Property rentals are homes, condos, apartments and other structures that are rented for short-term or long-term occupancy. The owners of these properties are called landlords, and they can be individuals or entities such as housing cooperative organizations, corporate entities or exempt nonprofit organizations. Monthly rents and security deposits are paid to the landlord in exchange for occupancy rights. In 2018, the Census Bureau counted about 21.7 million rental properties. Individual investors owned the majority of them (48.2%). Nonprofit entities owned slightly fewer units (21.9%), and government agencies own the rest.
Some homeowners choose to make their home a rental because they want to earn an income while they’re away for work or are looking to diversify their investments. In addition to the monetary benefits, renting out your home can also help you keep it in good shape and mitigate risk by ensuring that someone else is taking care of it.
When buying a rental property, you need to take into account the area in which it is located, and whether or not there are employment rates that show strong growth, as well as an average household income that is high enough for you to be able to afford to own and operate the property. You should also look at whether or not the town is undergoing any major development projects, which will likely drive up property values in the near future.
Many cities and towns still have local bulletin boards for real estate listings, where you can find a variety of options, including residential and commercial property rentals. The listings on these sites can vary, but they often include photos and a description of the property, as well as contact information for the landlord. You can also use websites such as Craigslist, though it’s best to meet the landlord in public and to bring someone with you when you tour the property. Property rentals