How to Rent Your Apartment Easily?

The rental housing business has grown over the years, with new legislation and registration systems that help to protect landlords against the potential risk of tenants disrupting the terms and conditions of the rental agreement. When it comes to giving their property out on rent, owner's concerns generally centre around the amount of rent to be charged, tenant’s ability to pay inquiries about the lease agreement, lock-in period, security deposit, verifying tasks, and registrations if any.

How To Rent Your Apartment

Once your home is open to rent, figure out your monthly costs and estimate similar rental properties in the area to plan your list price. When you publish your ad for rent, you’ll want to highlight practical features to help sell the property to proposed renters. Many real estate experts opine that the amount to be charged as rent is immediately related to the home’s value. Usually, the rental amount is 0.8 % to 1.1 % of the home’s total cost. Other factors that can be weighed are the location of the property and amenities that are being provided (semi-furnished, fully furnished property). Other visible charges, such as maintenance costs, may also be incorporated in the rent. Be attentive of times of year that are more attractive to renters—March through August are typically the best times to find a tenant.

Residential land for sale in Cochin

Screen potential tenants

Once you recognize a potential tenant to rent your apartment out to, ask them to fill out an application includiing their name(s), employer, previous landlords, and references. You’d also be wise to get their Social Security numbers and get signed permission to verify their credit reports and criminal backgroung. Be conscious of landlord and tenant rights, which differ by region but legally administer fair treatment.

Registration of the lease agreement

All rental agreements should be in written and registered. The rental contract should define the terms and conditions of the lease, the monthly rental price and safety deposit. It should also settle who will pay for the utilities, water, electricity and maintenance costs. The purpose of tenancy should be mentioned explicitly, that is – whether the property is being used for business or household purposes. If the rental agreement is set to terminate and you and the tenant decide to extend the term of the lease for a certain period, then, the extension should also be mentioned. Expert suggests that it is necessary to register the lease agreement, under the Registration Act, to make it legally confirmed. In accordance with the Transfer of Property Law, lease agreements, with a tenure of more than one year, must be registered. The general practice that is served in the market is to get into a lease period for 11 months, with the option to restore it when the period lapses, by another 11 months, rendered certain conditions be fulfilled. Such leases should also be adequately stamped.