Rental market analysis helps a rental property investor in determining its viability in terms of profitability. The process involves studying the real estate market, trends of a locality, local tax rolls, running costs of property, vacancy rate, occupancy rate, etc. Investors compare the average rent of properties to their average costs to see whether the property will generate a positive flow.

A rental agreement is a legal document that binds a tenant and property owner to certain rights and responsibilities pertaining to rental property. It consists of crucial details relevant to the duration of the tenancy, rent to be paid every month, security deposit, renewal of lease, the expiration of the lease and other rental details.

There are a number of cost-effective ways to revamp a rental place and add a personal touch to it. The  rental space can be spruced up to reflect a tenant’s personal style. This increases the personal value of the property for the tenant. However, it is important to keep in mind that the changes should be limited to the guidelines stated in the lease agreement.

A major consideration when investing in a rental property is to handle its maintenance needs. In addition to maintence, there are numerous other aspects involved in ensuring high ROI from a rental property. Thus, it is advisable for property owners to hire professional property managers to manage their property. It is important to make sure that the property management agency should be capable of dealing with maintenance issues, tenant screening, bookkeeping, rental showings, and should adhere to local laws in accordance with state rules.