Do you live in Orlando? Do you want a way to make passive income?
If so, you should own an investment property and rent it out. Right now, the average rent in Orlando is $1,769 per month.
However, you may have no idea how to go about writing a lease for potential tenants. Don't worry, we are here to help.
This guide explains everything you need to know about rental leasing.
Decide the Rental Type
The first thing you need to do is decide what type of rental property your place is going to be. You have two main options with this.
You can decide to target tourists and make your property a short-term vacation rental. Or, you can target people who want to move to the area and make it a long-term rental.
There are not only pros and cons to each option but Orlando also has different laws and permits for each type of rental. You need to look into this to make sure your property is legally compliant before moving a tenant in.
Deciding the Security Deposit
The next thing you need to think about is what you want to charge as a security deposit. This protects you in case there is either property damage or missed rent payments from a potential tenant.
In Orlando, security deposits give landlords a bit of an advantage. The reason for this is that there is no maximum amount that a landlord can charge a tenant for a security deposit.
However, there are laws about when the security deposit has to be returned. If there are no issues, the tenant must receive it within 15 days of moving out of the property. If you have to make any deductions from the security deposit, you will need to provide a written notice to the tenant within 30 days.
Allowing Pets
One term that may be controversial to some people is whether an apartment building permits pets or not. Some landlords may not want to risk the property damage and liability that comes with pets. However, other tenants may see the profit potential of allowing pets in their apartment building.
You have to decide for yourself whether it's a good idea to allow pets on your property or not. If you decide not to allow pets, this needs to be clearly stated in your rental lease agreement.
If you decide to allow pets, then any fee you charge for them has to be clearly stated on your rental lease.
Get Help With Rental Leasing
These are just a few things to know about rental leasing. Have a clearly defined type of apartment, security deposit, and rules on pets.
Do you need help making these decisions while renting out a property? Talk to experts from Right House Realty.
Our company may have only been around for a few years but our realtors have the experience needed to give you the best advice for your property issues. We're dedicated to driving success for your investment.
Do you want to know more? Message us here today.
