How to Rent Out Your Property - PropertyManagement.com (2023)

Key Points

  • 1 Renting can pay down your mortgage. Ideally, you’ll rent for more than the monthly expenses.
  • 2 Property managers usually charge about 10% of the monthly rent, plus 50% of the first month’s rent when a new tenant moves in.
  • 3 Value is not based on what a seller wants, but what the market is willing to pay.
  • 4 A bad tenant can mean months–or years–of stress, hassles, and financial losses.
  • Why Rent Your House?
  • How to Rent Your House to the Best Tenants
  • The Application Process
  • The Rental Lease Agreement

How to Rent Your House: Questions To Ask Yourself First

It’s a big decision to hand the keys to someone who is essentially a stranger. Before you begin, ask yourself:

Why Rent Your House?

If you’re on the fence about renting vs. selling, you may be unaware of the many advantages renting out your house can bring. The benefits are numerous, as are the potential disadvantages:

Advantages and Disadvantages of Renting Out Your House
AdvantagesDisdvantages
It turns a liability into an asset. For most, homes cost money each month. An asset makes you money.You may get involved in conflicts with tenants, which is time-consuming and could involve legal fees in certain situations, such as evictions.
Renting can pay down your mortgage. Ideally, you’ll rent for more than the monthly expenses – the goal for all landlords.You will need to factor in certain expenses, such as taxes and fees.
You can jumpstart an investment career with no additional costs. Many real estate investors begin this way.You will have to be available to tenants, often at short notice, for their questions, concerns, repair requests, etc.
Holding on to your house means you can return someday – great for someone working out of the area.

A property manager can help mitigate some of these disadvantages, though it will cost money.

Should You Use a Property Manager?

Will you manage the property yourself, or hire someone? A property manager will typically:

  • Advertise for new tenants
  • Sign leases
  • Collect rent
  • Keep track of finances
  • Schedule/complete maintenance/repairs
  • Issue legal notices
  • File evictions

Property managers usually charge about 10% of the monthly rent, plus 50% of the first month’s rent when a new tenant moves in. If you decide to do it yourself, the above responsibilities will be yours to handle. You can save a great deal of money by doing it yourself. How much time you spend every week managing your rental depends on several factors, such as the condition of the home and the quality of your tenants. It may be beneficial to considering outsourcing many of your responsibilities to a property manager if you:

  • Live out of the area or far away from the property (driving to and from to sign leases, respond to issues, perform maintenance etc. will add up)
  • Have difficulty making repairs on your own due to physical ability, time constraints, or being out of the area
  • Need help keeping track of bookkeeping and record-keeping for the property

What Condition Do You Want Your House In?

Your house should be:

How Much Can You Rent your House For?

Value is not based on what a seller wants, but what the market is willing to pay. This means that the market sets the rental amount. You can determine what the market will allow for your house by getting out there and finding out what others in your industry are charging. You can look in many different places to find out this information, such as:

Call landlords, posing as a prospective tenant. Ask questions to determine the “market rate” for your type of house. A three-bedroom, two-bath home in good condition will probably rent for about the same as other three-bedroom, two-bath homes nearby. For more on determining rents, see this guide to fair market rents by state.

(Video) How to Rent Out Your House: The Definitive Step-by-Step Guide | Daily Podcast

How Much Should You Charge for a Security Deposit?

A security deposit is paid by a tenant to ensure they fulfill the terms of their lease. This is not a fee and should be returned to the tenant when they move out, less any needed repairs. You choose the amount, but you should check state and local regulations first. Most landlords charge the equivalent of one-month’s rent, possibly more if there were any red flags on the application. For more detailed information as well as the laws for your state, see this article.

How to Rent Your House to the Best Tenants

A bad tenant can mean months–or years–of stress, hassles, and financial losses. A good tenant? Steady income, security, and peace. Choose wisely!

Advertising for Tenants

Attracting as many prospective tenants as possible will give you the best options. Three easy ways to advertise:

Advantages and Disadvantages of Renting Out Your House
AdvantagesDisdvantages
It turns a liability into an asset. For most, homes cost money each month. An asset makes you money.You may get involved in conflicts with tenants, which is time-consuming and could involve legal fees in certain situations, such as evictions.
Renting can pay down your mortgage. Ideally, you’ll rent for more than the monthly expenses – the goal for all landlords.You will need to factor in certain expenses, such as taxes and fees.
You can jumpstart an investment career with no additional costs. Many real estate investors begin this way.You will have to be available to tenants, often at short notice, for their questions, concerns, repair requests, etc.
Holding on to your house means you can return someday – great for someone working out of the area.

