Renting out your St. Louis property can be a strong financial choice for many people.
Whether you're a proud homeowner looking to embark on a new adventure or an investor seeking to capitalize on the city's growing rental market, the Gateway to the West has plenty to offer.
Read on to find out how to rent out your house in St. Louis, MO.
Decide the Rental Types
There are different options for you when it comes to home rentals in St. Louis.
A traditional long-term rental involves leasing your property to tenants on a 12-month or longer lease agreement. This option provides stability and a consistent monthly income. It's well-suited for property owners looking for steady, reliable tenants who can maintain the property over an extended period.
If your property is in a desirable location for tourists, you might consider turning it into a short-term vacation rental. Platforms like Airbnb and Vrbo make it relatively easy to list short-term rentals. While you can often charge higher nightly rates for urban vacation rentals, it also involves more turnover and maintenance.
Prepare Your Property
Before listing your property, thoroughly inspect it for any needed repairs and maintenance. Address issues such as plumbing leaks, electrical problems, roofing damage, and any structural concerns.
Ensure that all appliances and systems, including heating and cooling, are in good working order. Repair any cosmetic defects, like chipped paint or damaged flooring. A well-maintained property not only attracts quality tenants but also helps you avoid problems during the tenancy.
Market Your Property
Marketing your property effectively is crucial when you're trying to find tenants in St. Louis.
One of the most effective ways to market your property is by listing it on popular online platforms.
High-quality photos of your property are essential for attracting potential tenants. Consider hiring a professional photographer to show off your vacation home rentals in the best light.
Use social media to expand your property's reach. Share your rental listing on your personal and professional social media accounts, as well as in local St. Louis community groups. Encourage friends and followers to share your listing to increase its visibility.
Invest in Property Management
If you're in it for the long haul, you'll want to find a property management company to help you with your home rentals. A well-maintained property can help you find and keep great tenants in your St. Louis home rentals.
Property managers handle rent collection, eliminating the need for direct communication with tenants regarding payment. They also manage the financial aspects of your property, including bookkeeping, expenses, and financial reporting. This streamlines the financial aspects of being a landlord.
These companies can help you optimize your vacation rental pricing strategies, to ensure you make the most money possible. They can manage your tenant placement, finding the right tenants for the right properties.
How to Rent Out Your House in St. Louis: Now You Know
With this info, you'll be able to rent out your house in St Louis in no time at all.
Are you ready to get started? PMI St. Louis can help you succeed. We have the experience you need to maximize your ROI. Contact us today.