Common Elements in renting your property

There are a number of elements that are common to all residential rentals.

Clearly one of the first items to look at is the actual rental unit itself. Whether it is a single family detached home, a townhouse or a condo, you will need to know how competitive your unit is in today's rental market.

Knowing how competitive it is, is merely a function of knowing how much rent you can ask for and not shy away rental applicants. You'll have to compare that against your expenses, especially your monthly loan amount.

The condition of your rental will also determine to a large degree what type of a tenant you're going to attract. Not every rental unit is a palace and there is a lot of business to be done with renters who are less than kings and queens.

What time of the year it is when you start to market your rental is also important. Knowing when the peak of rental traffic moves through your town is the difference between a rented unit and a vacant one.

I'll touch on all of these items in the very near future.

Ray