Pre-Screening

When taking a call from a prospective tenant, you can qualify them right then by explaining the rental criteria over the phone. The basic criteria:

  • Gross monthly income must equal approximately three times the monthly rent.
  • A favorable credit history.
  • Applicants are employed, with acceptable proof of required income.
  • Good references from all previous landlords.

If they don’t meet your qualifications, don’t rent to them. Doing otherwise only sets yourself up for problems down the road.

A note on discrimination: Be sure to not discriminate when you are advertising and screening. Federal law defines seven protected classes of people that you cannot discriminate against, which include race, skin color, sex, national origin, religion, disability, or familial status. Even asking questions about the above appears discriminatory.

Showing the Property

Showing units can be a pain – many people don’t show up. To minimize this, you can use one of the following techniques:

  1. Give them the address to drive by and tell them to call back if they are interested. This eliminates those who don’t like the location.
  2. Schedule one showing with everyone. Having multiple applicants show up can be a lot to handle, but it creates a sense of competition and scarcity, garnering more applications.

The Application Process

How to Rent Out Your Property - PropertyManagement.com (1)

Give an application to everyone who is interested, even if you are not (another measure to avoid discrimination accusations). Many applicants ask to mail it or drop it off. You can try to discourage this without pressuring them, but it’s common, so have a process in place to accommodate it.

The Rental Application

The perfect rental application will contain, at minimum:

(Video) How To Manage Rental Properties Yourself and Work Full-Time

  • Names of all potential renters (adults)
  • Date of Birth
  • Social Security Number
  • Phone Number and Cell Phone
  • Alternate Phone Number
  • Previous Addresses (last 5 years)
  • Current Employer (name, hire date, income, contact info)
  • Past Employer (name, hire date, income, contact info)
  • Emergency Contact Information
  • Release of Information Statement
  • Signature for All Tenants

Immediate Disqualifiers

When reviewing an application from a prospective tenant, check for obvious deal-breakers. Disqualifiers include:

  • Gross monthly income that is less than three times the monthly rent
  • Lack of employment
  • No references

The Application Fee

An application fee is essential — do not process any part of the application until you’re paid. A background check runs at about $35 or more depending on which company you use. Check with your state laws to see if regulations dictate the amount.

Background and Credit Checks

If you feel comfortable moving forward, begin your background check. I recommend using SmartMove, offered through TransUnion (learn more about TransUnion here). Smartmove sends the form to your tenant’s email, and you receive results in a few hours.

Deciding what kind of “background” you’ll allow depends on your location and the market. More applicants? More competition – you can be picky. Otherwise, you may need to loosen your standards slightly (only slightly!).

Renters should pay close attention to:

  • Recent felonies (last 7 years)
  • Evictions
  • Bankruptcy
  • Other criminal or negative financial history

It’s up to you whether it’s worth the risk to rent to someone with any of the above, but we don’t recommend it.

Verifying Income and Rental History

Unfortunately, people lie, especially when they already know they aren’t qualified. Always verify information, beginning with the employer.

Ask:

(Video) How to Set Up Your Home to be a Rental Property

  • How much do they currently make?
  • How long have they worked there?

Next, call their previous landlords for the past five years. Don’t call their current landlord – many lie to get rid of bad tenants.

Questions to ask previous landlords:

  • How long did the tenant rent from you?
  • What was their monthly rent?
  • Did they give proper notice when vacating?
  • Did they receive back their security deposit?
  • Would you rent to them again?

Accepting or Denying an Applicant

After completing the above, decide whether you are comfortable renting to the applicant. To avoid discrimination complaints, be clear that you process applications on a first-come, first-serve basis, and document denials in writing.

Act quickly to inform an applicant of approval as they’re likely looking at other properties. Let them know that to hold the property, a non-refundable deposit is due within 24 hours of approval. (Or they can pay it when the application is filled out, and get it back if they don’t qualify. This may secure you a tenant faster from a larger pool of good applicants.) This will become the security deposit later on.

Be sure to sign a “deposit to hold” agreement stating:

  • The applicant has until X date to sign a lease agreement.
  • If not signed by that date, the deposit will be forfeited.

Make two copies – one for you, one for the tenant. Try to schedule the lease signing for as soon as possible to minimize wait time.

