If you’ve got a new job offer and have to leave the city in which you live you may find yourself in the difficult situation of having a lease that you’re unable to complete or that you don’t want to complete.

Now some larger rental agencies may have a clause in your lease that lets you break a lease in the case of a job transfer or a move for any reason as long as you give a specified amount of notice.? This is the ideal situation as you simply have to follow the outlined procedure.

If your lease doesn’t have a clause that lets you terminate because of a move you’ll have to see if your landlord is willing to let you out of your lease. A lot of landlords understand that moves happen and if you’re up front and give them as much notice as possible they may be very willing to let you end your lease.

Some landlords aren’t nearly as flexible and they aren’t about to let go of a paying tenant while they have one. If this is your situation you can ask if the landlord will let you sublease the apartment, at least this way you can find a tenant yourself and recoup part of the expenses.

If you’ve got a great new employer and you can’t break the lease, see if the employer is willing to pay any of your moving expenses, this money can be used to pay part of your lease.

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If you’re looking to boost the value of your rental units and draw more renters with higher incomes then following some of the current housing and apartment trends will make your rental units more attractive to prospective renters.

Go Green Inside?

Incorporate as many environmentally friendly and ecologically sound features as you can in your rental units. This is not only attractive to prospective renters but its cost efficient for you and the tenants. Also, if you do your research, some local areas give rebates or tax credits for installing environmentally sound features, such as water-saving toilets.

Go Green Outside?

Reevaluate your landscaping. A more attractive exterior helps with drive bys as it makes the property more appealing so add as much landscaping as you can.

Lighten Up?

Flood the interior with light as well lit places are more attractive to prospective renters and they appear larger. Add ceiling lights, track lighting, spot lights, lit stairwells, etc. You should also make sure the exterior is appropriately lit so that it’s safe and not attractive to prowlers, peeping toms and criminals.

Individualize Units

Living in a cookie cutter is not appealing to many people so try to individualize your units by offering some decorating differences in flooring, counters, cupboards or even layout. By promising tenants a unique unit you’re greatly increasing the appeal of your apartments.

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If you’re a landlord you may have already hopped on the bandwagon or you’re considering hitting the internet with your own website. A website is a great tool for landlords as many people shop via the internet and it’s a great opportunity for you to be out there highlighting the benefits of your property. If you want to get the most out of your property take heed of the following tips.

Use Photographs of your Property

As they say, a picture is worth a 1000 words, so emphasize property highlights, show the inside of units and fill the website with photos to let prospective tenants know what you have to offer.

Be Positive but Honest

If writing really isn’t your thing, hire a freelance writer to help you create great text for your website. You want to be as positive as possible and sell the property but whatever you do, don’t lie, it will not only come to light in the future but may cause a load of problems.

Feature the Tenants

If you can get tenants to agree, have some of them give testimonials of how much they love living there and how nice the facilities are. Include photos of the tenants and try to show the diversity of the property to emphasize that you do not discriminate.

Convenience for All

Include downloadable application forms and other information so prospective tenants can take care of themselves as much as possible. You can also use the website to reach out to your current tenants and take their critiques and praise as well as maintenance requests. Your website can do a lot of the work for you and cut down on phone time.

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Landlords are seeing a trend that is surprising if not troubling for many people, the problem is people are just not renting as much and many are feeling that the rental market is down. There are several reasons for this.

Unemployment Rate and Economy

With the unemployment rate soaring and the economy diving, people are just not as interested in moving and they’re happy to stay put and try to eek out a living in a comfortable environment.

Where the Jobs Are

The once boom cities are becoming too expensive for many people and some of these places have been hit pretty hard by company closings so people are moving to find work or better economic markets so some landlords are feeling this pain.

Bad Housing Market

The U.S. is really seeing a dip in the value of homes on the market, but for renters this is an excellent time to buy. So if they’re secure in their jobs and income, why not take advantage of what basically amounts to a sale on houses across the nation.

More Bad Housing

Another effect of the bad housing market is that people are stuck with homes they can’t sell while they’ve already moved into another home, rather than letting these homes sit empty they are turning into accidental landlords and renters can get great deals on these homes.

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Too often you hear that renting an apartment is just throwing money away, whereas owning a home is an investment in your future. Harvard University has done a study that has shown that there are times, places and situations where renting makes more economical sense than buying.

Some of the most prominent myths are listed below with additional information which may change your mind about renting versus owning.

Is renting throwing away money while home ownership is building equity? Actually, for the first five years of your mortgage most of the money you are paying for your mortgage goes to pay interest only. You’re not actually creating equity until after five years and a third of all people move within those five years, meaning they never actually begin accumulating equity.

Are mortgage payments less than rent? It depends on what you decide to spend on rent or a mortgage, but keep in mind that there are a lot of hidden costs involved with homeownership and when there is a big expense or repair it is entirely your responsibility.

The third myth is that purchasing a home is a safe investment and the current U.S. housing market proves that this is simply a myth and nothing more.

So, if you’re not planning on staying in one place for a long time and you don’t have a good cushion for emergencies then renting may be a smarter move, especially until the housing market picks up.

