Beyond Bending Tell You How
Are you looking to rent out your furnished apartment? Renting out a furnished apartment can be a great way to make extra income. However, it can also be a daunting task, especially if you have never done it before. In this article, we will provide you with a comprehensive guide on how to rent out your furnished apartment.
1. Determine the Rental Price
Before you begin advertising your furnished apartment, it is essential to determine the rental price. You can use online rental calculators to estimate the rental price based on the location, size of the apartment, and other amenities. You can also check out the rental prices of similar apartments in your area to get an idea of what to charge.
2. Advertise Your Apartment
Once you have determined the rental price, the next step is to advertise your apartment. You can advertise your apartment on various rental platforms such as Airbnb, Craigslist, or other rental websites. Make sure to include high-quality photos of your apartment and provide a detailed description of the amenities available.
3. Screen Potential Tenants
It is essential to screen potential tenants before renting out your apartment. You can use online tenant screening services or ask for references from previous landlords. Make sure to check their credit score, employment status, and criminal background before signing the lease agreement.
4. Sign the Lease Agreement
Once you have found a suitable tenant, the next step is to sign the lease agreement. The lease agreement should include the rental price, security deposit, rental period, and other terms and conditions. Make sure both parties sign the lease agreement and keep a copy for future reference.
5. Collect Rent and Security Deposit
Before the tenant moves in, make sure to collect the first month’s rent and security deposit. The security deposit should be equal to one month’s rent and should be held in a separate account. Make sure to provide the tenant with a receipt for the rent and security deposit.
6. Conduct a Move-In Inspection
Before the tenant moves in, conduct a move-in inspection and document any existing damages to the apartment. This will help avoid any disputes when the tenant moves out. Make sure to provide the tenant with a copy of the move-in inspection report.
7. Maintain the Apartment
As a landlord, it is your responsibility to maintain the apartment. Make sure to provide regular maintenance and repairs as needed. This will help keep your tenant happy and avoid any legal disputes.
8. Renew or End the Lease Agreement
At the end of the rental period, you can either renew or end the lease agreement. If you decide to renew the lease agreement, make sure to update the rental price and other terms and conditions. If you decide to end the lease agreement, make sure to provide the tenant with sufficient notice.
9. Handle Security Deposit Returns
When the tenant moves out, make sure to conduct a move-out inspection and document any damages to the apartment. Deduct any repairs or cleaning costs from the security deposit and return the remaining amount to the tenant. Make sure to provide the tenant with a copy of the move-out inspection report and the security deposit return.
10. Conclusion
Renting out a furnished apartment can be a great way to make extra income. However, it is essential to follow the proper procedures to avoid any legal disputes. Make sure to determine the rental price, advertise your apartment, screen potential tenants, sign the lease agreement, collect rent and security deposit, conduct a move-in inspection, maintain the apartment, renew or end the lease agreement, and handle security deposit returns.
