Renting out your apartment: 15 easy steps

    Renting your apartment doesn’t have to be a hassle, here are 15 easy steps you can follow to ensure the occupancy of your unit.

    Steps:

    1. Figure out how you want to rent the apartment; there’s a difference between furnished or unfurnished.
    2. Prepare the unit accordingly. Make sure it is clean and sanitary for future renters. Their safety is very important so confirm that there are no faulty faucets or electric issues. Any damages should be repaired prior to showing the listing. If you are providing any appliances adjust them properly.
    3. Come up with a number you are comfortable with in terms of rent. Calculate how much you’d like to make in profit.
    4. Compare the rental amount that others in your neighborhood are charging by the size of the apartment. A real estate agent maybe able to help you with this by doing an analysis in your location.
    5. Decide what to include in the rent, for instance, utilities, or any other kind of maintenance.
    6. Choose the rental terms wisely, you can go anywhere from monthly to annually. Consider the possibility of people with pets. Create a security deposit basted on these points.
    7. Put in order a rental agreement. These can be purchased from places like Staples, or can be downloaded from the internet. Complete the sections that need specification.
    8. Get a sign that says something like “Apartment for Rent” and write your phone number on it legibly in large numbers. Put it in front window or door of the apartment.
    9. Use other tools to advertise, such as Craigslist, or your local newspaper.
    10. Prospective renters will start showing up or calling. Have them fill out a renters application so you can compare the tenants. This should ask things like name, current address and phone number, place of work, annual income. If you want to take it a step further you can ask more personal questions, and require references.
    11. Properly screen all the applicants. Do a background check if necessary. Verify the information they have listed including their employment.
    12. Pick the tenant that you feel strongly about.
    13. Take the tenant on a tour of the unit. Note the condition of each room, appliances and furniture, if any. Keep a copy of this list for your records and give a copy to the tenant.
    14. Have them sign the rental contract and collect the security deposit.
    15. Give the renter a set of the keys and begin collecting rent.