The Rental Lease Agreement

How to Rent Out Your Property - PropertyManagement.com (2)

State-specific lease agreements are available at EZLandlordForms.com, USLegalForms.com, Staples, or your attorney. There are free leases online, but most are not legally binding, so you should skip them. However, it can be helpful to view a lease template online to get an idea of what is covered in the agreement.

Lease agreements can vary in length and content. Most contain the following:

  • Names of tenants
  • Address of the rental property
  • Lease term length (1 year, six or nine-month, or monthly. Make sure to get the right length on the form)
  • Rent amount
  • Security deposit amount
  • Late fee protocol
  • Move-in condition report
  • Rules for pets, utilities, smoking, etc.

You may also need to provide additional documents, depending on the laws. For example, if your home was built before 1978, you must provide a pamphlet called “Protecting Your Family from Lead in the Home.”

(Video) 7 Tips to Make Your Rental Property Completely Rent Ready

How to Sign a Lease Agreement

Schedule a signing at the property. Walk the new tenant/s through each provision, step by step, signing (in blue ink) as you go. This may seem tedious, but will protect you if the tenant claims, “you didn’t tell me that” later.

Accepting the Rent

Collect the first month’s rent when signing the lease. In the future, you can have them mail it or use an online system. To avoid scams or insufficient funds, only accept certified money, such as a money order or cashier’s check.

The Move-in Condition Report

Before handing over the keys, take the move-in condition report. You both inspect the property, taking notes on the conditions and documenting all flaws. Take photos too. This protects both your interests when it’s time to move out. Keep a signed copy on file. Don’t skip this — many states have ruled that a landlord cannot deduct charges from the security deposit if this report was not completed upon move-in.

Handing over the Keys

Once the lease and move-in report are filled out and signed, and the rent is paid, you can hand over the keys!

What if Things Go Wrong?

Congratulations! You’ve turned your vacant house into a new home for great tenants, and yourself into a real estate investor.

The work isn’t over, though – it’s just beginning. Being a landlord is a huge responsibility. You must ensure rent is paid on time, facilitate repairs, enforce rules, and keep expenses in check. Hassles are unavoidable, and you’ll face issues you didn’t anticipate, but you are much more prepared than you were 2000 words ago! For more information, check out the resources below, which will save you countless hours, headaches, and dollars.

Related Resources

(Video) Just Start with 4 Rental Properties | Investing for Beginners with Clayton Morris

  • California Rental Law: Tenant and Landlord Rights and Responsibilities
  • A Guide to HOA Rules
  • Property Management for Apartments
  • How to Find a Quality Property Management Company
  • Property Management for Single-Family Homes

FAQs

Is it easy to rent in Georgia? ›

Georgia is also renter-friendly (according to data from Yardi Matrix), meaning that the average rent is quite reasonable statewide. While higher averages are recorded mainly in the thriving Atlanta area, $1,235/month, the rest of the state's largest cities are much more affordable.

How do I get rid of a management company? ›

Changing Property Management Companies in 2022
  1. Step 1: Assess the Structure of Your Lease. ...
  2. Step 2: Check For a Breach or Cause to Terminate. ...
  3. Step 3: Give Notice. ...
  4. Step 4: Receive Confirmation and Notify Other Leaseholders. ...
  5. Step 5: Receive Completion Paperwork and Hand Over Any Funds.
Jan 28, 2022

Does it make sense to rent out my house? ›

Renting Your Home Could Provide Monthly Cash Flow

Plus, the market value of the home continues to increase over time. If the house is in good condition, in a favorable rental location, and you have adequate cash reserves, renting could be a wise decision.

Is rental property worth the hassle? ›

If you have your financial house in order, especially as interest rates climb, rental properties can be a good long-term investment, Meyer says. A rental property should generate income monthly, even if it's just a few dollars at first. Do the math to make sure the property you're considering is right for you.

How much tax do I pay on rental income in GA? ›

Personal income tax (PIT) at 5% is applicable to the rental income derived by an individual as a result of renting out residential space to an organisation, legal entity, or an individual for residential purposes if the individual does not make deductions from this income.

Do you get taxed on being a landlord? ›

As a landlord, you pay tax on your net rental income, which means your total income minus any allowable expenses.

Can you remove a property management company? ›

The answer? Yes. he way your property management company is managing your building or you simply hold the majority of the value in your building and want to control the way it is being managed, there are plenty of options available for you if you wish to change your property management company.

