Are you a property owner in Fayetteville looking to earn some extra income? Renting out your house can be a great way to bring in additional funds, but getting started can feel overwhelming. 

From finding the right tenants to setting a fair price, there are a lot of factors to consider. That’s why we’ve put together this guide on how to rent out your house in Fayetteville, AR. 

Whether you’re a seasoned landlord or a first-time renter, we’ve got you covered with tips and tricks to make your rental business successful. So let’s get started and turn your property into a profitable investment!

1. Know Your Responsibilities 

It is essential for landlords to be aware of their responsibilities before renting out their property for several reasons:

  • Legal compliance: Landlords have legal obligations to their tenants, and failing to meet these responsibilities can result in consequences. By understanding their responsibilities, landlords can ensure they are compliant with local, state, and federal laws and regulations.
  • Tenant satisfaction: By meeting their obligations, landlords can help ensure that their tenants are satisfied and happy with their living situation. This can lead to longer tenancies, fewer vacancies, and positive word-of-mouth referrals.
  • Property maintenance: Landlords are responsible for maintaining their rental properties in a safe and habitable condition. This includes ensuring that the property is up to code, addressing repairs promptly, and providing necessary amenities and services.

home maintenance tools

  • Liability protection: By understanding their responsibilities, landlords can protect themselves from liability. This includes ensuring that the property is safe and free from hazards, taking steps to prevent criminal activity, and following proper eviction procedures.

2. Know the Laws and Regulations 

Before you start renting out your property, it’s important to familiarize yourself with the relevant laws and regulations in Fayetteville, AR. Some key considerations include:

  • Property maintenance: Landlords are responsible for keeping rental properties in good condition, including providing necessary repairs and ensuring safety standards are met.
  • Rental agreements: Rental agreements must comply with state and local laws, and should cover essential details like rent, security deposits, and rules for the property.
  • Security deposits: State law limits security deposits to two months’ rent or less, and outlines requirements for how deposits must be handled.

To ensure you’re compliant with all applicable laws, it’s important to research and understand the laws and regulations that apply to your rental property. The City of Fayetteville provides a helpful guide on their website, and you can also consult with a local real estate attorney for guidance.

3. Determine Your Rental Strategy

Next, you’ll need to decide on a rental strategy. The two main options are short-term rentals or long-term rentals (usually with a lease of six months or longer). There are pros and cons to each approach, and your decision will depend on factors like the location of your property, the level of maintenance required, and your personal goals.

person counting money

Short-term rentals can provide higher income potential and more flexibility, but require more upkeep and attention to guests. Long-term rentals provide more stability and predictability, but may require a longer-term commitment from renters. You may also choose to offer your rental furnished or unfurnished.

4. Price Your Rental

To determine the right rental price for your property, research the rental market in Fayetteville, AR. Consider factors like location, the size of the property, and the condition of the property. You can also look at comparable rental properties in the area to see what they are charging.

Remember that pricing too high can deter potential renters, while pricing too low may result in missed income potential. Finding the right balance is key to success.

5. Advertise Your Rental

To attract potential renters, you’ll need to create an effective rental ad. Be sure to include high-quality photos and accurate descriptions of the property’s amenities, location, and rental terms. 

Post your ad on popular rental listing websites, and consider advertising through social media or local publications as well.

6. Screen Your Tenants

Once you start receiving inquiries from potential renters, it’s important to thoroughly screen them to ensure they’re a good fit for your property. 

This may include background and credit checks, reference checks, and an interview to discuss their rental history and income. Screening your tenants can help you avoid potential issues like missed payments, property damage, or legal disputes.

people doing tenant screening interview

7. Prepare the Lease Agreement

Once you’ve found the right tenant, it’s important to create a comprehensive lease agreement that outlines the rental terms and responsibilities of both parties. Your lease should include information on rent, security deposits, late fees, move-in and move-out procedures, and more.

To ensure your lease agreement is legally binding and covers all necessary details, consider consulting with a real estate attorney.

8. Manage Your Property

As a landlord, you’ll be responsible for managing your rental property on an ongoing basis. This includes tasks like rent collection, property maintenance and repairs, responding to tenant inquiries, and ensuring the property is in compliance with all relevant laws and regulations. 

To make managing your property more efficient, you may want to consider hiring a property management company or using a rental property management software.

9. Market Your Rental

Another essential step in order to rent out your rental unit is to do marketing. Marketing your rental unit helps you to attract potential tenants by making them aware of the availability of your property. By creating compelling property listings, you can generate interest and entice tenants to schedule a viewing.

person using computer

An effective marketing campaign can help you fill vacancies quickly. With the right marketing approach, you can get your property in front of the right audience and generate a high volume of leads. The more leads you have, the greater your chances of finding the right tenant quickly.

10. Hire a Property Manager

If all the responsibilities of being a landlord feel overwhelming to you, partner with a property management company to offload the stress. A property manager is the best way to ensure your property generates as much income as possible and that your rental business runs smoothly.

Your property manager will handle everything, from marketing, tenant screening, rent collection, maintenance and so much more. You’ll receive all of the benefits of renting your home without the daily tasks and stress.

Bottom Line

Renting out your house in Fayetteville, AR can be a smart way to generate extra income, but it’s important to take the time to do it right. 

For more information on renting out a property in Fayetteville, AR, be sure to consult Keyrenter Arkansas. Keyrenter Arkansas offers a range of property management services, including tenant screening, rent collection, maintenance and repair, lease preparation, and eviction services.