The number of people renting a home — as opposed to buying — is on the rise. Increased purchase prices in the major cities along with stricter lending requirements have contributed to Millennials renting rather than buying a home. At first glance, those who are thinking about entering the real estate investment game may see this as a signal to go ahead and jump in with both feet. Or perhaps homeowners who are trying to sell their home may see this as an opportunity to take the house off the market for a while and become temporary landlords.

Yet, there are several pros and cons to consider before committing to the responsibility being a landlord.

The state and federal laws regarding tenancy can be stringent. Additionally, being a landlord takes a certain temperament since landlords are also people managers — unless you hire a property management firm to do all of the legwork for you (including managing the property). Consider your options carefully in relation to your situation. Renting space can be a very lucrative venture, but only if you understand what you are getting in to.

About the author

Kris Lindahl
Kris Lindahl is a real estate powerhouse operating in ultra-competitive Twin Cities market. Real Trends and Trulia named him among the “Best Real Estate Agents in America.” His marketing methods are so powerful, so tried-and-true, that real estate agents across the country clamor to be included in his coaching sessions. Mr. Lindahl sells a home every 9 hours and particularly enjoys “golfing – anywhere and everywhere!” But you can also find him playing his old high-school sport, football. Oh, and fishing. Visit his Facebook page to see some of the ones that didn’t get away.

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