How do I resign from a property management company? ›

You should always put your resignation in writing and hand the letter to your manager at your resignation meeting. This cements your decision, and confirms the details that your employer will need to know. It ensures that there is no confusion on either side.

How do I break up with my property manager? ›

Preferably, you should send notice by certified mail to document the date of termination and proof of receipt. Most contracts require a specific timeline for notice. If at all possible, provide this window of notice or risk breach of contract accusations.

Is it better to sell or rent your property? ›

Selling your home might be the better option if you need the money to pay for your next home, have no interest in being a landlord or stand to make a large profit. Renting it out might be a better choice if your move is temporary, you want the rental income or you expect home values to go up in your area.

What are the cons of renting out a house? ›

The drawbacks of having rental properties include a lack of liquidity, the cost of upkeep, and the potential for difficult tenants and for the neighborhood's appeal to decline.

How does renting out a house make you money? ›

Rental properties can be a great way to generate income, so long as your operating expenses aren't too high and your rent price is competitive. Rent payments, security deposits, move-in fees, and pet fees can also help cover your monthly expenses and leave money left over to save for future costs.

How much profit should you make on a rental property? ›

Keep in mind, when it comes to real estate cash flow, calculating your expenses and rental property income will be your number one key to success. Anything around 7% or 8% is the average ROI. However, if you'd really like to succeed, you should always aim higher at around 15%.

What is the 2% rule in real estate? ›

The 2% rule states that the monthly rent for an investment property should be equal to or no less than 2% of the purchase price. Here's an example of the 2% rule for a home with the purchase price of $150,000: $150,000 x 0.02 = $3,000.

What is a good cash flow on a rental property? ›

Any positive cash flow is better than negative cash flow, yet it should still be substantial enough to make your investment worthwhile. Generally speaking, a cash flow of at least $100-$200 per unit can be considered good.

Do I need a license to rent my house in Georgia? ›

There is no Georgia landlord-tenant law stating local landlords need rental licenses. However, you may need a license in some cities or counties. Check with your local authorities to learn the rules in your part of the state.

How is rental income taxed monthly? ›

Rental Income is filed on or before the 20th of the following month. For example, rent received in January is declared and tax paid on or before 20th February. Complete a monthly tax return online via iTax by declaring the gross rent and tax payable will be computed automatically at a rate of 10%.

Who pays tax on rental income? ›

In most cases, the tenant is responsible for paying council tax at a rental property.

How does the IRS know if I have rental income? ›

Ways the IRS can find out about rental income include routing tax audits, real estate paperwork and public records, and information from a whistleblower. Investors who don't report rental income may be subject to accuracy-related penalties, civil fraud penalties, and possible criminal charges.

How can I avoid paying tax on rental income? ›

Tips on How to Reduce Tax on Rental Income
  1. Recent tax changes for landlords. ...
  2. Claiming all expenses. ...
  3. Creating Joint Ownership. ...
  4. Form a limited company. ...
  5. Reducing through Extending. ...
  6. Short-term Tenants. ...
  7. Utilizing all available tax-bands. ...
  8. Utilize mortgage interest by changing to an offset buy-to-let mortgage.
Jul 4, 2022

How much rent is tax free? ›

If you live in a metro city, 50% of your salary is eligible for HRA deduction. If you live in a non-metro city, 40% of your salary is eligible for HRA deduction. 10% of your basic pay minus the total rent you pay.

Are property management companies legal? ›

A property management company is made up of all the owners of apartments in a development. It is legally responsible for maintaining the standard of the development. This means that you, and the other owners in the apartment development, are responsible for the upkeep of the apartments and of all the common areas.

Who appoints a property management company? ›

Your landlord or Freeholder will initially appoint the managing agent for your development if your lease allows it. The lease will normally be a Two-Party Lease – between the freeholder/landlord and the leaseholder/property owner.

Can residents take over management company? ›

So in reality, residents can't necessarily take over management of their block – but leaseholders (owners) can. By leaseholders this means someone who owns a “long leasehold” flat ie with a lease that was originally granted for at least 21 years.

How much notice should you give when leaving a management position? ›

While giving two weeks' notice is customary, you can certainly offer a longer notice period if you haven't already committed to a start date with another organization. Your employer may welcome the extra time to hire your replacement and transition your responsibilities.

How do you write a notice to leave your property? ›

You should say something like: “I am giving 1 month's notice to end my tenancy, as required by law. I will be leaving the property on (date xxxxx). I would like you to be at the property on the day I move out to check the premises and for me to return the keys.

