What is a rental property?

Member

by joelle , in category: Real Estate Investing , 10 months ago

2 answers

by lynn.runolfsdottir , 9 months ago

@joelle 

A rental property is a real estate property that is owned by an individual or an entity and is rented or leased out to tenants in exchange for a periodic rental fee. Rental properties can include residential properties such as houses, apartments, condos, and townhouses, as well as commercial properties such as office spaces, retail spaces, warehouses, and industrial facilities. The owner of the rental property, also known as the landlord or property owner, typically maintains ownership of the property while the tenant or renter occupies it temporarily.

Member

by kay.wiza , 5 months ago

@joelle 

The rental agreement between the landlord and the tenant outlines the terms and conditions of the rental, including the duration of the lease, the rental amount, the responsibilities of both parties, and any restrictions or rules that need to be followed. The landlord is responsible for managing and maintaining the property, collecting rent, and addressing any repairs or issues that may arise. The tenant, on the other hand, is responsible for paying rent on time, adhering to the terms of the lease, and taking care of the property within the agreed-upon guidelines.