How to Rent a House

Houses for rent are replacing for sale and foreclosure signs across the country as homeowners and property management companies try to get some income out of houses that didn't sell or are upside down on their mortgages. Knowing how to rent a house as either a landlord or a tenant (renter) is important as selling a house or buying one has become impossible or very hard for many. Some say it's neither a buyer's market nor a seller's ... but a great renters' market. Here's a quick guide on how to rent a house.

Things You'll Need

• Landlord Insurance
• Rental Applications
• Lease Agreement
• Advertisements
• Bank Account
• Credit report
• Rental history
• Proof of income
• References
• Application

Instructions

Rent a House Out

1. 

   Check on local and state laws regarding your rights and duties as a landlord. In most areas, you have to hold the tenant's deposit in a bank account and are not allowed to spend it. There are also laws regarding eviction notices and court proceedings. Hopefully, you'll never have to evict, but learn what the process entails.

2. Make sure your house is insured with a landlord policy to cover your assets. The renter will need to acquire his own renter's insurance for his belongings and personal property.

3. 

   Acquire a good rental application and lease agreement. These documents can be purchased online, in office supply stores and through a lawyer or real estate office. You can even ask an apartment rental company for a copy of their rental agreement and edit it to meet your needs.

4. Advertise your house for rent online, in newspapers, and with a visible sign posted outside the home. In the ads and on the sign, include basic information (number of bedrooms, monthly rent, amenities) and your contact information.

5. Show the house to prospective renters, interviewing them and answering their questions as they look through the house. Collect rental applications and give them a fax number or email address to send you their credit report, proof of income or other documents.

6. Review all completed applications and choose a renter. While you are not allowed to discriminate based on race, sex or religion, you can -- and should -- avoid deadbeat renters with poor payment histories and low income.

7. Contact the chosen renter and offer the house to him. Schedule a date and time for signing the lease. Wait until after the lease is signed and you have the deposit in hand to turn down the other applications.

Rent a House as a Tenant

1. Create a folder with copies of your drivers' license, credit report, proof of income, rental references and job history. Include several copies of each document.

2. Research available rental apartments, condo units and homes. You can rent from either a rental company or a private landlord who is renting out his own real estate. There are advantages to either option, but in the end the best rate on an attractive rental house will likely be the deciding factor.

3. Contact landlords through rental house ads and rental companies. Ask to see their houses for rent, and follow up on all your appointments. when viewing properties, find out as much as you can. Who pays utilities? Who is responsible for yard maintenance? What amenities are available?

4. Fill out the rental application while viewing the house, and attach any required documents. Include a letter explaining bad credit or other flaws in your application. If you seem responsible and income to cover your expenses, many landlords will overlook any flaws.

5. Pay your deposit (usually equivalent to one month's rent) and first month's rent at the signing of the lease. Accept the kes to your house and you're ready to move in!

Tips & Warnings

• Always pay your rent on time to build a solid, credible rent history.