10 Tips for Leasing Your Apartment

Leasing your apartment can be a rewarding way to generate income if you're looking for a new property income stream. It's also a good thing to do if you want to insure your property is occupied and maintained. If you're planning on travelling, however, the process involves more than just handing over the keys to a set of tenants. From setting the right rent price to choosing a trustworthy tenant, there are many steps that you have to go through to have a successful rental experience.

Before you list your space, it's essential to put a solid lease agreement in place. This legally binding document outlines the rights and responsibilities of both landlord and tenant, which helps to avoid any misunderstandings later on. Paperwork, however, is just one piece of the puzzle. Here are some tips to help you to lease your apartment with both confidence and clarity.

• Get to know the rental laws. Before you do anything, familiarise yourself with local and state laws related to renting. Rules can vary widely depending on location and may include restrictions on how much you can charge for security deposits, timelines for returning them, notice periods for eviction or lease termination. There may even be guidelines to follow around rent increases, and you need to be aware of this. Knowing what your legal responsibilities are as a landlord prevents you from unintentionally violating tenant rights. 
• Set the right price. If you price your apartment too high, it could sit vacant for longer than you expect. Too low and you risk leaving money on the table and out of your own pocket. Start by researching comparable listings in your area and consider the factors like square footage, location, the building amenities, and the condition of the apartment as it is now. Consider consulting a real estate professional or property manager for guidance if you're not sure. Competitive pricing doesn't just attract more applicants, but it also improves your chances of finding a reliable tenant quickly.
• Make your listing detailed. Your rental listing should be informative and appealing, so use high quality photos taken in good lighting that showcase the space properly. Highlight the important features like appliances that might be included, storage spaces, parking, laundry, pet policies and proximity to schools or public transit. The more transparent and detailed the photos are, the more likely you'll attract serious inquiries and weed out those who are not a good fit.
• Screen your tenants carefully. You should never rush the tenant selection process. Thorough screenings are your best defence against future problems and this includes checking credit reports, verifying employment and income, and contacting previous landlords for references. You want someone who's going to pay the rent on time and look after the property as if it's their own, and that means you need to make sure that you are going through the motions to do that. Be consistent in your screening so that you can avoid any accusations of discrimination.
• Write out clear rules and expectations. This is the case even if you decide to rent your property out to a friend or relative. Document absolutely everything and be specific about rules for noise, smoking, pets, guests, repairs and maintenance responsibilities. These are basic expectations and they should be communicated both verbally and in writing, and ideally included in the lease itself. With clear guidelines, you minimise the chance of disputes and ensure that everybody understands what's asked of them when it comes to the lease period.
• Take a security deposit. You need to protect yourself from potential damage or unpaid rent, and a security deposit helps you to do that. You should, however, be sure to follow local laws regarding the maximum allowed, how the funds must be stored, and when they must be returned. You need to conduct a detailed move in inspection with the tenant and document the apartment's condition with photos. This will ensure that when the end of the lease rolls around you are aware of what was there at the beginning and any changes that may have been made during the term of the lease.
• Prepare the apartment thoroughly. You need to make sure that the apartment is move-in ready, so make sure that you have bulbs in all of the lights, that the sockets around the apartment work and that any heating and air conditioning also works. If there are built in appliances, these should all be on their best behaviour and you need to make sure that you bring in a cleaning team to thoroughly clean the space. A clean, well maintained unit not only attracts better tenants, but it also justifies your asking rent and sets the tone for how you expect the apartment to be treated.
• Communicate clearly and professionally. Once you find a tenant, keep communication professional and timely. Respond to any questions or maintenance requests promptly and make sure that you're using good communication because this builds up trust. You want to reduce any misunderstandings and help them to maintain a positive relationship with you through the term of the lease. Consider written forms of communication over everything else, so there's a record of all correspondence.
• Regular inspections are a must, but be respectful. You have a right to check in on your property every 3-6 months, but regular check insurance can prevent those small problems from becoming costly repairs. You need to be respectful though, and you have to give at least seven days notice.
• Plan for the end of the lease. Whether your tenant is staying or moving out, you need to plan for the lease's end well in advance. If they are renewing, consider whether any times of the lease need to change for the next time, like the rent price or the lease duration. Begin marketing the unit around two months before the lease ends to minimize vacancy time if you can, and after they move out, reset the apartment the way you did the first time.