What is the shortest time you can rent a property?

The typical duration of a short-term rental agreement is up to six months , though it can also be as short as one week or even one or two nights. A short-term letting arrangement is a common choice for those looking for accommodations for a little length of time.

Do you need a license to be a landlord in NJ?

No, but New Jersey law does require landlords to file a Landlord Identity Registration Form or obtain a Certificate of Registration from the Bureau of Housing Inspection of the Department of Community Affairs if renting to tenants. This certificate must be provided at the time of the execution of the lease.

How to turn primary residence into rental?

Step-by-step guide to converting your primary residence Check if you can rent out your property. ... Get necessary permits and licenses. ... Check your insurance. ... Make required repairs and upgrades. ... Determine rental price and create a lease agreement. ... Market your property and screen potential tenants. More items... Mar 6, 2024

How can I make my rental property more profitable?

13 Tips for Maximizing Rental Income as a Landlord Resident-Proof Your Property. Purchase The Right Insurance. Crunch the Numbers. Create An LLC. Make Use Of Tax Breaks. Make Use Of A Written Lease Agreement. Choose Your Property Management Company Wisely. Purchase A Home Warranty. More items... Sep 8, 2022

What is the 90 day rule on Airbnb?

Airbnb doesn't allow properties to be rented out for more than 90 nights per year . If your limit for bookings is reached, Airbnb will automatically close your property until the end of the calendar year. In addition to 90 consecutive days, the 90-day limit also applies to 90 days spread throughout the year.

How to get around the Airbnb 90 day rule?

The truth is that the Airbnb 90 day rule is a legal requirement, so if you want to let your Airbnb property for more than the ninety day limit then you will need to apply for planning permission to do so from your local council .

How short is a short term let?

One measure used to define a short-term let is that it fails to meet the minimum duration required for the more common AST of six months. A short-term let – by this definition – is simply one that endures for less than six months .

What is the 6 month break clause?

For example, in a 12-month tenancy agreement that has a 6-month break clause within it, both the tenant and the landlord can end the tenancy agreement after a period of six months has passed from the start date of the same tenancy agreement .

What is the longest you can be late on rent?

However, even in states where landlords decide their grace period lengths, it's typically no more than a few days . The most common amount of time is three to five days before fees are incurred. Landlords are able to charge tenants late fees as soon as the grace period ends.

What is the meaning of short let apartment?

What is a Short Let? A short let is any property that is rented out for a specified period of time . Just as the name implies, it is usually let out for a short period of time which could range from weeks to months. It could include self-con rooms, two-bedroom or three-bedroom apartments, bungalows, and even duplexes.

Getting Your Income Property Ready to Rent Quickly (2024)

By: Author lindseymahoney

Posted on Published: August 8, 2019- Last updated: August 8, 2022

Last Updated on August 8, 2022 by lindseymahoney

Preparing an Income Property for Renters in 30 Days

This timeline obviously depends on the current condition of the property, but referring to this list will help to get your rental ready as quickly as possible.

1 | Get Access to the Property

In most cases, you will receive the keys to your income property at the title closing. In the case of our second income property, we purchased it sight unseen and the current owners lived out of state and had never even seen the property. They did not have keys to provide so we immediately called a locksmith to access the property.

2 | Transfer/Turn on Utilities and Assess the Systems

Ideally, you will have called the utility companies prior to close to alert them of the transfer. If a property has been vacant with utilities (water, gas, electric) turned off, you will need to get them turned back on.

Our second income property had signs on the door that the pipes had been winterized, but when we turned on the water, we found that some of the copper pipes had burst. Our first task was to find a plumber to quickly repair the pipes to access the water.

3 | Create a List for Renovations

Similar to managing a fix and flip investment property, create a spreadsheet to manage and track all repairs needed. Add a column for the cost and when the project needs to be complete. You will begin to see a timeline emerge and an estimate of costs to get the property rental ready.

Getting Your Income Property Ready to Rent Quickly (2)

Reach out to multiple contractors/companies to compare quotes for jobs you need to hire out. You want the job done right, but it is important to know all price options.

Make all necessary repairs to create a safe living environment for renters. Fix any leaks or safety hazards to keep everyone in the home safe.

4 | Cosmetic Updates

When I am getting a property ready to rent, I always ask myself, “would I sleep in this house?”.

Getting Your Income Property Ready to Rent Quickly (3)

I want to make sure a home feels clean, safe and taken care of. This doesn’t mean I sink a bunch of money into it, but a clean house with basic necessities is important.

Give the walls a fresh coat of paint (neutral colors are best)
Hire cleaners to DEEP clean the house
Have carpets professionally cleaned (if you have them). This may not be required after every turnover, but carpets should not smell or look filthy
Install blinds – this is an easy step to skip, but is really nice for renters. Blinds make a house look so much better from the exterior and it prevents renters from having to take up ugly blankets if they don’t want to buy curtains.

5 | Install Smoke and Carbon Monoxide Detectors

When renting an income property, you have to have smoke detectors and carbon monoxide detectors installed properly throughout the home.

6 | Give the Exterior Attention

Even if you don’t live in your rental property, it is still important to show pride in a home that you own. Give your income property a little curb appeal.

Cut the grass
Clean out flower beds
Power wash the siding (if necessary)

Getting Your Income Property Ready to Rent Quickly (4)

These steps to prepare your property to rent will attract more buyers, especially ones that have pride in where they live. An ideal renter will treat the property like it is their own and take care of it.

How to Find Qualified Renters

Take Great Photos

Open the blinds, turn on lights to capture light and bright images of each room.
Add light staging to a few rooms – a hand towel, soap, or a plant on the counter.

Getting Your Income Property Ready to Rent Quickly (5)

Research the Rental Market

Check out similar rental properties nearby to determine monthly rent.

Other questions to answer:

Review comps to determine monthly rent
What is your lease length? Do you allow month to month? One year? Two year?
Do you allow pets?
Who will pay utilities?
Who maintains the yard? Will you offer a monthly credit if the renter maintains it?
What addendums do you want to include in your rental agreement? Ex: No smoking addendum

Upload Listing to Rental Websites

Create a detailed description of your rental property and upload your listing to rental websites like Zillow, Turbotenant & Apartments.com. Candidates will be able to apply online and complete a credit check and backround check on one platform.

Meet Candidates & Tour the Property

When you find a few qualified candidates, meet them at the property for a tour. Once you find a renter, fill out the rental agreement and transfer utilities to their name on the move-in date.