How to Begin Renting Out Apartments

The rental market is hot right now, thanks to millennials who seem to be living at home a bit longer and empty nesters who are looking for less yard work and home repairs. Like anything though, the rental market has its ups and downs. If you want to become a landlord, be sure to do your research ahead of time. For first-time landlords, there are a lot of things to consider. If you have already decided you want to begin renting out apartments, here are some tips.

1. Clean

Do your tenants a favor and be sure the apartment is thoroughly cleaned, especially areas such as the tub, toilet, stove, and refrigerator. Vacuum or sweep to remove any additional debris. You may consider hiring someone to deep clean the unit. If you decide to hire someone, be sure to look for a reputable cleaning service. Someone from the cleaning service will likely come in and provide an estimate. It’s always easier to have the cleaning crew come in once the apartment is empty. 

2. Screen renters

Obviously, you want to screen your tenants to avoid challenges of accepting a tenant that can be problematic. Landlords can run credit checks, verify employment/income, run a criminal background check and check past renter references. If you have any hesitation about a tenant, you can set up an interview to clear up any questions/concerns you may have.

3. Lease

The lease helps to set expectations for the tenants and answers any questions that may come up during the rental term. Some landlords may feel that they save time by not reviewing a lease with tenants before they move in. You can get a lease template online, however, you should go over the lease with an attorney to be sure you have everything covered on your end. Be sure all tenants names are on the lease, the cost of late fees, who is responsible for repairs. Be sure every i is dotted and t is crossed – when/how will keys be returned, does the apartment need to be professionally cleaned at move out, light bulbs – who is to replace them? 

4. Location

Arlington, for example, is a thriving Texas city with plenty to offer its residents when it comes to jobs, recreation and culture. Any landlords with Arlington apartments are in a good position to keep units filled with great tenants. The best way to find and keep these tenants is by following the Arlington tenant screening process.

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