How to Rent Out a Single Unit at an Apartment or Condo
While many rental property owners manage entire apartment complexes, you may just be interested in buying a single apartment or condo unit to rent out. This can provide some extra monthly income and serve as a stepping stone on your way to larger real estate investments in the future. Getting started can feel overwhelming, but with our advice, you can successfully rent out a single unit at an apartment or condo in Maryland, Virginia, or Washington, DC.
For more useful tips and trends related to real estate investing, please contact Coakley Realty online or call us at 301-340-8700 today. In the meantime, consider these tips for renting out a single apartment or condo unit.
Learn About Any Restrictions
Before you buy a condo or apartment to rent out, contact the condo owner association (COA) to learn about rental policies and restrictions. For instance, some associations put a cap on the number of units that can be rented out at once. If the complex is already at its rental limit—many require owner-occupied condos to comprise 70 to 75 percent of all units—you may need to look elsewhere.
You should also know that COAs can decide to eliminate owner rentals at any time. If this happens, your tenants would be ordered to vacate when their lease ends, and you would either need to sell your condo or move in. Also, if an extensive repair is required, the COA Board of Directors could increase your fees without your consent, draining much of the extra cash you hoped to make from renting out a condo unit.
Learning about these restrictions and stipulations will tell you whether you want to become involved with one COA over another.
Take All Expenses into Account
If you find a high-quality condo rental to purchase, you’ll need to set a rental rate that covers all of your monthly expenses. These include:
- The mortgage payment
- Condo owner association fees
- Property taxes
- Maintenance and repair costs
- Potential legal fees if eviction is ever required
Then, add about 10 to 20 percent to your monthly costs so the rental rate doesn’t merely break even with your expenses. After all, the goal is to have money left over so that you make a profit for your efforts.
Hire a Property Management Company
You can still benefit from renting out an apartment or condo without acting as the landlord. Hand over responsibilities such as marketing your rental unit, screening tenants, collecting rent, handling tenant complaints and maintenance requests, serving eviction notices, and much more—all while remaining the owner and benefiting from a boosted monthly income.
Apartment & Condo Property Management in MD, DC & VA
Whether you own one or 100 rental properties, acting as the landlord can be stressful and time-consuming. Coakley Realty is here to take the burden from you, so you can free up your time to pursue other investment ventures in the future.
If you’re still in the process of purchasing a single unit at an apartment or condo, contact our professional team to assist you every step of the way. We can help you buy the property, draft a lease, and get your first tenant locked in.
Contact us online or by phone at 301-340-8700 to turn your investment plans into a reality.
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