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Making money on your rental means ensuring it's full at all times and that your profit margins are correct. Late spring is the best time to list your property, so we put together a few tips to make sure that you can leverage the renting season.
Whether you're new to renting your place or you're just anticipating a tenant moving out soon, the first step is to set the current rent price. This guide can help you make sure your rent prices are correct. Once you've determined that the price is right, it's time to dig into actually marketing your rental property.
1. Prep your pad:
It may not be necessary to renovate your space before renting, but there are some affordable things you can do to help you get top dollar for your rental. A thorough pre-move-in cleaning and some fresh paint can make a huge difference without costing very much. If this is your first time renting, make sure to take professional-looking photos of the empty space. Bonus points for creating video tours.
Renters want to see every room in rental listings, including shared spaces. If you're planning on posting a listing before the previous tenant has vacated, you have two options. You can either use old photos or schedule a time to come in and take some updated pictures. Keep in mind that most renters won't love having their private things photographed, so only use this option if it's your last resort.
If you’re ready to tackle a larger project that will improve your rental’s marketability, there are two big amenities tenants are looking for: store space and parking. By upgrading one or both of those, you can increase your chances of finding long-term renters and upping your rental income.
2. Create your listing:
No matter where you plan on posting your listing, it's going to have a few key components. Most renters will want information about pricing, deposits, application fees, square footage, utilities, and pet policies.
Price: Using the price guide we talked about earlier, set your monthly rent price. Your listing should also include deposit amounts (and whether it's refundable or not). If you're unsure about how much to charge for a deposit, most landlords recommend one month's rent as a refundable deposit. However, some state laws dictate a minimum or maximum you can legally require, so do a quick search using this site before you set your deposit amount.
Amenities: Make a list of all the amenities you offer. This could include in-unit laundry, covered parking, included utilities, etc. The more amenities you can think of, the more appealing your rental is.
Special policies: Do you allow pets? Is smoking allowed on the property? Do you require renters insurance? Outline all special policies in detail to make sure only the most qualified candidates are applying.
Perks: This is what sets your listing apart. If you plan on running a special offer (i.e. first month of rent free) include that in somewhere prominent in your listing. Even if you don't have a current promotion, you should still explain what makes your rental unique. Some enticing perks for tenants include things like: accepting digital applications, online rent payments to build a tenant's credit score, or free wifi.
What NOT to put in your listing:
Be aware that getting too specific about requirements in your listing can actually violate Fair Housing Laws. According to the HUD Enforcement Management System, 8,385 housing discrimination complaints were filed in 2016, partially due to biased language in rental listings. In most states, you can't reference religion, familial or marital status, or sex.
That means no listings that say your place would be great for a couple or that you would prefer to rent to a male. To learn more about the requirements in your state, check out this comprehensive guide to fair housing laws.
3. Advertise it:
Where to advertise (for free!):
ILS: Use a free rental listing site, like the ‘For Rent’ section of KSL Homes, to help get your listing in front of as many people as possible. One advantage of using KSL is that it’s powered by Rentler, which means you can automaticallycollect applications andscreen tenants right from your listing.
Rentler also makes it easy to create a listing by using amenity checkboxes so you don't forget anything and gives you the ability to upload videos. If you are renting government subsidized housing, including Section-8, sites like Socialserve.com can help you find the right places to post.
Social sites: If you use an ILS like KSL/Rentler that allows you to create a shareable link, you can quickly post that on any social sites you have set up for your apartment complex or rental property. You can also look for local Facebook groups centered around renting and share your link there.
Yard signs: While it might sound old school, putting a 'For Rent' sign up can help attract drive-by applicants.
Pro tip: Once you start attracting potential tenants, make sure toscreen them before renting. You can use Rentler’s screening service to accept applications and screen tenants right from your listings; protecting your real estate investment and making it less likely that you will have to deal with an eviction in the future.
