A family that had lived in Tenafly for a long time decided to rent out their home instead of selling it when they relocated to a company in Seattle. When renting out for the first time, it's helpful to have a checklist of items to verify in order to reduce mistakes, rather than making emotional decisions. Broadly speaking, there are about five main areas to check.

The first is setting the rent price. According to RentCafe data, the average rent in Tenafly is around $2,800, with two-bedroom units averaging $3,525 and four-bedroom units going up to $6,900. Even within Bergen County, Tenafly tends to have higher prices due to its school district reputation compared to nearby towns. However, even within Tenafly, the speed of inquiries can vary significantly depending on proximity to roads and school assignment zones.

The second is advertising registration. It's advisable to list on Zillow and Apartments.com as a baseline, and if in a Korean community area, utilizing local community bulletin boards is also beneficial. Clearly stating photos, school assignment information, and move-in dates will improve the quality of inquiries.

The third is tenant screening. The items to verify include:

• Credit score - Typically checking for any history of late rent payments
• Income verification - Confirming that income is at least three times the monthly rent through pay stubs or offer letters
• Previous rental history - Inquiring with previous landlords about any late payments or damage history

These three criteria must be applied uniformly to all applicants. Discriminating against tenants based on specific backgrounds can violate fair housing laws, and decisions should only be made based on objective data such as credit, income, and rental history.

The fourth is the lease agreement. It should clearly outline the rental period, monthly rent and due date, security deposit amount, maintenance responsibilities, pet policies, and conditions for termination. In New Jersey, the maximum security deposit is 1.5 times the monthly rent, and any additional amount collected upon renewal cannot exceed 10% of the existing deposit. The deposit must be kept in an interest-bearing account, and the account information must be communicated to the tenant within 30 days, with a settlement and return of the deposit within 30 days after moving out.

The fifth is how to respond to late rent payments. In New Jersey, you can demand payment with a written notice for three days, but if you have previously overlooked late payments, this changes to a 30-day notice. Skipping procedures can make it difficult to be recognized by the court, so it's wise to prepare notice templates and methods of delivery in advance.

Additionally, two more points can be helpful. One is the method of showing the house. Scheduling a time to show it to multiple applicants at once can save time, and if you charge an application fee, it's common to set it at the level of the costs for credit and background checks. The other is insurance. Switching from resident insurance to landlord insurance is necessary to cover any accidents or liability that may arise after the tenant moves in.

Setting aside a portion of the rent for maintenance reserves to prepare for costly repairs like boilers or roofs is also a good strategy. It's standard practice to inform tenants of renewal decisions at least 60 days before the contract expires, which allows time to find a new tenant if not renewing.

The sixth aspect to consider is the timing of rent increases. To raise the rent at the time of contract renewal, you must notify the tenant in writing at least 30 to 60 days in advance to reduce the potential for disputes. Keeping the increase in line with local market rates will also help maintain renewal rates.

By going through these six items in order, you will have a solid framework. However, specific conditions may vary by county or individual circumstances, so it's safe to consult a real estate attorney or management company before signing the lease. This article is for informational purposes only and does not substitute for legal advice.