MAKE MONEY ON LONG-TERM RENTALS

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MAKE MONEY ON LONG-TERM RENTALS

MAKE MONEY ON LONG-TERM RENTALS

MAKE MONEY ON LONG-TERM RENTALS

Renting your property to long-term tenants is a great way to generate a steady monthly income, while generally demanding little of your time and sanity. Long-term rentals are the preferred type of housing for the 18-34 demographic, with nearly 80% of millennials today choosing to rent instead of buy. This high demand has imbued these investments with great profit potential, but owners can still lose out if they don’t take the right approach to renting their property. Below are some tips to help you make the most of your long-term rental investment.

 

How to make money on long-term rentals – Minimize Turnover

Though you’ll obviously endure a much lower tenant turnover rate with a long-term than a short-term rental, replacing tenants on even a yearly basis can be costly. Every time you lose a tenant you’ll be faced with a range of expenses, from renovations and repairs, to new marketing, to the cost of sitting on a vacant property.

But there are a few ways you can minimize your tenant turnover. Setting your rates a little below market value is a great way to get one up on the competition, possibly costing you money in the short-run, but saving you in the end by giving your occupants more incentive to stick around. The local market experts at Orlando Homes For Sale can help you perform the balancing act of setting a price that’s fair for you, and for your renters.

Another way to reduce turnover is simply to communicate. Landlords who are accessible, informative, and attentive to their tenant’s needs stand less risk of them moving out with no notice. This increasingly common tenant tactic is called night flight, or midnight move-out, and it can cost a landlord thousands.

 

How to make money on long-term rentals – Strict Vetting

Finding the right long-term tenant can be a difficult process, but it’s essential to maximizing your rental’s profitability. And it certainly beats the alternative. The wrong tenant can be destructive, noisy, financially unstable or irresponsible, and untrustworthy, potentially leading to property damage, complaints from neighbors, late payments, or midnight move-outs.

Vetting potential tenants is like interviewing potential employees. Start with an application to check their employment status, rental history, etc. If it’s satisfactory, then conduct a background check, credit check, and contact their current and previous landlords and employers.

The Orlando Homes For Sale works closely with property management companies and HOA’s to make sure you get the renters your property deserves.

 

How to make money on long-term rentals – Raise Rent Tactically

Though setting your rates slightly below market value can give you an edge on the competition, you shouldn’t count out the potential to tactically raise your rent. If done strategically, you can increase your profits without scaring off your tenants. Remember, moving is expensive. So even if your renters find lower rates in the area, the cost of the move may nullify their potential for savings. The market experts at Orlando Homes For Sale can tell you what the local competition is charging, so you can see how much wiggle room you have.

Another smart tactic is to give your renters the impression that their increased rates are paying for increased services. For example, you can cite rising HOA fees that cover services that benefit your tenants as a reason for raising rent. You can also schedule beautification projects like repainting or re-landscaping to coincide with their renewal date to make the increase look justified.

Orlando is one of the country’s leading markets to make money on long-term rentals, and the Orlando Homes For Sale is Orlando’s leading agency for long-term rental investors. Our experienced team will not only help you find the perfect investment opportunity for your needs, but also help you maximize your ROI.

Available homes

1,003 Properties found in this filter
1/84
9291 POINT CYPRESS DRIVE, ORLANDO, FL 32836

Price

$25,000,000

Active
Active
Beds
12 beds
Baths
13 baths
SqFt
14,706 SqFt

MLS #: O5965014 | Single Family Residence

10224 SUMMER MEADOW WAY, ORLANDO, FL 32836

Price

$16,385,000

Active
Active
Beds
6 beds
Baths
6 baths
SqFt
8,214 SqFt

MLS #: S5051535 | Single Family Residence

9236 BAY POINT DRIVE, ORLANDO, FL 32819

Price

$6,950,000

Active
Active
Beds
6 beds
Baths
8 baths
SqFt
9,764 SqFt

MLS #: O5854037 | Single Family Residence

13337 KIRBY SMITH ROAD, ORLANDO, FL 32832

Price

$6,200,000

Active
Active
Beds
5 beds
Baths
7 baths
SqFt
9,609 SqFt

MLS #: O5975375 | Single Family Residence

8506 LAKE NONA SHORE DRIVE, ORLANDO, FL 32827

Price

$5,995,000

Active
Active
Beds
5 beds
Baths
6 baths
SqFt
7,740 SqFt

MLS #: O5916078 | Single Family Residence

9011 MAYFAIR POINTE DRIVE, ORLANDO, FL 32827

Price

$5,795,000

Active
Active
Beds
6 beds
Baths
6 baths
SqFt
12,000 SqFt

MLS #: O5967276 | Single Family Residence

5434 OSPREY ISLE LANE, ORLANDO, FL 32819

Price

$5,450,000

Active
Active
Beds
5 beds
Baths
6 baths
SqFt
10,676 SqFt

MLS #: O5904473 | Single Family Residence

9202 CROMWELL PARK PLACE, ORLANDO, FL 32827

Price

$3,500,000

Active
Active
Beds
5 beds
Baths
5 baths
SqFt
6,662 SqFt

MLS #: O5977860 | Single Family Residence

10300 POCKET LANE, ORLANDO, FL 32836

Price

$3,499,000

Active
Active
Beds
5 beds
Baths
5 baths
SqFt
6,446 SqFt

MLS #: O5792644 | Single Family Residence

601 JACKSON STREET, ORLANDO, FL 32801

Price

$3,495,000

Active
Active
Beds
2 beds
Baths
1 baths
SqFt
5,000 SqFt

MLS #: O5959225 | Single Family Residence

9131 SOUTHERN BREEZE DRIVE, ORLANDO, FL 32836

Price

$3,495,000

Active
Active
Beds
7 beds
Baths
6 baths
SqFt
8,328 SqFt

MLS #: O5962884 | Single Family Residence

8527 LAKE NONA SHORE DRIVE, ORLANDO, FL 32827

Price

$3,450,000

Active
Active
Beds
5 beds
Baths
6 baths
SqFt
6,174 SqFt

MLS #: O5773491 | Single Family Residence

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