How to Rent Out Your House in Portland

With hundreds of thousands of people living in Portland, there is a high demand for rental accommodations on all levels. By renting out a property in Portland, you can earn a stable passive income and secure a comfortable retirement.

However, it’s important to note that managing a rental property is no walk in the park. Owning a rental property entails a number of risks such as theft, property damage, and monetary losses. 

Landlords are also responsible for things, such as rent collection, property maintenance, financial reporting, and administrative work. But you can rest assured that your hard work will pay off, as rental investments in Portland can be incredibly profitable.

If you’ve never owned a rental property before, you’ve come to the right place. In this comprehensive guide, the experts at Century 21 Northstar will go over everything you should know about renting out your Portland home. Keep reading to discover our best tips and tricks for maximizing your profits!

Tips to Rent Your Portland Home

1. Research the Local Rental Market

Location is a crucial factor that can affect the profitability of a rental investment. Before you list your Portland home for rent, you must ensure that it’s located in a sought-after neighborhood. 

You can do this by researching the local market. By paying close attention to the area’s vacancy rates and housing demand trends, you’ll be able to determine whether it has a strong rental market.

Understanding the local market will help you set competitive rates for your Portland rental. Without knowing how much other similar properties are renting for, you run the risk of over or undercharging for your rental.

This can either drive potential away or leave you with a negative cash flow at the end of the month.

2. Improve the Condition of Your Property

The condition of your Portland rental will greatly affect your chances of leasing it. After all, no one wants to live in a poorly maintained property. So, before writing a listing, you should take the time to inspect the property thoroughly. This will allow you to spot any problems that require immediate attention. 

A thorough property inspection will help you determine whether your property requires any renovations or even cosmetic upgrades, such as new lighting fixtures, a fresh coat of paint, or a refreshed curb appeal.

Even simple things such as deep cleaning your property will make it a lot more attractive to potential renters!

3. Invest in Rental Property Marketing

Hundreds of homes are listed for rent in Portland every day. With so many options, it can be extremely difficult to attract tenants into your home. Luckily, you can make your property stand out from the rest with an effective marketing strategy.

The first thing you should do is create a rental listing. This will be the first point of contact with most prospective tenants, so you need to write something that will catch readers’ attention. 

A headline that follows the formula: “Price of rent + number of bedrooms and bathrooms + type of property + location + a unique feature” is a great place to start. Yur listing should also include quality pictures of your rental. Otherwise, potential tenants will ignore it fearing it’s a scam. 

Once you have your listing, you should publish it across several real estate websites to reach a larger audience. You should also advertise it on social media, local forums, and even state-wide newspapers.

By investing time and resources in marketing, you’ll be able to rent out your Portland property in no time!

4. Screen Potential Tenants

Renting your home to the first person who submits an application can be a big mistake. Instead, you should wait until you have a wide pool of prospective tenants to screen each applicant thoroughly. 

Your screening process should include credit and income checks, employment verifications, and background checks of every person intending to live in your property.

You should also take the time to meet every interested tenant and reach out to their references, whether it’s their current employer or a former landlord. 

By doing this, you’ll be able to choose the best renters for your property and lower your risk of issues like damage to the property, evictions, and legal conflicts.

5. Draft a Solid Lease Agreement

While an effective tenant screening process can minimize most risks associated with renting out a property, it doesn’t eliminate them. Luckily, you can keep your Portland property protected by drafting a solid lease agreement.

Your lease agreement should include the key terms and conditions of the tenancy, such as the duration, price of rent, maintenance responsibilities of tenants, and any mandatory disclosures you must make. 

Your lease should also include relevant provisions regarding security deposit, late payment, pets in the rental, and subletting to avoid misunderstandings. You must ensure that they understand and agree with the terms of the lease before giving renters the keys to your home.

6. Hire a Property Management Company

Managing a rental property is no walk in the park. Landlords have to be available 24/7 to handle any maintenance or repair requests that may come up, collect rent, and address tenants’ complaints.

They also often spend a lot of time keeping track of the financial aspect of their business and dealing with paperwork. 

A company like Century 21 Northstar will have the resources and tools to streamline the day-to-day operations of your rental.

While they market your property, collect rent, upkeep the property, and keep track of your finances, you’ll be able to sit back and relax. There’s no better way to reap the benefits of owning a rental property!

Bottom Line

Renting out your house in Portland can be a great way to get a stable source of passive income. However, in order to start profiting from your rental investment, you’ll have to research, plan, and work very hard. 

By researching the local market, improving the condition of your property, and investing in an effective advertising campaign, you’ll be able to attract a wide pool of tenants to your rental!

If you’re looking for a seasoned property management company in Portland, contact Century 21 Northstar today!