As a Landlord, Should You Keep or Sell Your Rental Property? | ERJ Developments

People buy rental homes for a variety of reasons, and each rental property is unique. Whether it's a condominium in a densely populated city or a vacation home rented for a few months each year, owning rental property comes with its own set of perks and disadvantages. At one point or another it’s normal for rental property owners to begin to wonder, "Should I sell my rental property?". It's normal to contemplate selling it at some point, especially if the job of maintaining it has gotten too burdensome. Let’s explore what makes a good rental property and what are some of the indicators that it's time to sell (or consider continuing to hold on to it). Understanding the market and evaluating the property closely ensures rental property owners are maximizing their investment. 

Common Traits of a Good Rental Property

To correctly assess whether a rental property should be sold or kept, you must first understand how a successful rental property runs. There are many aspects of a good rental property that investors should watch out for throughout the search, especially for those who are considering buying a rental property for the first time.

While the real estate market is continuously changing, a well-run rental property will usually exhibit a few of these characteristics: 

• Responsible Tenants That Pay On Time

• Ideally Located In A Desired Area

• Positive Rental Cash Flow

• Property Asset Appreciation

• Low Upkeep