The State of Renting
in 2023
1. Choose the Right Rental
- Type of Property - Location - Finances - Rules About Pets - Parking
It’s important to find a place that fits your lifestyle. Make a list of your priorities, and consider the following before signing a lease:
2. Sign the Lease
When you find a place you love, it’s easy to skip to the bottom of the document and sign, but renters should read the lease terms carefully before signing.
3. Communicate With Your Landlord
Make sure you are confident in their trustworthiness, and evaluate how they respond to your questions and concerns early in the process. Watch for these potential hurdles:
- Discriminatory Practices
- Verbal Agreements
1. Time Your Purchase
- Evaluate the Area - Learn Local Laws - Purchase Landlord Insurance - Get the Property Ready for Tenants
Buying a property is an investment of time and money, even if it’s not your first rental. Consider factors that could make or break your purchase:
2. Establish Tenants
Ask any landlord and you’ll hear that the right tenants are the key to lasting success with your rental property. A few steps will increase the likelihood of meeting the right people at the right time.
Final Thoughts
If you have the means to purchase a rental property, 2023 may be a great time to become a landlord or expand your rental business. In addition, if the housing market continues to have difficulties due to higher interest rates, this year may be a better time than ever to be a renter.
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