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In today's economic downturn, many homeowners are turning to various options, including renting out their homes in order to save their homes or avoid selling due to the tremendous drop off in home prices in the real estate meltdown. As with many homeowners who want top dollar for selling their homes, there are so many factors that will help assist you in getting your property rented quickly at a desireable price point that is favorable to both the homeowner and the prospective tenant. If you follow these simple steps, your property will have a better chance of renting:

Understanding the Rental Market:

Today, with so many rentals available, homeowners and investors have to be extremely mindful of the "supply and demand" ratio. While there are many prospective tenants, the supply is extremely high. Therefore, homeowners and investors must be realistic in their expectations in what exactly their property will rent for. Since prospective tenants have so many properties to choose from, prospective tenants know that they have bargaining power. Once you know what the comparables are in your area, you will be able to price your home for rental based on how fast you want your property rented. Homes are generally renting for around $100.00 less than they were last year at this time, so be realistic when pricing your rental property. If you want or need your property to rent out fast, make sure to always rent your property at a slightly lower cost than the comps in your area.

How fast do you want your property rented?

Below are several factors in determining how fast your property will rent:

1) Never price your property at a whole number - You always want to round down your property rental amount $5.00 under a whole number (Example: If you want your rental price to be $1,000.00, set your price at $995.00) Major name brand companeis have done very extensive studies that show that just $5.00 makes a huge difference in the consumer's mind.

2) Make sure that your property is incredibly clean - If you want your property to rent fast, Mary West, professional leasing agent for CR Property Services, states "I will only have to show a property once or twice for it to rent out if the home is really clean. It makes a tremendous difference in whether or not your property is going to rent fast". Spend the money to have your rental property professionally cleaned; have the carpets professionally cleaned as well.

3) Pay Attention to Details - With the competition being so high, do not overlook the details on your property. If there are small, minor things that need to be done, make sure to take care of these things prior to showing (Example: replacing burnt out light fixtures or bulbs). This is incredibly important and most owners and investors overlook the details. Prospective tenants notice everything. Try to view your property from a tenant's point of view; would you want to rent your own property?

4) Keep it Neutral - While there are many different decor preferences, you are more likely to secure a potential renter if your colors in your decor are neutral. While you might like your own tast, others may not. Keep all of your carpet and paint tones neutral.

5) Updated appliances - It is not necessary to purchase top of the line appliances. However, if your appliances look really outdated, you may want to consider replacing your appliances. While this is an immediately out-of-pocket expense, in the long run, it will be a good investment for long-term rentals.

6) Replace Drapes with Faux Wood Blinds - When potential tenants are looking at a home to rent, they are much more fvorable to homes, condos or townhouses that have blinds (wood or faux wood) instead of drapes. Drapes hold odor and tend to sometimes make a home look dated or ever sloppy. Give your home a crisp, new look by replacing key or major windows with faux wood blinds. They are inexpensive, and you cannot tell the difference between faux or the real wood. By giving your windows a new tratment, it will give your home a cleaner look.

7) Backyard Landscaping - Make sure that your backyard has some type of basic landscaping. It does not need to be elaborate with waterfalls or heavy foliage, but do put some type of desert rock and a few nice cactus or desert plants in, as this will make your home look complete. It will also keep the new tenants who move in from tracking dirt into your home and onto your carpet and floors.