As a landlord, one of your biggest fears is having a property that sits empty for weeks or even months. Every day that rolls by marks another dip in your bank account. That said, the last thing you want to do is rush in a new tenant only to discover they’re stuck in a financial quagmire or have a long history of trashing homes and failing to pay rent. Plus, losing a tenant (even if you’re ready for them to go) brings its own slew of budget-busting costs beyond lost rent, including marketing and administration fees, screening costs and potential maintenance or required upgrades.
Renting out your property can help you cover the expenses of owning a house while building wealth. Before you start, though, it's important to have a clear idea of everything that goes into being a landlord. From handling the application process to tracking rent payments, there are plenty of tools to help potential landlords manage their properties. If you're considering whether your property is ready to rent or looking for tenant screening services to help you find the right renters, here are five things to know before you decide to become a landlord.
Choosing your next renter can be a complex, frustrating, and draining process. However, embracing online rental applications and tenant screening services can save time and help you narrow the field with remarkable speed.
Some people have the necessary business acumen and personality to be landlords, but many find themselves unexpectedly in the role. Experienced landlords often find that a balanced blend of property management from the old school combined with modern digital options, such as an online rental application and tenant screening services, best protect their greatest investment.
How Identity Fraudsters Operate and What You Can Do to Stop Them
Lease applicant identity fraud comes in many shapes and sizes, but one thing is certain—it’s increasing rapidly. Many apartment property managers have been hit by some form of identity-related fraud,
CoreLogic Economic Outlook: June 2019
Multifamily property sales totaled about $100 billion in 2018, the largest annual volume recorded, and apartment prices reached new highs last year. Rent is expected to rise about 3% in 2019 with cap rates close to last year’s level, supporting further gains in property values.
There are several reasons why finding a tenant is difficult. The answer lies in one simple word: qualification. To be considered a qualified tenant, you have to have the right combination of variables. This article will help you identify 10 specific things to look for when searching to fill a vacancy.
US SINGLE-FAMILY RENTS UP 2.9 PERCENT YEAR OVER YEAR IN FEBRUARY
- Rents for lower-priced homes increased faster than those of higher-price homes.
- Phoenix had the largest annual rent increase of the 20 analyzed areas in February.
U.S. single-family rents increased 2.9 percent year over year in February 2019, up from a 2.7 percent increase in February 2018, according to the CoreLogic Single-Family Rental Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Single-family rents climbed steadily starting in 2010, and annual rent increases have stabilized, fluctuating between 2.7 and 3.1 percent for the past 12 months.
FOR BUYERS, LOWER MORTGAGE RATES SINCE THE HOUSING BUST SOFTENED THE BLOW OF RISING HOME PRICES
As home prices soared in recent years, homebuyers’ struggles with worsening affordability understandably garnered a lot of attention.
Owning property and being a landlord comes with some responsibilities and risks. Property must be kept in good repair and tenants afforded privacy. In turn, landlords need to know the people they choose to rent to will pay their rent on time and comply with the terms of the rental or lease agreement. When they leave, they must return the property in substantially the same condition as when they moved in.