{"id":2080,"date":"2021-08-19T22:33:51","date_gmt":"2021-08-19T22:33:51","guid":{"rendered":"https:\/\/oldsite.nearurbanliving.com\/?p=2080"},"modified":"2023-10-16T08:24:12","modified_gmt":"2023-10-16T08:24:12","slug":"guide-to-rental-properties-what-are-accidental-landlords","status":"publish","type":"post","link":"https:\/\/nearurbanliving.com\/staging\/guide-to-rental-properties-what-are-accidental-landlords\/","title":{"rendered":"Guide to Rental Properties: What Are Accidental Landlords?"},"content":{"rendered":"<p>You&#8217;ve heard of an accidental tourist, but what about an accidental landlord? <em>Wait<\/em>, you&#8217;re saying. <em>How does someone become a landlord <strong>on accident<\/strong><\/em>?<\/p>\n<p>Most of the time, becoming a landlord is intentional. But there are certain situations under which someone becomes a landlord\u00a0without meaning to. Let&#8217;s\u00a0take a look at what it means to be an accidental landlord.<\/p>\n<h1>What is an Accidental Landlord?<\/h1>\n<p>Most landlords choose their rental properties with intent. Aspiring property managers spend hours carefully <a href=\"https:\/\/www.chicago-propertymanagement.com\/chicago-property-management\" target=\"_blank\" rel=\"noreferrer noopener\">choosing their investment properties<\/a> and doing their research. Accidental landlords\u00a0get their property without the initial intention of renting it. They are often unprepared for the stress\u00a0that comes with managing a rental property.<\/p>\n<p>&nbsp;<\/p>\n<h1>How Does Someone Become an Accidental Landlord?<\/h1>\n<p><a href=\"https:\/\/renterswarehouse.com\/education\/the-accidental-landlord\" target=\"_blank\" rel=\"noreferrer noopener\">Becoming an accidental landlord<\/a> chappens\u00a0a few different ways:<\/p>\n<ul>\n<li>The person inherits a home that they don&#8217;t need<\/li>\n<li>Their financial situation changes, and they need the extra rental income<\/li>\n<li>Another personal circumstance pushes them to rent their property<\/li>\n<\/ul>\n<h1>So You&#8217;ve Become an Accidental Landlord. Now What?<\/h1>\n<p>If you&#8217;ve found yourself with property to rent, congratulations. You&#8217;ve become an accidental landlord! There are many <a href=\"https:\/\/www.homego.com\/blog\/accidental-landlord\/\" target=\"_blank\" rel=\"noreferrer noopener\">wise words of advice<\/a> for the accidental landlord, but here are the main things to keep in mind:<\/p>\n<p><strong>Make\u00a0sure you&#8217;re making good tenant decisions.<\/strong> We recommend background and credit checks on all potential renters.<\/p>\n<p><strong>Do your research.<\/strong> Research the going rate for rent in your area. Draw up rental contracts, research what insurance documents and coverage you&#8217;ll need, and learn appropriate property rental laws.<\/p>\n<p><strong>Draw up a budget.<\/strong> Things to include in your budget are the cost of repairs and maintenance, periods of vacancy, taxes, and <a href=\"https:\/\/renterswarehouse.com\/education\/the-accidental-landlord\" target=\"_blank\" rel=\"noreferrer noopener\">many other financial matters<\/a>.<\/p>\n<p>Becoming an accidental landlord can seem confusing, but if you follow our advice, you will find that it&#8217;s not quite as scary as it may seem at first.<\/p>\n<h1>The Benefits of Property Management<\/h1>\n<p>Many accidental landlords discover that their new rental property is profitable.\u00a0In 2020, national rental averages grew from a steady 1% rise to a\u00a04.8% rise for two-bedroom properties. This growth isn&#8217;t expected to slow down. In the metro Indianapolis area alone, the average price for a one-bedroom rental property\u00a0is currently $910 a month.<br \/>\nFor the greater Chicagoland area, the average price for a one-bedroom rental is $1,426 a month. That&#8217;s a lot of potential extra income for someone who didn&#8217;t seek out the life of a landlord.<\/p>\n<p>Rental properties qualify for tax breaks. This can help boost your property&#8217;s return on investment. If it&#8217;s big enough, you could divide the building into several different rental units. This will yield even more rental income.<\/p>\n<p>&nbsp;<\/p>\n<h1>HomeRiver Group: Chicago&#8217;s Property Management Experts<\/h1>\n<p>Since 2006, HomeRiver Group\u00ae has\u00a0been one of Chicago&#8217;s most trusted <a href=\"https:\/\/www.chicago-propertymanagement.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">real estate management experts<\/a>. We use investment property knowledge, a full-service team of experts, and cutting-edge technology to help you manage your rental properties. Accidental landlords, we invite you to <a href=\"https:\/\/www.chicago-propertymanagement.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">visit our website<\/a> and see how we can help take the stress out of\u00a0property management.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You&#8217;ve heard of an accidental tourist, but what about an accidental landlord? Wait, you&#8217;re saying. How does someone become a landlord on accident? Most of the time, becoming a landlord is intentional. But there are certain situations under which someone becomes a landlord\u00a0without meaning to. Let&#8217;s\u00a0take a look at what it means to be an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2224,"comment_status":"open","ping_status":"open","sticky":false,"template":"template-parts\/blog-single.php","format":"standard","meta":{"footnotes":""},"categories":[6,7],"tags":[],"_links":{"self":[{"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/posts\/2080"}],"collection":[{"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/comments?post=2080"}],"version-history":[{"count":1,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/posts\/2080\/revisions"}],"predecessor-version":[{"id":2225,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/posts\/2080\/revisions\/2225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/media\/2224"}],"wp:attachment":[{"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/media?parent=2080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/categories?post=2080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nearurbanliving.com\/staging\/wp-json\/wp\/v2\/tags?post=2080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}