With renters representing more than one-third of U.S. households, there is a growing affordability crisis in many areas, a new report from the Joint Center for Housing Studies at Harvard University finds. If you have been trying to sell your home with no luck, you may be able to quickly rent it to someone in need, and use the rental income to subsidize your mortgage. These five resources can help you turn your home into the perfect rental, so you can attract the perfect tenants.
1. DIYNetwork
If you want to rent out your home, prepare to spend time getting it into shape first. From creaky floorboards to peeling paint, you can learn how to tackle many home repair projects yourself with the help of DIYNetwork. While you may not be able to do everything on your bucket list yourself, you’ll save by doing what you can. You’ll also find ample inspiration for updating and modernizing your home to appeal to tenants and increase the monthly rental asking price.
2. Padlister
You’ll have better luck renting out your home quickly if you can attract a wide range of potential tenants. Padlister helps you list your apartment with multiple apartment rental sites. When you post through Padlister, your apartment will automatically be advertised on Padmapper, Craigslist and other apartment rental sites. Plus, Padlister automatically screens tenants for criminal records, poor credit and other criteria. It’s free for you to post listings; tenants pay a nominal fee to apply.
3. American Apartment Owners Association
The AAOA, as it is known for short, has many services for landlords. One of note is a vendor directory, which you can find more info about here. Browse over 100,000 vendors across every state, in subfields including carpentry, kitchen and bath design, landscaping, mold removal and roofing contractors. Particularly if you have moved out of the area and need a reliable contractor for specialized work, this resource can be a godsend.
4. NOLO
NOLO, a legal resource website, offers a wide array of information geared toward landlords and property managers. Delve into topics including running a property management service (or working with one), screening tenants, drafting a state-specific rental or lease agreement, properly handling tenant security deposits, evicting a tenant or ending a lease, landlord liability and property maintenance. NOLO can be a valuable resource if you rent out your property — especially if something goes wrong.
5. Airbnb
If you live in a desirable area, you may be able to earn a tidy sum by renting out your home to travelers, contract employees, students and others looking for a short-term rental. Airbnb is one such resource that allows you to rent out your home for select periods of time. Sign up for the site, which is free for hosts, with fees passed on to renters. Upload pictures of your home, create a profile and set your nightly, weekly and monthly rate. Then use the calendaring function to rent out your home. The short term, no obligations nature of Airbnb just may meet your needs if you do not want to get into a longterm rental agreement. Plus, you can manage your listings from anywhere.
