I get inquires all the time about Leases: How much would I receive if I made my property available for Lease ?
First, single family homes are typically not ideal income property over the long term. You would usually receive much more income from a bonafide income property: duplex,4-plex, etc. But that is a separate conversation.
But to answer what homeowners want to know, – here you go :
The amount you get for a lease has little to do with the
Market Value of your property.
It has everything to do with:
1] Who you accept as a tenant:
How strong is the credit score?
Is it one single family,
or a “group” who are sharing the cost?
Are they property owners elsewhere?
Do they have ties to the community?
2] Terms
Long –term lease – 12 months or more
Month –to-month with no guarantee
Holiday/vacation rentals [ 30 days or less]
3] Conditions
Pets? Young Children?
Who pays Gardener/Utilities/ Pool service, etc
Furnished ?
There are so many variables that when you review a reported final lease price,
there is really no way to evaluate or compare unless you know the answers
to all of the questions above.
You also need to consider insurance requirements, security depoit, remedies for
late payments, etc. It can be a complicated matter, so contact a Professional realtor for assistance. If you have further questions, please feel free to call me anytime at 323-656-8140 or 424-249-7170.
You also need to consider insurance requirements, security depoit, remedies for
late payments, etc. It can be a complicated matter, so contact a Professional realtor for assistance. If you have further questions, please feel free to call me anytime at 323-656-8140 or 424-249-7170.