Why do property managers quit? ›

Many property managers work long hours to go above and beyond for their clients. This might mean skipping lunch breaks, attending inspections outside of business hours or taking client calls on the weekend. Not only does this destroy any semblance of work-life balance but it also causes stress and burnout.

What are the cons of being a property manager? ›

Con: Managing a Rental Property Requires Constant Attention

Every property differs from the other. Tenant issues range depending on the tenant. Whether you're self-employed or work for a property management company, there is a long list of tasks. Be prepared for off-duty tasks or dealing with emergencies as well.

Do property managers handle everything? ›

Property manager responsibilities include setting and collecting rent, handling maintenance requests, filling vacant units and potentially setting the budget for the property. Property managers often take care of property that real estate investors either do not live near or do not wish to personally manage.

How stressful is being a property manager? ›

Whether it's demanding residents or unreasonable board members, maintenance headaches or a barely-under-control work schedule, a property manager is in a unique—and uniquely stressful—position. No one knows this better than the property managers themselves.

Why Owning a property is better than renting? ›

As a renter, you don't build equity over the long term and if you leave, you don't get to take any profits with you. Owning a home can be empowering and emotionally rewarding. The money you spend on your mortgage every month and improving your home yields a long-term investment benefit for you instead of a landlord.

What month is the best to sell a house? ›

Sellers can net thousands of dollars more if they sell during the peak months of May, June and July versus the two slowest months of the year, October and December, according to a 2022 report by ATTOM Data Solutions.

Should I keep my house as an investment property? ›

Owning a rental property is a safe investment and an even better asset that can make money during periods of high inflation. It gains value when inflation is high and creates cash flow from renting during any economic period. It's really a win-win.

How do you know if a rental property is a good investment? ›

Property must generate at least a 15% ROI, cash on cash

That means the rent minus the debt (if mortgaged) and expenses must equal 15% or more. For example, a $20K down payment would have to yield at LEAST a yearly cash flow of $3,000.

Is rental property a good investment in 2023? ›

2023 is a balanced year for housing supply and demand. This is ideal for retail purchasers and rental property investors. No longer a “seller's” market. Rising interest rates raise the monthly mortgage payment, which reduces homebuyers and lowers property values.

Is owning rental property stressful? ›

Make no mistake; there are a TON of positives to owning rental property. However, don't jump into the rental property game without seeing that there are negatives and it can get very stressful. People often overlook things like times of vacancy, tenants who don't pay rent, and maintenance issues.

Can you live off of rental income? ›

Effectively managing and maximizing cash flow for your investment properties will allow you to live off the rental property income. Several factors can impact your ability to maintain a positive cash flow. You'll need to show your rental property in the best light possible to attract high-quality residents.

Is rent to rent worth it? ›

Effectively Rent-to-Rent is like buy-to-let - without having to buy. If managed properly it will make you profit, but as you don't own the property yourself, you won't get the return-on-investment from an increase in the value of the asset.

Do most landlords make money? ›

In the US, the average profit for landlords is an average return on investment (profit) of 6.8%. Many landlords lose money because of tenants that don't pay fully and/or tenants who damage property. Landlording is certainly far less profitable than making I phones (a 40% return) or many other investments.

What type of rental property is most profitable? ›

What Types of Commercial Properties Are the Most Profitable? High-Tenant Properties – Typically, properties with a high number of tenants will give the best return on investment. These properties include RVs, self-storage, apartment complexes, and office spaces.

How does rental property affect taxes? ›

California Rental Income

For a regular rental property, there is no difference in how California taxes business owners. Income is still taxed at the owner's ordinary income tax rate. However, short-term rental property owners must meet specific restrictions to use rental property deductions.

What rent should I charge? ›

You take the monthly rental income amount or expected rental income and multiply it by 12. Divide it by the property's purchase price or current market value and multiply this figure by 100 to get the percentage. A good rental yield is usually considered to be 7% or more.

What is the 50% rule in real estate? ›

Like many rules of real estate investing, the 50 percent rule isn't always accurate, but it can be a helpful way to estimate expenses for rental property. To use it, an investor takes the property's gross rent and multiplies it by 50 percent, providing the estimated monthly operating expenses. That sounds easy, right?

What is the 80% rule in real estate? ›

The rule, applicable in many financial, commercial, and social contexts, states that 80% of consequences come from 20% of causes. For example, many researchers have found that: 80% of real estate deals are closed by 20% of the real estate teams. 80% of the world's wealth was controlled by 20% of the population.

