Single Family Lakewood Rental Experience

[Richie Peplin]

I'm thinking about renting out the house we're currently living in. I've never been a landlord before and don't know what to expect in Lakewood. 

I know the city has a process I'll need to go through prior to renting it. 

I'm wondering about things like how quickly single family homes here rent out, if tenants tend to stay one year or several, overall if this is a good idea. 

I still need to do my market research and figure out what I can charge for rent. 

This is the house if you're curious. The pics are from when we bought it. http://www.zillow.com/homedetails/1612-Westwood-Ave-Lakewood-OH-44107/33498720_zpid/#

Any insight is greatly appreciated. 

[Anthony R.]

Lakewood is a great city. You're in a pretty good location, you shouldn't have to much trouble renting. I've never rented a single family home in this city so I don't want to give you an exact number but I would imagine you could get $1,000 a month +-$200 

Fortunately for you you're within walking distance of downtown. That's key. Make sure to put that in your listing. If you want a premium I'd wait to list it until spring. Look on Craigslist for rentals on your street and see what they're going for. You can also ask a realtor. I have a good one if you need a hand. 

I do all my leases for a year. You can go longer but expect that your tenants will want a discount. I wouldn't go less than a year. 

Hope that helps

-Anthony