How to Rent Out My Apartment

Apartment Building

Renting your apartment requires physical effort to get the apartment into tip-top shape. As a potential landlord, you must screen and interview prospective tenants to determine if they are responsible.

Things You'll Need

• Cleaning Supplies
• Storage Facility
• Paint
• Household Repair Items
• Calculator
• Rental Agreement
• Rental Application
• "For Rent" Sign
• Keys

Instructions

1. Decide whether you are going to rent a furnished or unfurnished apartment. If you are going to rent unfurnished, remove your furniture. If you decide to rent your apartment furnished, remove personal property, electronics, breakables and other items you care about. Store items you don't need in a locked storage facility.

2. Get the apartment ready for tenants. Clean thoroughly. Check all electric wiring, plumbing and appliances to ensure they are working properly. Fix any problems you find. Check outdoor areas and stairways to make sure they are in good condition and safe. Paint indoors and outdoors if needed.

3. Calculate the total cost of keeping the apartment running. Figure in mortgage payment or rent, utilities, maintenance, repairs, yard work (if necessary) and any professional help you might need, such as property management, tax help or a legal consultant.

4. Estimate your rent price. Research the rent of similar apartments in your city. Look at newspaper ads and online listings, and call Realtors.

5. Compare your desired rent price to the total cost of running your apartment. Decide what you will include in the rent and what you will charge to tenants--things such as utilities and yard work. Set a price that covers your costs, or as close as you can while matching going rates in your area.

6. Determine other rental terms. Decide whether you want to offer a fixed-term lease or a month-to-month tenancy, how many tenants can occupy the apartment, how much of a security deposit to ask for and whether to allow pets.

7. Get a rental agreement for you and the tenants to fill out. State-specific forms are available online (see resources). Fill out your portion of the rental agreement.

8. Advertise your apartment. Put a "For Rent" sign with your phone number in front of the building or a window of your apartment. Place an ad in the newspaper and distribute fliers in the neighborhood. Post on Craig's List and on other online listings. Consider paying to list your apartment with an apartment-finding service. Spread news of your rental by word-of-mouth.

9. Put together a rental application for prospective tenants to fill out. The application should ask for the tenant's name, address, phone number, employment, income, driver's license and Social Security numbers, bank account information, credit history, past evictions, bankruptcies, five years of rental history and personal references. You can find rental application forms online (see resources).

10. When tenants call, make appointments for them to fill out the rental application and see the apartment.

11. Screen all applicants carefully. Check with their previous landlords, and check their personal references. Verify income and employment information and obtain a credit report.

12. Choose a tenant based on the information you have collected.

13. Require your tenant to fill out the rental agreement. Collect the security deposit.

14. Do a tour of the apartment with your tenant. Make a note of the condition of each room, appliances and furniture. Keep a copy of this list and give a copy to the tenant.

15. Give the tenant a copy of the keys and let him move in.

Tips & Warnings

• Be fair and consistent when screening applicants so you don't violate fair housing laws.

References

• How to Rent Out Your House
• Where Landlords Should Advertise Their Rental Property
• How to Screen and Select Tenants

Resources

• Create Your Own Rental Agreement
• Rental Application Form