What is the 36 rule in real estate? ›

According to this rule, a household should spend a maximum of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt service, including housing and other debt such as car loans and credit cards. Lenders often use this rule to assess whether to extend credit to borrowers.

Are you taxed on the cash flow of a rental property? ›

Any rental income you received as a property owner is taxable and should be reported. As a general rule, rental income can include rent payments, security deposits, leasing fees, and any other cash flow generated from a given property.

What is a good return rate on rental property? ›

The 2% rule in real estate is another simple way to calculate ROI for rental properties. According to this rule, if the monthly rent for a rental property is at least 2% of its purchase price, then odds are it should generate positive cash flow.

Do you pay taxes on rental cash flow? ›

Cash or the fair market value of property or services you receive for the use of real estate or personal property is taxable to you as rental income. In general, you can deduct expenses of renting property from your rental income.

How much do you need to make to rent in Georgia? ›

According to the report, Georgia residents need to make at least $20.97 an hour to be able to afford a two-bedroom rental home. That's an increase of $1.55 an hour from last year's calculations.

What are the requirements to rent in Georgia? ›

APPLICATION PROCESS & SCREENING CRITERIA
  • Credit History.
  • Employment Verification and History.
  • Income Verification.
  • Rental (Residence) Verification and History.
  • Criminal Background Check.
  • Animal / Pet Criteria.
Aug 1, 2022

Is Georgia a landlord friendly state? ›

Georgia is a landlord-friendly state because its security deposit laws do not limit the amount a landlord can collect for a security deposit. However, landlords must return the security deposit within 30 days if it is not used to cover any costs.

Is moving to Georgia worth it? ›

Known for its laid-back atmosphere, amazing food, and southern hospitality, it is worth moving to Georgia for many reasons. The state of peaches is home to historical landmarks, beautiful scenery, and a growing job market. Not to mention, top-rated school systems and an eccentric and diverse metro area.

How much income do most landlords require? ›

A general rule of thumb is that no more than 30% of your gross income should be directed to rent. This means that if you make $10,000 monthly, $3,000 should be channeled to pay for your rental unit. This rule is known as the Rent to Income Ratio Rule.

What is a livable salary in Georgia? ›

Living Wage Calculation for Georgia
1 ADULT2 ADULTS (BOTH WORKING)
0 Children2 Children
Living Wage$17.72$23.72
Poverty Wage$6.53$6.67
Minimum Wage$7.25$7.25

Do I need a business license to rent my property in Georgia? ›

YES. Key components of property management (renting and leasing) are considered real estate activities under existing Georgia real estate licensing laws.

Do you need a rental license in Georgia? ›

Renting out a property for less than 30 days requires obtaining a short term rental license, an occupation tax certificate, and a business license.

What documents do I need to rent my house? ›

Proof of Employment and Earnings
  • Recent payslips for the last three-six months;
  • A current employment contract;
  • A letter from your employer confirming your job title, salary and contract length;
  • A tax return for the most recent tax year.
May 24, 2019

What a landlord Cannot do in Georgia? ›

Georgia law says that a landlord cannot make a tenant make or pay for repairs, unless that tenant, his/her family or guests caused the damage. For serious repair problems, local housing code departments can inspect for possible violations.

Is rent taxed in Georgia? ›

In Georgia, residential rental income is taxed at a flat rate of 5%. However, operating expenses such as mortgage interest, property taxes, property insurance, structural improvements, and pest control can reduce your taxable rental property income.

What state is it easiest to rent a house? ›

South Dakota, Wyoming and Montana take the lead in 2022 overall. These top three states are the top choices based on affordability and availability of rentals, while the fifth-place state, Delaware, ranks considerably higher in security (based on eviction rates, disaster frequency and laws that benefit tenants).

Where is the most affordable place to live in Georgia? ›

Cheapest Places to Live in Georgia
  • Americus. The cheapest place to live in Georgia is Americus, a small town of 16,230 people that has a big presence. ...
  • Macon. Macon is another one of the cheapest places to live in Georgia. ...
  • Cordele. ...
  • Columbus. ...
  • Valdosta. ...
  • Augusta. ...
  • Warner Robins. ...
  • Perry.
Dec 22, 2022

Is it cheaper to live in Georgia or Florida? ›

Cost of living

Georgia has an overall score of 93.4, about 10% less than Florida's 102.8. This means that, on average, living in Georgia is slightly more affordable than living in Florida.

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