A Landlord's Checklist for Preparing a Multi-Family to Rent

Renting out a multi-family is more than collecting rent. A little preparation protects your tenants, your property and your investment.

Safety and compliance

• Working smoke and carbon-monoxide alarms, and clear exits
• Ask what local rules apply, including lead-paint requirements for older units and any rental registration or inspection rules in your town
• Fix known hazards before a tenant moves in

Insurance

A landlord or dwelling-fire policy is different from a homeowner's policy. Talk to an insurance professional about the coverage you need, and consider whether tenants should carry renter's insurance.

A clear written lease

Put the rent, due date, deposit, utilities, maintenance responsibilities and rules in writing. Rules on security deposits, notices and terminating a tenancy vary by state, so have an attorney review your lease.

Screen fairly and consistently

Use the same written criteria for every applicant, and apply them the same way each time. Fair housing law prohibits discrimination based on protected characteristics, and your process should treat everyone equally.

Set aside money for upkeep

Plan for repairs, vacancy between tenants and larger items like roofs and heating systems. Setting aside a portion of rent each month avoids scrambling when something breaks.

We work with landlords and investors across the region. If you are buying or preparing a multi-family, reach out. This article is general information, not legal or financial advice.