Almost 40% of Americans are considering relocating in 2024. Their primary motivation is to live somewhere safer and more affordable. Several cities in Nevada offer these and more, including Henderson, which is among the safest large U.S. cities.
So, why not use that chance to earn passive income and rent out your house in Henderson? By becoming a landlord, you can benefit from the potential influx of renters moving to the city.
If you're unsure how to rent a house out, don't worry; this house leasing guide explains the basics, so read on.
Know the Rental Laws
One of the most crucial renting property tips to abide by is to familiarize yourself with federal and state fair housing laws. These include avoiding any action the law may deem discriminatory against prospective tenants. For instance, no landlord shall discriminate against an applicant based on their:
- Color
- Familial status
- Gender
- Handicap
- National origin
- Race
- Religion
You should also know your rights and obligations as a landlord and those of your soon-to-be tenants. Ensure all these details are in writing and stated in the lease or rental agreement.
Set the Right Price
To become a good landlord, you must know what it's like to be a prospective tenant searching for the perfect rental. In this case, one of the things you must consider is the rental price.
Prices that are too high for what they're worth will surely put off prospective tenants. Conversely, prices that are too low can attract the wrong crowd.
In either scenario, you, the landlord, will have difficulty finding and placing tenants.
You can determine the right price for your rental property through a comparative market analysis. It involves checking the prices of properties comparable or similar to yours within the same area or neighborhood. Alternatively, you can work with a property management company that will give you a free rental analysis.
Prioritize Property Safety
Under the law, Henderson landlords must provide their tenants with safe and habitable housing.
So, before renting out your house, ensure it meets health, safety, and building codes. For instance, it should be free of molds and pests. It should also have electrical, plumbing, roofing, and HVAC systems in good working condition.
A comprehensive property inspection can help determine if your house satisfies those requirements. If not, you should first have reputable contractors repair whatever needs fixing. These experts can also give tips on the best updates or improvements to boost your property's value.
Rent Out Your House Successfully
To rent out your house in Henderson, NV, successfully, start by understanding the laws. Then, do your research to price the property right and ensure it's safe and habitable for future occupants.
PMI Henderson, Tayken, Inc., Broker can help you with all that (and more!). We can help you price your property right, screen tenants, collect rent, enforce the lease, maintain your property, and protect you from evictions. We're also proud to be a member of PMI, a property management company with over two decades of history serving landlords and tenants throughout the U.S.
So, speak with us today to learn how we can help you maximize rental income! We'll also gladly provide you with a free rental analysis.