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If you are a landlord it is always good to know how the rental market in your area is performing. Are there a lot of people looking to rent? Is the market saturated? Do you think you will have problems finding tenants in the future? Believe it or not, it is easier than you may think to collect information on the local rental market.

To start, if all of your units are currently rented you are in good shape. This does not mean that things will always be this way, but for now you have nothing to worry about. Even if the rental market is poor, as long as you are renting your properties you should feel good for the most part.

On the other side of things, if you have some units that are vacant you need to consider what is going on within the market. Are you having a hard time finding tenants because of the competition in the area? Are more people buying homes now because of lower prices? These are questions that you need to answer. You can find a lot of this information by reading the local newspaper. Go through the real estate section to see how many other units are for rent, while also collecting statistics on the number of people buying homes.

The rental market in your area is sure to fluctuate. No matter what, make sure you do your part in keeping your units rented out at all times. This is not always easy, but a goal that you should set for yourself.

photo credit: cambodia4kidsorg

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If you’re a landlord you’ll probably encounter a period where your rental units are not all filled, in fact you could have a substantially long period where your units sit vacant. Vacancies can be very costly so it’s important that you use any time available to your advantage. Spruce up the property and make any repairs that are necessary. If you feel a couple little improvements will help you rent the unit faster, by all means go ahead and make the improvements. It’s an investment that should pay off quickly as you’ll attract more renters.

Another expense that will pay off in the end is advertising. Make sure that people know you have a property available and advertise the benefits of your place. If you’re still having trouble renting, consider offering an incentive of reduced rent for a period of time or a signing bonus of one month free. You’re still saving money in the long run if you can get a tenant into that property.

Look to your current tenants to find new tenants. Offer them a reduced rate or a bonus fee for recommending a tenant that you ultimately select to rent the open unit.

But don’t get too desperate when you have open rental units, you still don’t want to rent to irresponsible tenants who will not treat your property with respect or who will have a hard time making ends meet.

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Some people are great landlords and are able to build a decent amount of wealth through this business. Others are poor landlords and eventual lose their reputation, their financial security or both. Obviously, if you’re going to venture into the landlord business you want to belong to the first category. To do this you need to approach the venture with the right mindset and the willingness to work at it.

Start your venture by being realistic. Don’t expect to make it rich immediately and with little effort, like most things in life, success takes time and effort.

Do your homework on all fronts from finding the property to finding the tenants. It’s a business proposal and there’s really no room for gut feelings ore speculation. Make wise choices based on information and facts.

Be fair and firm with your tenants and employees. Treat everyone in a fair way but don’t be too flexible with the rules as there could be financial and legal implications. Make an effort to keep open all lines of communication and respond promptly.

And be willing and able to handle as much work as you can by yourself. This isn’t to say a sub par job will suffice, but fix everything you can to save yourself some money. This also keeps you in touch with the property and the tenants. It shows you care.

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Is your rental property sitting vacant? If so, this means you are losing money as each month goes by. For this reason, it is probably in your best interest to market your property until the tide turns. One of the best things you can do is to purchase newspaper ads to market your property.

Of course, buying classified space is not always as easy as it sounds. For this reason, be sure to follow these tips:

1. Buy space in more than one newspaper. This is often times overlooked, but can go a long way in ultimate success. More ads mean you will reach a larger audience. And that is what you want, right?

2. Be clear about what you are offering. Remember, you are not going to get very far by attempting to trick readers. It is important to include clear, accurate details that will make it easy for a potential tenant to determine their interest level.

3. Include as much information as you can. In addition to clear details you want to offer information on everything from the price to the number of bedrooms to the location and proximity to public transportation.?

These three tips may sound like common sense, but many people forget about them when advertising their rental property in the newspaper. If you implement each tip you will definitely be on your way to finding your next tenant.

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With the housing market at bargain rates it may be hard to keep your rental units full of good tenants, but by using some of the following tricks you can increase the revenue you’re getting for your property.

The Best Rental

The key to remember is that if someone perceives something to be of quality and value they’re more likely to buy that product or rent that apartment. You need to be proactive and put yourself out there as the leader in quality, appearance, and service and let people know that your property is the preferred brand, even if it isn’t.

Curb Appeal

Curb appeal is key, especially if you’re trying to get new tenants. You’ve already put yourself out there as the best place to live, so now you’ve got to prove it from the surface. Maybe you can’t tell the book by the cover, but I’ll bet you’ve bought a lot of books simply based on the front cover image and the blurb on the back cover.

Point out Benefits

You’ve spent a lot of time and possibly money making sure people know your rentals are superior to the others on the market, so keep driving that point home. Create an attractive handout that the tenants can refer to throughout their tour and after they’ve gone home which has highlights mentioned and even photographs. But reemphasize that with note cards throughout the apartment so the prospective tenant has an actual memory of the feature that is tied to the handout.

Hit the Senses

Sure you’ll make the apartment look good to prospective renters, but try to hit some of the other senses as well. Play background music, if it’s slower than the standard heart rate people will “shop” slower and be more likely to buy rather than rush through. Create a scent that is not only comforting but one that hits the taste sense also. I.E. chocolate chip cookies. Back some in the unit you’re trying to rent and leave them out for guests to snack on, there’s nothing like comfort food to make people feel at home.

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