Key takeaways

• Renting your home requires careful legal, financial and practical preparation to protect your investment and comply with regulations. 
• Setting the right rent, screening tenants thoroughly and using a strong lease agreement are essential steps for first-time landlords. 
• Homes.com provides tools and resources to simplify pricing, tenant screening and property management for new landlords. 

Renting out your home can feel like a big leap, especially if you’ve never done it before.
This guide breaks down the legal, financial and practical steps to help you rent your property with confidence.

Before listing your property, make sure you understand local rules and requirements.

Legal checklist:

• Check city and county rental laws 
• Confirm whether permits or licenses are required 
• Review homeowners association, or HOA, rules, if applicable 
• Schedule any required inspections 
• Install required safety features (smoke detectors, carbon monoxide detectors, secure locks) 
• Draft a lease that complies with state and local laws 

Your lease should clearly outline rent, security deposits, tenant rights and landlord responsibilities.

A well-prepared home attracts better tenants and helps justify your asking rent.

Preparation checklist:

• Deep clean floors, windows, appliances and bathrooms 
• Fix maintenance issues (leaks, broken fixtures, squeaky doors) 
• Test safety features like smoke detectors and locks 
• Improve curb appeal (landscaping, exterior touch-ups) 
• Consider light staging or furnishings 

Putting in the work upfront can lead to stronger applications and fewer issues later.

Pricing your rental correctly is key to avoiding long vacancies.

Pricing checklist:

• Research comparable rentals in your area 
• Factor in mortgage, taxes and insurance 
• Budget for maintenance and repairs 
• Use rental calculators or market reports 
• Adjust your price if the property sits vacant 

A slightly lower rent can be more cost-effective than an empty property.

Your listing is often a renter’s first impression.

Marketing checklist:

• List on platforms like Homes.com and Apartments.com 
• Take high-quality photos (natural light, clean spaces) 
• Use wide angles to show room size 
• Highlight key features and recent upgrades 
• Write clear, honest descriptions (avoid vague buzzwords) 

Transparency helps attract stronger, more qualified applicants.

Thorough screening helps reduce risk and protects your investment.

Screening checklist:

• Require a completed written application 
• Run credit checks 
• Conduct criminal background checks 
• Verify employment and income 
• Call previous landlords 
• Apply the same criteria to all applicants (Fair Housing compliance) 

Consistency is critical to staying legally compliant.

A strong lease sets expectations and reduces future disputes.

Lease checklist:

• Monthly rent amount and due date 
• Late fees and payment methods 
• Security deposit amount and rules 
• Maintenance responsibilities 
• Rules on pets, subletting and guests 
• Lease length (fixed-term vs. month-to-month) 

Being specific upfront can prevent misunderstandings later.

There are tradeoffs between saving money and saving time.

Self-manage if you:

• Want to avoid management fees (typically 8% to 10%) 
• Are comfortable handling repairs and tenant issues 
• Can be available for emergencies 

Hire a property manager if you:

• Live far from the property 
• Own multiple units 
• Prefer hands-off management 
• Want help with rent collection and maintenance 

Renting out your home adds both income and responsibility.

Financial checklist:

• Report rental income on your taxes 
• Track deductible expenses (repairs, insurance, fees) 
• Consider tax benefits like depreciation 
• Switch to landlord insurance or add a rider 
• Set aside funds for vacancies and major repairs 
• Consult a tax professional if needed 

Planning ahead can help you avoid surprises and maximize returns.

Some HOAs and cities limit rentals or require approval. Check your bylaws and local ordinances before listing. Skip the paperwork and you might get a surprise bill.

Hire a property manager or build a network of local maintenance pros you trust. Set up a system for tenants to report issues quickly so small problems don't become expensive ones.

Yes, but notify your lender first. Some loans restrict rentals or require you to refinance. You may also need to update your insurance policy.

Start with a written notice as required by your state. If that doesn't work, you may need to file for eviction. It's stressful, but remember: You're not the first landlord to deal with this. Never change locks or shut off utilities — that's illegal in most states.

This story was updated on May 12.