Key Takeaways
- Know Your Responsibilities: Being a landlord means managing maintenance, rent collection, and legal compliance with federal and local laws—be ready for the commitment.
- Work With Professionals: A property management company like Yourway Properties, Inc. can handle tenant screening, maintenance, and legal matters.
- Prepare Your Property: A clean, safe, and updated dwelling attracts better renters and allows you to charge competitive rent.
- Screen Potential Tenants Carefully: Proper tenant screening ensures tenants pay rent, leave no damage, and avoid legal disputes.
Renting out a house in Rochester, NY can be a smart financial move. According to recent housing market data, Rochester’s rental market has remained strong, with vacancy rates lower than the national average and steady demand for quality rental homes.
Whether you are looking to rent out a single-family house or a duplex, becoming a landlord can be a great way to generate income if handled properly.
To help guide you through the process, Yourway Properties, Inc. has put together this step-by-step article.
It covers what first-time landlords need to know before renting out their house, how to stay compliant with New York laws, and how to set yourself up for success as a landlord. Keep reading to learn more and figure out your first steps.
How to Successfully Rent Out Your House in Rochester, NY
Take Ownership of Your Landlord Duties
Being a landlord comes with a set of responsibilities that you must be prepared to take on. As a landlord renting out your house, you are responsible for all of the most important aspects: securing landlord insurance, property maintenance, making necessary repairs, addressing tenant concerns on time, renters’ insurance, and ensuring that your rental unit complies with local building codes and safety regulations.
You also have to manage financial aspects such as setting a competitive rent price, collecting rent, preparing lease agreements, paying property taxes, handling a tenant’s security deposit, and budgeting for maintenance costs and expenses. Before renting out your house, assess if you are ready to respond to emergencies, manage difficult renters, and navigate complex legal situations. Make sure you have landlord insurance to cover things like evictions, natural disasters, and other important aspects.
Failing to meet your obligations could lead to costly disputes or even legal action. By taking ownership of these responsibilities from the beginning, you set the foundation for a successful rental experience. A good property owner stays up to date with current state and local laws and landlord-tenant laws to stay compliant. Landlord-tenant laws may vary by state, so do your research carefully.
You should also familiarize yourself with potential tax deductions, pet policies, other applicable laws, and how to set the best monthly rent price.
Stay organized and keep detailed records of important documents to protect yourself and your investment. Being a landlord comes with many responsibilities to determine, but you can feel confident that you’re heading in the right direction and give yourself a head start by partnering with a property management team. A property manager can help you reap the benefits of property ownership without the day-to-day tasks.
Build a Team of Trusted Experts
Managing a rental property can be overwhelming, which is why partnering with a trusted property management company like Yourway Properties, Inc. is a smart move.
We have the real estate industry knowledge that can help you navigate the New York real estate market like a pro, so you can generate extra income as you collect monthly rent.
We handle daily tasks like rent collection, tenant’s security deposits, lease agreements, maintenance, legal notices, screening tenants and tenant management, while helping you stay compliant with New York’s strict rental laws.
We have knowledge of the digital tools you will need to market your property and boost your listing’s visibility, helping you attract potential renters with great rental listings.
Our team also employs an online maintenance tracking system, so we can track maintenance requests and repair requests.
From fair housing rules to local ordinances in Rochester, our professional guidance ensures you avoid costly legal mistakes and stay on track.
Partnering with a knowledgeable property management team ensures that you stay compliant while you’re house renting, freeing up your time and reducing stress.
Set Up Your Home for Successful Renting
Before listing your rental property, make sure it is in good condition and ready for potential tenants. First impressions matter, and a clean, well-maintained home will attract better tenants and allow you to charge higher rent, which benefits your bottomline.
Start by addressing any major repairs such as roof leaks, broken windows, plumbing issues, or outdated electrical systems. Make sure that the property is safe, with no property damage. Ensure all appliances are in working order and consider updating old fixtures or flooring if they are heavily worn.
Safety features like smoke detectors, carbon monoxide detectors, secure locks, and even smart home systems must be installed and functioning properly to ensure your house or apartment rental property meets New York requirements.
Become a DIY landlord and deep clean the entire rental property, including carpets, walls, and windows. Fresh paint in neutral colors can make the space feel brighter and more welcoming. Also, pay attention to curb appeal by tidying up landscaping, mowing the lawn, and making sure the exterior of the house looks presentable. Consider adding other amenities, like upgraded appliances and smart home features, to attract potential tenants.
If you are providing a furnished rental, get the home ready by making sure all items are clean, in good repair, and appropriate for long-term use. Setting up to rent out your house properly sets the tone for the type of tenants you will attract. Most tenants will become long-term clients if their rental unit meets (or exceeds) their expectations, growing an emotional attachment to the space, especially if the rental amount is fair.
Market Your Property like a Pro
Effective marketing is key to minimizing vacancy time and finding the right tenants. To advertise, take high-quality photos of the home that show each room clearly. Write a detailed and honest description that determines the best features of the property, such as a newly renovated kitchen, a fenced-in backyard, or proximity to local schools and shopping centers.
You can also place “For Rent” signs in the yard if local regulations allow it. Additionally, word-of-mouth marketing through friends, family, and colleagues can help you find prospective tenants.
When setting your rental price, research similar properties in Rochester to make sure you are competitively priced. Overpricing can cause your property to sit vacant, while underpricing could mean leaving money on the table.
Respond to inquiries quickly and professionally, and be prepared to schedule showings at times convenient for prospective tenants. A well-marketed property gives you a larger pool of applicants to choose from.
Screen Every Tenant Thoroughly
Tenant screening is one of the most important parts of the rental process. Accepting the wrong tenant can lead to missed rent payments or costly evictions, which is a common mistake for first-time landlords. Always use a detailed screening process for new tenants that includes a rental application, criminal history check, credit check, employment verification, and reference checks.
In New York, you must follow the Fair Housing Act when screening applicants. Rental property owners cannot deny applicants based on race, color, religion, sex, national origin, disability, or family status. Be consistent in your screening process to avoid claims of discrimination.
A quality tenant will have stable income, a solid rental history, a strong credit score, and positive references. It is better to wait for the right tenant than to sign the lease agreement, rather than rush and fill the vacancy with someone who may cause problems later. Prepare a solid lease agreement complete with the security deposit and get ready to welcome quality tenants.
Bottom Line
Renting out your house in Rochester, NY can be a rewarding venture to manage that will generate extra passive income and build wealth if you approach it with care. It is important to take full responsibility as a landlord, build a reliable team, understand and follow New York State laws, properly prepare your home, market it effectively, prepare lease agreements, and thoroughly screen your tenants. Each step plays a crucial role in protecting your investment, maximizing your rental income, and ensuring a positive rental experience.
Yourway Properties, Inc. specializes in helping landlords throughout Rochester and Monroe County navigate every step of the rental process and can help you start renting out your house. From property management to tenant screening to collecting rent to maintenance requests to lease agreements, we are here to make renting out your house simple. Contact Yourway Properties, Inc. today to learn how we can support you in maximizing your rental income and your rental property’s potential.