There was a house that my parents owned, which they were returning to Korea after retiring. It was a three-bedroom single-family home in the suburbs of St. Louis. It felt too valuable to sell, but leaving it vacant would mean wasting money on taxes and maintenance. So, I decided to rent it out. This situation is more common than you might think. Whether due to inheritance or relocation, there are various reasons for becoming a first-time landlord.

The first thing to determine is the rent price. You can't just guess. According to Zumper, the average monthly rent in the St. Louis area as of August 2026 is around $1,295. RentCafe and Apartment List report figures as high as $1,439. There can be significant differences based on the number of rooms, neighborhood, and condition, so it's best to find three or four comparable listings and compare them directly.

Once you've set the rent price, the next step is advertising. It's essential to post photos and details on sites like Zillow Rental Manager and Apartments.com. Taking bright photos during the day in each room can significantly increase inquiries. If you're looking for Korean tenants, it might also be worth utilizing local Korean community bulletin boards.

Your property description should include square footage, the number of bedrooms and bathrooms, parking availability, and whether pets are allowed. If the information is lacking, you may receive inquiries, but the likelihood of actual contracts decreases. In St. Louis, single-family home rentals are quite common, so it's a good idea to decide in advance who will be responsible for yard maintenance between the tenant and landlord. If you're unsure whether to raise or lower the rent, it's better to check the contract prices of similar properties that have been rented in the same neighborhood within the last two to three months. Relying solely on asking prices can lead to longer vacancy periods.

Once inquiries start coming in, screening is key. You must verify three things: credit score, income proof, and previous rental history. Income is often based on a standard of at least three times the rent. This can be confirmed through pay stubs or offer letters. Credit checks should be conducted with the tenant's consent.

• Check credit score and credit report
• Verify recent pay stubs or income proof
• Inquire about rental history from previous landlords
• Verify government-issued ID

Once you've selected a tenant, you need to write a lease agreement. It should include the rental period, monthly rent and due date, security deposit amount, liability for damages, pet policy, and renewal and termination conditions. Verbal agreements are useless if disputes arise later. Developing the habit of documenting everything protects novice landlords.

In Missouri, you can only collect a security deposit of up to two months' rent. You must return the remaining deposit and itemized deductions within 30 days after the tenant moves out. If you miss this deadline, the tenant can claim up to double the amount wrongfully deducted. This is based on Mo. Rev. Stat. 535.300.

It's also good to know the situations in which you may need to evict a tenant. If they fail to pay rent, you must follow a written procedure to demand payment, and if there's a lease violation, you need to send a 10-day notice. To terminate a month-to-month lease without special reason, you must provide written notice at least 30 days in advance. Skipping this process and arbitrarily locking the door or removing belongings can put the landlord at a disadvantage.

Before the tenant moves in, don't forget to document the condition of the house with photos and videos. This will serve as the most reliable evidence in case of disputes over security deposit deductions later. It may also be worth considering landlord insurance, which has different coverage than standard homeowners insurance.

Tenant screening should be conducted based solely on objective criteria like credit score, income, and rental history. It may feel unfamiliar and there are many documents involved, but if you follow the steps, it's not too difficult. This article is intended to provide general information, and regulations may vary by state and county, so please consult a real estate professional or attorney before finalizing any contracts.