One unfortunate reality about being a landlord is the broken lease. Sometimes, despite our best efforts, leases are broken.
On occasion, it’s the tenant who breaks the terms of the agreement. They have to relocate for work and must end the lease early. Sometimes, a tenant vacates without notice.
At other times, you might have to terminate a lease early because a tenant violates the terms of the lease agreement. Despite your thorough tenant screening process, you ended up with a bad tenant.
You can relax knowing that while it's not the norm, breaking a lease happens to every landlord. Here's what to do when a tenant breaks a lease for your West Bloomfield property.
A rental market analysis (RMA) helps you assess the investment potential of a property within a target area. When conducting a rental analysis, you follow a simple mathematical equation:
- Figure out the adjusted price per square foot of comparable properties in the area.
Multiply by the square feet of properties for sale.
How does this simple equation help? It helps you determine if the average rent in the area is higher than the average price of any available properties. If so, then the market is favorable.