How to Set Up for Rentals

If you’re considering renting your property for the first time but you’re unsure where to start, we’ll give you the 411 on how to set up for rentals. We’ll cover some improvements you might consider making, how to calculate the rent price, and the necessary legal documentation.

Without further ado, let’s get right into it.

Short-Term vs Long-Term Renting

When it comes to short-term rentals, the most important thing is making the space feel like a home away from home to your potential tenants. Focus on the design and aesthetics of the place, and include all the important information that the tenant will require, such as the distance between the property and the nearest bus or train station, the best ways to reach the city center, what shops and cafes are close by, and how noisy the neighborhood is.

For long-term rentals, on the other hand, invest in high-quality furniture, quality materials for surfaces, and make sure that the layout suits the needs of the potential tenants.

Regardless of whether you’re aiming to rent your property short-term or long-term, there are a few things that you cannot do without:

• Deep clean the property
• Make small improvements to existing furniture and appliances
• Check if all the systems in the house are in good condition (heating, air-conditioning, plumbing, etc.)

How Much Should You Rent the Property For?

This price for the rent will depend on a few aspects, such as:

• The location of your property (some areas in a city or suburbs are more expensive compared to others)
• Whether it’s renovated (renovated properties are higher-priced)
• The materials used in the renovation (materials of higher quality will increase the property’s value, which increases the renting price)
• The cost of other properties in your vicinity
• The additional amenities that you offer your tenants (maybe the property has a swimming pool, a gym, or a sauna, which increases its value)

Staging Your Home

To offer prospective tenants a great first impression and show them how “homey” your rental is, staging it is a must. To effectively stage your property, follow the steps below.

Declutter and Clean the Property

A cluttered home makes it seem smaller than it actually is and makes it very hard for the potential renter to adequately assess the property. So, before you do anything, you’ll need to get rid of all the knickknacks that are rounding your shelves, the large piles of stacked papers, clothes that you haven't been using, unnecessary items that just take up space, and so on.

After you’re done with decluttering, you can proceed to clean the property thoroughly. Do a deep clean in the kitchen cabinets, wardrobes, closets, the bathrooms, and make sure that each corner sparkles from floor to ceiling.

Remove Personal Items

Potential renters will want to imagine themselves living in the property, so consider removing all of your family photos, personal items, and decorations that make the home feel like there’s someone currently living there.

Add Greenery

Plants make a space feel fresher and more inviting. They aren’t considered personal items, yet add a touch of hominess, which is especially important for long-term rentals. Just don’t over-clutter the space with plants and avoid leaving dying plants out for everyone to see.

Lighting

Lighting is extremely important when it comes to renting out a property, so try to take as much advantage of natural light as your property allows. Open the blinds and curtains to make the space inviting and add more light fixtures if there are some corners that aren’t adequately illuminated.

Furniture

With furniture, the most important advice would be less is more. Don’t over-clutter the room and only include furniture pieces that are of good quality. And if you don’t want to invest in new furniture, you can always rent some furniture for the staging. Add throw pillows and cozy blankets to the couches to make them feel cozier and arrange the furniture so it makes the room feel bigger.

Exterior Appearance

The curb appeal is one of the deciding factors for a lot of renters when choosing a property. A yard and entryway that are well taken care of indicate to the renter that the same can be expected from the space inside. Take a bit of time to cut the grass, trim the hedges, prune the plants and trees, and remove weeds to have the best-looking lawn. And if you have the space, include a patio with a sitting area and even a space for a barbecue that will give the potential renter that cozy Sunday feeling.

Legal Documentation

After considering all the previous steps, you’ll need to look into the legal part of the process, and if you’ve never rented a place before, you may not know how the process goes. If this is the case, it’s best to hire a professional who’ll help you get acquainted with your legal rights as a landlord and the legal rights of your potential tenants. That can even be the professional who drafts your renting contract once it’s time to sign it.

To rent your property out, you’ll need the following documentation:

• Character and employment references from your employer
• Information about your income and employment status
• Documents that confirm your identity and those that give you the right to rent it
• A credit  history
• Other documentation, depending on the specific place where you live

Final Thoughts

Now that you know where to start, you can start planning the process of renting up your space. In previous articles, we’ve gone more in-depth on the topics of renovations for short-term and long-term rentals, so check them out if you want to learn more.