Real Estate Property Leasing True Or False

1. A Fair Lease, per month, is 1% of the home’s value. This is generally TRUE. I have seen a trend towards 2 prices, one with yard maintenance and other items (pool, spa, etc.) and one without.

2. Short term leases can be rented for more than a long-term lease. TRUE. Because the property owner has more risk of a vacant property, the market rewards the property with a higher monthly rental rate.

3. Getting your “price” is the most important item in leasing. FALSE. The most important item is finding a tenant who will pay on time and will treat your property properly. I feel that this is more important than any other factor when renting your property.

4. Always buy properties to rent in a good school district. TRUE. The home values will tend to rise faster or hold longer in a good school district.

5. You have to be a handyman to have Rental Properties. FALSE. With today’s Home Warranty programs, owners can purchase a Home Warranty and use these companies as their ”Mr. Fix-It”.

6. Adding NO SMOKING or NO PET clauses will severely restrict your home’s ability to rent. MAYBE. I understand the owner’s wanting to control the property and potential damage. Owners can restrict their leases in this manner although I would encourage an owner to approve pets on a case-by-case basis.

7. An Owner can restrict property to “No Children” or by Age. FALSE. This is a violation of Federal Law; to my knowledge the lone exception to this is if the property “Seniors Only Community”.