5 Tips When Renting Out Your Apartment


We enjoy living in a condominium. The security, convenience, and ease of living in a building near establishments are some of the reasons why we bought this property ten years ago. Eventually, we would like to move out of our current abode and move to the suburbs. The city life is nice and all but our kids are growing and they have been asking for bigger spaces to run around and explore. We have thought about renting out our apartment here in the city in the event that we move homes. Let me share with you some of the things we learned to do when renting out apartments.

1. Treat Your Property Like a Business

Your property should be treated like a business. And as a good business owner, you should be professional with your tenants, be able to comply with all the laws, and make sure that your property is in good condition.  Remember that the better state your property is in, then the more lucrative it will be to potential tenants. Make sure to tackle any significant issues first (this may involve mold testing in Roxbury Township, NJ to cleanse the property, for example) before getting into the finer details, such as new furniture or door handles. 

Include insurance in your rental fees to protect you from legal actions in any case the renter's property is damaged during a pipe burst, fire, etc.

More importantly, the written rental agreement should be specific, written to the last detail to protect your rights and prevent future altercations. Items to include, and should not be limited to: fees, late fees, security deposit, HOA regulations (which may include pets), parking regulations, grace periods, repairs, move-in/move-out processes, and utilities.

2. Create a Business Continuity Plan

When problems arise from small ones to dangerous issues on your property. it is best to have a continuity plan. Create a planner to address different property issues that may happen. It also helps to include in your plan the contact details of contractors for ease of repairs.

3. Set the Right Price

Landlords should not only consider a mortgage, HOA, insurance, and other costs such as property improvements and repair in calculating rent for your property. It is important to conduct market research specially the comps in your area so you can come up with a fair price. The real estate in Toronto may be different from Los Angeles, Manila, and other cities. Pricing your rental that is applicable in your location can help you attract good tenants and rent your property quickly. 

Moreover, be wise in your advertisement. Don't forget to include the amenities in your building such as gym, swimming pool, playground. These and other features of your apartment will make your property stand out.

4. Screen Renters Carefully

Let's not all get excited about the first prospect that comes to our door. Your apartment is an income generator and we need to ensure that our renter is able to treat our property with respect and are able to pay rent on time, all the time. A good background check can help landlords unnecessary troubles in the future. In this light, create and follow a screening process.

A rental application form will give you the information you need about your prospect including their name, current address, the reason for moving, employer information, and character references.

During the interview, ask necessary questions that will help you determine if the prospect has a good rental background.

5. Think About Getting a Property Manager

Looking for renters and managing a property can be time-consuming especially if your property is in another city. Hiring a property manager is something we are considering when renting out our apartment. For a fee, the property manager will advertise our unit, screen applicants, collect payments, and deal with tenants' issues. We have seen how the property manager in our building has handled other units of our neighbors and with what we see, it is worth considering. 

Whether you have a property or considering getting a property to invest in, it is pertinent to review the real estate market in your location. Doing your diligent work of studying the market will help you position your property attractive and secure your investment.


  1. That are important matters to consider,very helpful tips .


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