I don't do that many rentals a year, but recently I have had several Main Line clients who are willing to hold properties and put them up for rent, a smart strategy if you can afford it. Obviously you have wear and tear and the need to keep track of any costs you have for painting and maintenance but it can be helpful if the monthly payment is not too high and you have a positive cash flow.
I have listed several rental properties along the Main Line this year and found they attract tenants quickly, one of the other things this also does is find me tenants looking for properties as well. I have noticed whilst trying to help these people that properties are not lasting long on the market. So obviously the Main Line rental market is pretty strong.
Some things that make a good rental, for both landlord and tenant.
Location - obviously like all real estate location is a big plus, close to transportation, shops, libraries, supermarkets etc.
Transportation - As mentioned above, closeness to train stations, bus stops and simple ability to get on to major transportation routes for commuting are all pluses.
Places to hang out - Restaurants, coffee shops, etc all in close proximity to a rental property make for a popular property, if they are walkable even better, but if you have to drive then being close to a destination like Wayne or West Chester are good options.
School District - A good school district is also a big plus, not everyone renting is single, and some families that get transferred often because of work prefer to rent rather than gambling on the resale market today.
Cleanness - Fresh neutral paint, clean carpets these all help a property and makes it easier to rent quickly and when a tenant moves out to see if their security deposit gets returned in full or some portion needs to be deducted for repairs and cleaning.
Decent kitchens and bathrooms - these don't need to be the most recent wonderfully updated, but having them with newer appliances and again making sure everything is clean helps tenants to be attracted and make a decision to rent quickly.
Parking - easy parking either in a garage or close to the property makes it desirable. some developments have designated spaces, others are park at will, and the level of traffic can make getting home late on a wet and rainy evening a chore as you walk a long distance to your home.
Good credit - just because you are renting does not mean that you can ignore your credit. Landlords today want to know that their tenant is going to be able to pay the rent and look after their property. When you make application your credit will be checked and references as well, so protect your credit as much as if you were buying a home, it can make a difference if you make an offer on a rental home.
If you need help renting a home that you own or finding somewhere along the Main Line let us help you, just contact us to start the process. Like buying a home having an agent who is working for you can be a big help.
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
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