Are you wondering how to rent out your home and earn rental income?
Perhaps you just acquired and moved into your second home, leaving your first home vacant. Or you need to relocate to another city or country for work, meaning your property will stay unoccupied.
Regardless of your situation, there’s no doubt renting out the property is a wise decision. And, with more people in the United States renting than at any point in the last 50 years, there’s a good market for rentals.
Continue reading to learn how to rent out your house like a pro.
Choose a Suitable Rental Model
When you think of a rental property, the first thing that comes to mind is a property with a tenant who pays a monthly rent. Indeed, this is the most common rental model for most landlords. However, there are others too.
For example, if you own a beach-front property or a mountain home, you can turn it into one of the best luxury vacation rentals in your region.
You also have the option to sign up with a homestay platform, such as Airbnb, from where you can rent the property on demand.
Which rental model should you choose?
A lot depends on the nature of your property and where it’s located. If it’s an apartment within a large apartment complex, it’s wiser to adopt the traditional rental model.
Provide a Safe Environment for Your Tenant
As a landlord, you have a legal responsibility to ensure your property is safe and hazard-free. This means making structural repairs, fixing electrical and plumbing faults, and making other modifications that will ensure the house and the surrounding environment is as safe and healthy and possible.
If you neglect to make some repairs and rent out the property anyway, a tenant might sustain an injury on the property. Nothing stops them from suing you for adequate compensation for their injuries and losses.
It’s also important to familiarize yourself with the Fair Housing Act, especially if you want to rent out the house to a full-time tenant. For instance, you must not discriminate against any tenant based on their gender, race, nationality, religion, or disability.
Market Your Property
Even though the demand for rental properties is at an all-time high, there’s no guarantee your property will always have a tenant – unless you market it properly.
Whether it’s a vacation rental or a single-family home for rent, you need to take photos of the property and share them on social media and classifieds websites.
Decide on a Property Management Strategy
Every rental property needs a property manager.
Do you want to self-manage your property? Would you like to hire a dedicated property manager?
It all depends on your circumstances. If you’ve got time on your hands and you live near your rental property, you can be the landlord cum property manager. But if you’re a busy person or you live far away from your rental, it’s advisable to hire a property manager.
How to Rent Out Your House Made Easy!
Renting out your house is an ideal way to earn passive income and grow your wealth. However, you need to know how to rent out your house; otherwise, it could stay vacant for months on end. With this guide, you now have the information you need to be a diligent landlord.
Keep reading our blog for more property tips and insights.