move-in inspection: Within five days after occupancy, provide a written report documenting existing damage.
Make required disclosures: Virginia law includes requirements related to visible mold, lead-based paint for most homes built before 1978, and certain flood-related disclosures.
Limit late fees: A late charge must be included in the written rental agreement and cannot exceed the lesser of 10% of the periodic rent or 10% of the remaining balance due.
Follow entry requirements: For routine maintenance that was not requested by the resident, landlords generally must provide at least 72 hours' notice unless notice is impractical. Emergency situations are treated differently.
Virginia's landlord-tenant laws include provisions with different effective dates, including changes taking effect in 2027. Richmond-area owners should verify the current Virginia Code and any applicable local requirements before leasing a property.
Landlord Insurance vs. Homeowners Coverage
Landlord insurance vs. homeowners coverage is an important distinction for first-time rental owners. A standard homeowners policy is designed for an owner-occupied property and may not provide the coverage you need once the home becomes a rental.
A landlord policy typically covers the property and landlord liability, and may also include coverage for lost rental income. It generally does not cover a resident's personal belongings.
Before renting out your home, ask your insurance agent whether the property is covered as a rental, what liability limits apply, and whether lost rental income is included. You may also want to require renters insurance in the lease.
Pricing the Rental Without Guessing
Price your rental based on homes a prospective resident would actually compare. A Church Hill rowhouse, for example, will have different comparable properties than a single-family home in Short Pump.
Consider the property's location, size, condition, amenities, parking, and competition when determining market rent. Timing can also affect your pricing strategy.
Richmond rental demand can vary throughout the year, so check current comparable listings rather than relying on what a similar home rented for several months ago. A realistic rental price can help limit vacancy while keeping the property competitive.
Renting Out Your House Checklist: Prepare the Property
Complete these tasks before the property is photographed and listed:
Test smoke alarms and check applicable carbon monoxide alarm requirements.
Service the HVAC system and address known maintenance issues.
Rekey the locks and remove personal belongings.
Fix known leaks, plumbing problems, and pest issues.
Make necessary repairs and touch up worn or damaged areas.
Take dated photos documenting the property's condition.
The goal is to have the home clean, safe, functional, and ready for a resident before marketing begins. Addressing known problems upfront can also make the move-in process easier and provide better documentation of the property's condition.
Screening Residents With Written Criteria
Set your screening standards before the first application arrives. Establish clear criteria for income, credit history, rental history, and other screening factors, then apply those standards consistently to every applicant.
Written criteria can make screening more consistent and help reduce fair housing risks. Keep records showing how each application was evaluated and avoid changing your standards based on individual applicants.
Thorough screening can reduce rental risks, but it does not eliminate the need for a clear lease agreement, good documentation, and ongoing property management.
Bottom Line
Successful rental ownership starts with handling the important details before the property is listed. Review Virginia requirements, confirm your insurance, set a competitive rent, complete necessary repairs, and establish consistent screening criteria before you start accepting applications.
KRS Holdings has served Richmond-area rental owners for roughly 20 years. To get started, request a free rental analysis or call our Richmond office at 804-282-1877.
Frequently Asked Questions
Do I Need a License or Permit to Rent Out My House in Richmond?
It depends on the property's location. Richmond, Henrico, Chesterfield, and Hanover may have different requirements involving business licenses, zoning, inspections, or other rental regulations.
Before advertising your property, check with the appropriate local office to determine which requirements apply to your address. Requirements can also vary based on the property type and how it will be used.
What Should I Do If My Rental Sits Vacant Longer Than Expected?
Start by reviewing the listing from a prospective resident's perspective. Compare your asking rent, property condition, photos, description, and showing availability with competing rentals.
If similar homes are receiving more interest, the issue may be price or presentation. If your property receives inquiries but few applications, review the showing and application process as well.
Should I Manage One Rental House Myself or Hire a Property Manager?
The decision often comes down to how much time and responsibility you want to take on. Self-management means handling marketing, screening, rent collection, maintenance, resident communication, and legal requirements yourself.
A property manager can take over some or all of these responsibilities for a fee. Consider your availability, experience, location, and willingness to handle after-hours issues before choosing an approach.
What Happens If a Resident Stops Paying Rent?
Virginia landlords must follow the required notice and court procedures when seeking possession for nonpayment. A landlord generally cannot remove a resident by changing the locks, shutting off utilities, or using other forms of self-help eviction.
Keep records of rent payments, notices, and communications, and follow the applicable Virginia procedures. For a specific nonpayment or eviction situation, consult a qualified Virginia attorney.
How Should I Handle Maintenance Requests After the Lease Begins?
Set a clear process for residents to report maintenance before the first issue occurs. Decide how routine and emergency requests should be submitted, who will respond, and how repairs will be authorized and documented.
Keep records of requests, communications, invoices, and completed work. A consistent process helps you track property conditions and respond appropriately throughout the tenancy.