How to Be a Landlord in Wisconsin

If you’re a first-time property owner, there might be one all-important issue you have yet to figure out: how to be a landlord in Wisconsin.

Whether you stumbled into real estate investing or planned it for years, managing a rental property comes with a steep learning curve—but don’t worry, we’ve got you. Whatever your situation is, we’re here to help you understand the nuances of being a landlord in Wisconsin.

Let’s start with one of the most crucial steps you’ll need to take: gathering an understanding of the local market.

Research the Market

You may already have a good grasp of the market you want to invest in. For instance, you might already live there, so you have a strong understanding of what property rentals cost, what people are willing to pay, and who your competition is. You can even use our rent estimate calculator to get a better idea of rental values in your city.

But, even if you have local knowledge, take the time to do your research from the perspective of a landlord, not just a resident. It’s important not to be complacent but to gather as much information as you can about where you’re going to be investing in real estate. Some of the data you’ll want to find out include:

• Job growth
• Population growth
• Economic stability
• Real estate market trends
• Inventory levels
• Affordability
• Neighborhood quality
• Future developments
• Tenant demand

Gathering the data above will give you an understanding of how many people will likely need or desire to rent from you, as well as how you should price your properties. You may also want to see how close your chosen property is to public transport, shopping, and entertainment.

You’ll also want to ensure you don’t need a rental license. In some locations, you will need to have a permit before you can formally list your property for rent. Other concerns you might want to consider include flood or fire risk, as these can be key determinants that help you understand how best to market your rental to potential customers.

Do Some Math

Now that you’ve done your research, it’s time to do some important math. This is the part of the research that many people might not enjoy, but it’s worth it. One of the most important things you should learn if you want to know how to be a landlord in Wisconsin is to check for financial feasibility. In other words, is the property in question worth investing in, or is it a money pit?

It’s not a question every landlord wants to ask, but consider the state of your property. Does it need extensive renovations? If so, calculate how much that will cost, if you have the capital, and then what you’ll need to charge for rent to make up for the investment. You’ll also want to consider things like property taxes, which are your responsibility, not the tenant’s.

You’ll also want to consider some critical factors, including the property’s net operating income (NOI), capitalization rate, rental property ROI, rental yield, and the monthly cash flow you can expect.

Other financials you should be aware of include the rent-to-income ratio, which helps you understand your tenant’s financial situation. It’s best to aim for 30%, which means that your tenants should make more than three times the rent to afford your property.

With an understanding of your cost, your needed rent, and how much your tenant will have to pay each month, you’ll be financially prepared to be a landlord.

Read Up On Local Landlord-Tenant Law

Knowing how to be a landlord in Wisconsin is not just about knowing the financials of your investment properties but also about understanding statewide regulations. Aside from federal laws like the Fair Housing Act, ADA, Fair Credit Reporting Act, and Servicemembers Civil Relief Act, you must understand state-specific laws to stay compliant as a landlord. Here’s what you need to know if you’re in Wisconsin:

Security Deposit Rules: There are currently no caps on the amount that you can charge for a security deposit, as long as it’s not discriminatory. Additionally, you don’t have to place the money into an interest-bearing account. But, upon move-out, you must return the deposit to your tenant within 21 days, along with an itemized list of any deductions.

Entry Requirements: As a landlord, you must give at least 12 hours of advance notice before entering a rental unit for inspections, repairs, or showings. You should submit for entry during reasonable hours. In the event of an emergency, you may enter without prior notification.

Eviction Laws: In Wisconsin, your notice of nonpayment for rent can be issued as a five-day Notice to Pay or Vacate. For other lease violations, a five-day notice is standard. If the issue is not resolved within 12 months, then you can serve a 14-day Unconditional Notice to Quit with no option to remedy. All evictions have to go through the court system.

Rent Control: As a landlord, you don’t have to worry about any rent control in the state of Wisconsin. You can raise the rent by any amount as long as you give your residents a 28-day written notice before the increase takes place.

Lease Breaking: It’s unfortunate when tenants leave, but if they do, you may be eligible to receive the rest of the rent due for the remainder of the lease term until you find a new tenant. However, you should make reasonable efforts to re-rent to someone else. The only time a tenant can break a lease without penalty is in situations of domestic violence or when the home is uninhabitable.

Use Property Management Software

Property management software is one of the most effective tools available for landlords like you. Instead of taking care of everything—including rental applications, tenant screening, rent collection, email communication, and maintenance requests—by yourself, you can let technology ease some of your burden. With property management software, you can automate the tedious, manual processes that take up hours of your week.

That means you can centralize your landlord duties, secure your documents, stay compliant, save time and money, and improve your communication. The efficiency will also spread to other areas of your business, including high occupancy rates and improved financial management.

