Rent Strategies

August 25, 2025•2 min read

5 KEY STRATEGIES FOR RENTAL PROPERTY OWNERS

Landlord and tenant renewing lease agreement to reduce vacancy time and turnover costs in rental property management."

1. Set the Right Rent Price
Your main income comes from rent, so it’s crucial to price it accurately and competitively. Base your price on recent market comparables, prioritizing units that actually rented over those still listed. Overpricing by even $100 can leave the unit vacant for months, causing greater financial losses. If you lack market data, seek a knowledgeable real estate agent.

2. Rent Prices Aren’t Linked to Property Value or Expenses
Many landlords raise rent because HOA fees increased or because property values went up. However, rental prices are determined by the specific rental market of your building, neighborhood, or city—not by the owner's personal expenses.

3. Consider Renewing Leases
Renewals often make more financial sense. They help avoid costs like:

Repairs or improvements to re-list the property
Time spent finding, screening, and approving a new tenant
Higher commissions for new contracts versus renewals

4. Keep a Good Tenant
Tenant relationships are key. If someone pays on time, maintains the property, doesn’t constantly complain or cause issues, they’re worth keeping—even if it means limiting a rent increase. Replacing a good tenant is a gamble.

5. Screen Your Tenants Thoroughly
Key aspects to evaluate include:

Proof of income: Recent pay stubs, W2/1099 forms, tax returns, bank statements
Credit report:
- Below 579 = Poor
- 580–669 = Fair
- 670–739 = Good
- 740–799 = Very Good
- 800+ = Excellent
  Note: Foreign nationals without SSNs won’t have a credit score
Eviction history: Check credit report for past evictions
Police record: A clean record adds peace of mind
References: Call previous landlords for feedback

If your unit is in a condo requiring association approval, that provides additional screening—but don’t skip your own due diligence. This protects both you and your investment.

Sumary:
To rent successfully: price competitively, renew leases when possible, keep good tenants, don’t raise rent due to personal costs, and screen applicants thoroughly to protect your income and investment.