According to the National Multifamily Housing Council, more than 100 million American residents rent their current residence. That is nearly one third of the population. Needless to say, there is no shortage of renter no matter where you go in the States. More and more homeowners have realized this fact, too, as the current trend of home subletting has grown ever-more popular. The other two thirds of the population, even including many residents in Vancouver, are finding more opportunities to rent out their homes and have found the process to actually be rather lucrative.
There are several reasons why homeowners have been more and more inclined to do this. One of the most prevalent is the escalating mortgage situation. Though interest rates for home loans may still be low, the inability of Americans to make full mortgage payments continues to skyrocket. Renting out a living space has been one way of paying a mortgage until more financial stability is achieved. The rent payments have greatly offset the cost of monthly payments. Though there are myriad other reasons why more and more people are becoming landlords, the decision to this yourself may prove challenging without taking a few things into consideration.
Thing to Think About Before Subletting
Renting out your home can typically involve a significant time investment in terms of finding the right renters, the real work starts when you do find your tenant(s) and you have to start clearing out various possessions in order to prepare the house to be sublet. Even though a property manager can help you manage the property while you are gone, they can’t really decide what stays and what goes in terms of possessions that need to be put in storage. Remember that not only should valuable possessions be put away, but removing items and placing them in your storage unit before showing the home to prospective tenants can also help you get the space rented out (because there’s less clutter) and better represent how the rental will be available to the prospective tenants.
If you are subletting your home, make sure you also do your homework in knowing what the specific laws are in your area. Here in Vancouver, Washington, that law is the Washington State Residential Landlord-Tenant Act. It is important to take a damage deposit and make arrangements for automatic payments to be deposited into your bank account. You will also want to check in on your homeowner’s insurance policy to make sure that changes do not need to be made in order to accommodate subletting.
Choose the Right Vancouver Storage Unit
Whatever your reasons are for wanting to rent out your home, renting out a storage space in Vancouver makes sense. We offer your belongings protection and security at reasonable costs. At Iron Gate Storage, our storage professionals are ready to help you find your storage unit at a competitive rate. Contact us today and we’ll help address your needs.
Vancouver, WA 98684