Several property management software options are available, so be sure to select one that includes all the necessary features at an affordable rate.

Use a Legally Compliant Lease

A legally compliant lease is one of the most crucial aspects of mastering landlord responsibilities in Wisconsin. While you can download a random lease off the internet, if it doesn’t align with the local and statewide laws, you’ll be inviting trouble.

Ensure your lease lines up with Wisconsin law—and your city or county rules, too—so you don’t get tripped up later. You’ll want to ensure that you don’t miss any specific regulations.

Get your lease ready before publishing your listing online. That way, you can begin vetting potential tenants as soon as you get applications and have a lease signed when you find the perfect person. Once you’ve located your tenant, utilize e-sign to speed the process up further.

Market Your Property

Marketing your property is not as simple as listing it online or posting flyers and waiting for someone to contact you. You’ll need to ensure your listing is competitive. That means leveraging the proper marketing channels to reach as many potential renters as possible. Make sure you’re not accidentally violating the Fair Housing Act—language like “no kids” or “ideal for singles” could get you into hot water.

If you would like to create a rental listing that covers all of the features of your property and remains in compliance with legislation, TurboTenant offers AI-created listings that will help you market to dozens of websites with a single click. Plus, you can manage all your leads from a single source with TurboTenant. No more scrambling—and it’s free to use.

Collect Rental Applications Digitally

Long gone are the days when landlords used to print rental applications and hand them out to their potential tenants. Everything is done digitally now, for your convenience and for your tenants, too. All you have to do is send an online application to a potential renter, and our software will take care of the rest.

Digital applications will require all critical information, including your tenants’ personal details, financial data, and more. You can manage all of the applications you receive in a single place, so you can say goodbye to rifling through stacks of printed applications.

Screen Tenants Thoroughly

While you may be eager to get your first tenant through the door, the key to being a good landlord is to screen each applicant thoroughly. You should get an idea of who you’re potentially renting from, but ensure you’re compliant with FHA regulations. Doing so means having a consistent process for each tenant, utilizing industry-standard questions, and conducting a credit check.

With TurboTenant screening (paid by the tenant), you can check their criminal history and financial information, including their credit score, lines of credit, credit inquiries, and debt in collections. You can also look at their eviction history and verify their income.

Wisconsin landlords can use criminal background checks, but you’ll need to apply them fairly and avoid blanket bans. State law encourages reviewing the recentness and relevance of a conviction before denying someone housing.

Lock Down Maintenance Requests

For those learning how to be a landlord in Wisconsin, another integral aspect of the process is ensuring that you address maintenance requests promptly. Keeping your property habitable not only makes for happy tenants, but it’s also the law. If you don’t, you might find yourself face-to-face with a tenant using the warrant of habitability against you and leaving without paying their rent.

So, to make it easier for everyone, ensure that your tenants can submit maintenance requests online. Rather than jotting notes down from late-night phone calls and sorting through texts, you can put your maintenance concerns on a to-do list in the same platform as all of your other landlord paperwork. For best results, upgrade to Maintenance Plus and completely offload maintenance to trusted vendors.

Collect Rent Online

Making trips to the bank or collecting rent in person is a thing of the past. Today, people expect to pay their rent online, not only because it’s convenient but because it takes only minutes. To be a good landlord, consider collecting rent online and making the payment process easy for your tenants.

By doing so, you can also take advantage of features like autopay, automated rent reminders, and automatic late fees. Using a platform like TurboTenant, you can easily see who has and hasn’t paid and keep digital records of your monthly income from your units.

Streamline Rental Property Accounting

Now that everything is all set, it’s time to properly account for all of your income and expenses. While it can be tempting to grab the first accounting software you find, it’s best to find something tailored to property owners like you. TurboTenant Accounting lets you pull up reports in seconds—whether it’s for taxes, expenses, or just keeping track of your income.

With organized records, your tax season also becomes much more bearable. TurboTenant accounting offers you the ability to monitor and download reports for:

• Cashflow
• Expenses
• Revenue
• Profit & Loss
• Balance Sheets
• Statement of Cash Flows
• Lease Tracking

TurboTenant takes care of the busy work so you can focus on what matters: ensuring your renters are happy and well taken care of. And if you’re just learning how to be a landlord in Wisconsin, this can make your life so much easier.

TurboTenant Makes DIY Landlording Easy

Learning how to be a landlord in Wisconsin doesn’t have to be overwhelming. With the right software, legal knowledge, and screening tools, you’ll ensure you’re ahead of the curve and keep your tenants happy.

TurboTenant helps you do it all—leases, listings, payments, maintenance, and more. Ready to make DIY landlording easy?

Sign up for TurboTenant today.