What Should I Do Before Listing My Rental?
Before you list your rental, you need to lock down your terms. Showing up unprepared leads to wasted time, inconsistent policies, and potential fair housing complaints. Here's what to decide first.
Setting the Right Rent
Price too high and your property sits vacant. Price too low and you lose money every month.
Research comparable listings in your area—same bedroom count, similar square footage, recent leases. Your property's unique features (renovated kitchen, in-unit laundry, parking) can justify premium pricing.
Use our free Rent Estimator for a data-driven starting point.
Remember: if pricing $100 higher means an extra month of vacancy, you've actually lost money. Find the sweet spot. For more on calculating profitability, see our guide on whether your rental will actually make money.
Tenant Qualification Standards
Set clear, consistent criteria before marketing to protect yourself from discrimination claims.
Decide on:
- Income requirements — typically 2.5-3x monthly rent
- Minimum credit score — and how you'll handle borderline cases
- Rental history verification — payment history, proper notice, property condition at move-out
Apply the same standards to every applicant. Inconsistency violates fair housing laws.
Security Deposits
Most jurisdictions cap deposits at one to two months' rent. Before setting yours:
- Research local and state laws
- Understand storage and return requirements
- Consider your property type and market
Higher deposits attract tenants with savings but limit your applicant pool. Match your deposit to your property and market.
Occupancy Limits
Fair housing laws protect families with children. You can't set limits so low they exclude families. The general guideline is two persons per bedroom, but check local codes.
Base limits on square footage, bedrooms, and safety regulations—not on whether occupants are adults or children.
Pet Policies
Contact your insurance company first. Many insurers charge higher premiums or exclude certain breeds (Pit Bulls, Rottweilers, German Shepherds, etc.). Your insurance may dictate your pet policy.
If allowing pets, decide on:
- Species and size limits
- Number of pets permitted
- Pet deposits or monthly pet rent
- Required documentation
Service animals and emotional support animals are not "pets" under fair housing law—no deposits or restrictions apply.
Lease Type
Fixed-term (typically one year): Predictable income, tenant stability, less flexibility.
Month-to-month: Maximum flexibility, higher turnover risk, seasonal vulnerability.
Hybrid approach: Start with a one-year lease that converts to month-to-month. Best of both worlds.
Utilities
Decide who pays what before listing:
- Landlord-paid: Simpler management, but tenants have no incentive to conserve
- Tenant-paid: Creates conservation incentive, reduces your expenses
- Split: Include water/trash, tenants pay electric/gas
Run the numbers with our Cash Flow Calculator.
Additional Policies
Lock down your stance on:
- Home businesses — traffic, parking, zoning, liability
- Smoking — most landlords prohibit inside due to odor remediation costs
- Cosigners — when you'll require one
- Late fees and enforcement — grace periods, violation handling
Why Consistency Matters
Every policy must apply equally to all applicants. Document everything in writing before marketing. Clear standards let you explain your requirements confidently—and defend your decisions if challenged.
Frequently Asked Questions
How do I know if my rent is right?
Research comparables, use estimation tools, and watch how quickly similar units lease. No interest at all? You're likely priced too high.
Can I change policies after listing?
Yes, but don't apply new standards to applicants already in your pipeline. Finalize before marketing.
What about service animals and breed restrictions?
Service and emotional support animals are protected under fair housing law. You generally cannot deny them based on breed. Consult an attorney if unsure.
Can I charge pet rent?
Most jurisdictions allow pet rent or deposits (not for assistance animals). Check local laws for limits.
Ready to crunch the numbers? Use our free Cash Flow Calculator or get a Rent Estimate for your property.