RENTING YOUR HOME
Rental properties have seen an increase in demand since the 2006 housing market bust and continue to perform well in the MD/DC/VA markets. Generation Zer’s are not quick to jump into the ownership pool and often prefer to rent while they find their job of choice out of college while Millennial renters are conservatively looking for a place to settle down and raise a family. Homeowners that had negative equity after the fall of the real estate market, chose to rent out their own properties until more favorable conditions emerged.
Renting can be a great investment opportunity and has remained a sound investment strategy in a fast-growing market segment!
Riverscape Realty can assist you in finding a qualified tenant for your home. We will guide you through the same steps similar to listing your home for sale, starting with a Comparable Market Analysis of rental properties in your area, which will help us determine the monthly rent.
Once we get an applicant that has met the credit and income criteria, we can move forward with a lease.
The lease will have terms regarding price, length of lease, and other conditions that can be negotiated between landlord and the tenant prospect.
Once the terms of the lease are agreed to and a move-in date is set, the tenant will give both the first month’s rent and a security deposit prior to taking possession. A security deposit is important because it gives the landlord funding to cover any outstanding rents/fees and repairs incurred by the tenant at move-out. As a landlord, you will be required to abide by certain laws pertaining to not only the security deposit, but many additional restrictions and guidelines that protect the tenant from fraudulent conduct by the landlord.
Some jurisdictions require the rental property be registered.
In Maryland, if the rental property was built prior 1978, owners are required ‘to register their units with Maryland Department of the Environment, distribute specific educational materials, and meet specific lead paint risk reduction standards at certain triggering events, according to the MDE website.
Riverscape Realty will thoroughly review the do’s and don’ts of renting so when you decide to rent your home, you’ll be confident and have a good working knowledge of the process.