Rental rates are on the rise by more than 31% across the U.S., with 35% of all Americans living in rental properties. While you may welcome that rental income, you may not be sure how to start with your rental adventure. In order to rent your home, you should be aware of the various aspects of property management, whether you take on the responsibilities yourself or hire a full-service property management service.
In this complete guide to renting your home, you'll learn the nuts and bolts of how to rent your home, with pointers on the best way to make repairs, how to market and list your property, and how to determine a sustainable rental price point for your market. You'll also learn the best way to show your property, how to screen your tenants, how you can collect payments, and how to maintain your rental property.
Doorstead has the best data and leasing practices because we’re on the hook to deliver 100% of guaranteed rental income to you every month.
Make Rent-Ready Repairs
If you're still not sure, you can contact a local contractor or building department to find out about free inspection services. If your property does not comply, you could face fines and repair costs down the road. It's better to know upfront what you're facing before you rent out the property, since potential problems could affect your rental income.
- Name and contact information
- Social security numbers for all adult tenants
- Proof of income for all adult tenants
Lease Renewal or Turnover?
Hire a Property Manager
If you decide you do not want to handle the whole rental process all by yourself, you may consider a property manager. The fee structure is typically ~5-12%, but a property manager may also save you time and money by streamlining the entire process.