A list of ten states with the highest average rent in the U.S. lists Florida last. Of course, this isn't surprising -- Fort Lauderdale, FL, is warm and sunny. High rental prices make sense.
Florida's summer appeal might be why you're considering listing your home for rent. Before you get excited about your future rental income, you should slow down and consider a few things.
Are you aware of the rental process for Fort Lauderdale and how to prepare a home for rent? Do you know how to list a property for rent? Our Fort Lauderdale rental guide has all the information you need.
Assess Your Situation
Here are two things to consider when buying a property to rent: can you afford another property? If not, are you comfortable renting your vacation home?
Also, consider if you want the property to be a short or long-term rental. The former is seasonal and gives you more time at the property. Long-term rentals give you a more consistent source of income.
Learn the Laws
Did you know that vacation home renters in Fort Lauderdale must register with the Florida Department of Revenue and Broward County to rent these properties? Short-term rentals must renew this annually.
At best, you'll be told you can't rent your vacation home without registering. At worst, you face legal fines and lawsuits if you rent without proper documentation.
Spruce Up the Property
Vacationers want cheap prices and good-looking properties they can imagine living in. Here's what you need to do before listing your home for rent:
- Repair and renovate
- Declutter and deep clean
- Remove personal photos and items
- Furnish and stage rooms
Don't list the property until it's prepared for rent. Pictures with unfinished renovations or false listing descriptions will put potential renters off.
Set a Rental Price
A rental analysis will help you set a fair price for your rental. A property management company can find your property's worth with market research trends. We account for things like:
- Property location and size
- Property condition and amenities
- Rental prices of nearby comparable properties
Remember that prices should fluctuate with market conditions to maintain a consistent return on investment (ROI). Consider lowering the rent during the off-season or first-month discounts.
Create Your Listing
Understanding how to list your property for rent is a matter of good marketing. Put your property out there as renters' best choice and tell them what you've got to offer.
Include high-quality pictures and a list of nearby amenities. Give honest property descriptions and transparent pricing and rules.
Your Handy PMI Fort Lauderdale Rental Guide
Listing your home for rent requires honesty. Be honest with yourself; don't try circumventing the law, and accurately list and price the home.
You can list a property for rent by yourself. However, a property management company can do it much easier. PMI Matching Property is a team of real estate, accounting, and property management experts.
We specialize in short-term vacation rentals and can handle maintenance, marketing, listing, etc. Contact us and let our team help make your landlording journey easier.
