How to Set up Long Term Income Rental in Destin, FL

Most people look to short-term rentals in Destin as a popular investment. However, there are advantages to starting a long-term income rental in Destin. For example, it is more stable and has less turnover than short-term rentals. There are also fewer restrictions on long-term rentals.

However, a lot goes into starting a long-term rental business. Read this post to learn how to set up a long-term rental in Destin.

Emerald Coast Real Estate Market Watch

As of July 2023, the median days on the market for a home in Destin was 46. However, real estate trends can change quickly. If you need to buy or sell a home on the Emerald Coast, click here to contact us.

Starting a Long-Term Income Rental in Destin

Property Preparation

You need to prepare the property for tenants. All doors and windows should open and shut properly. You also need to make sure all locks work. The appliances at your home must be functioning. Make sure the property is clean and address any repair issues.

Legal Rights and Responsibilities

Landlords and tenants have rights and responsibilities under the law. It is your responsibility to understand your rights and the rights of tenants. The Fair Housing Act is a good place to start. You should also study The Landlord Protection Agency.

Lease Agreements

You will need a lease agreement for you and your tenants. The lease agreement helps define the rights and responsibilities of both parties. It should cover the lease’s length, rent cost, security deposit, eviction terms, and more. Consulting a lawyer can help you create an effective lease agreement.

Know Your Ideal Tenant

The ideal tenant could vary depending on a range of factors. Some properties might appeal to families, and others might appeal to retired people. Evaluate the property and try to determine the ideal tenant. You can then adapt the property to make it more attractive to your target market. It can also help you plan marketing when looking for tenants.

Set the Rent Price

Setting appropriate rent requires research. You want to get as much as possible but don’t want to set it so high you can’t find tenants. Consider the average rental rates in the area when setting a rent price. You could also look at comparable properties to see what they are charging.

Landlord Insurance

Rental properties need insurance. Landlord insurance covers liability, property damage, and lost income. However, it doesn’t cover loss or damage to a tenant’s property. You might want to encourage tenants to buy renter’s insurance.

Are you interested in buying a second home in Destin, FL? Click here to contact our team. We are experts in the Emerald Coast real estate market. Reach out now to learn more about how we can help.

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