What To Consider In Rental Properties


Selecting the right rental home to meet your particular needs should start with some simple planning and  information.


  • Determine a Monthly Rental Allowance. Some use a ‘rule of thumb’ figure equal to one-forth to one-third of gross monthly income. Most importantly, establish a monthly rental payment range with which you will feel most comfortable. Be sure to investigate what is included with the rent (electricity, water, garbage, etc), and which costs will be in addition to the rent. This varies greatly from city to city.
  • Learn about the Rental Market in your Destination City. Utilize your agent to help get a general overview of the area’s rental market. Find out how tight the rental market is, what types of rental properties are most plentiful, and what average rental costs you can expect. This will help you understand your general options and how fast you may have to act to get what you want.
  • Locate Various Services & Sources for Finding Rental Properties . Depending on our destination, they may  include:


1. Real Estate Broker

Your broker can provide rental assistance. In some cities, landlords are able to list rental properties on the real  estate Multiple Listing Service, which is accessed by you  real estate broker.


2.  Renter’s Magazines

These magazines are free guides paid for by advertisers which primarily offer photos and maps associated with apartment complexes.


3.  Rental Services

Many cities have independent or franchised service agencies that will direct you to area rental opportunities. Names can be found in the Yellow Pages or by calling the local Chamber of Commerce. Some will simply provide listings, while others may counsel you in selecting appropriate properties and personally set appointments to tour such locations. In some instances, these services are provided at no charge; in other instances, there is a fee.


4.  Property Management Companies

They will be able to refer you to available rental properties which they manage, but will not be a resource for all rental properties in the area.


5.  Local Newspapers

Local newspapers are excellent and timely sources of current rental opportunities. Most newspapers can also be found online, making this a convenient option.


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