Let's start with the story of a landlord who listed their home for rent in Lexington for the first time. After leaving a home they had lived in for a long time, they decided to rent it out. Hearing that the neighbor's place went for $3,200, they set the same price. They received almost no inquiries. After two months of this, they finally lowered the price. Ultimately, they rented it out at a lower price than initially set, losing two months of rent while the property sat vacant.

Rent is not a number determined by guesswork. The number of bedrooms, condition, and exact location can significantly affect the market rate. According to Zumper data, as of March 2026, the median rent for all bedroom types in Lexington is $3,025. This is $1,115, or 58 percent, higher than the national average. However, it's important to note that there has been a 15 percent decrease in the past year. Market rates are always changing. Instead of relying solely on one neighbor's number, it's safer to look at three or four similar listings and start from the median value.

Equally important as the price is the condition of the home. Taking care of small repairs that have been postponed, such as fixing lights or faucets, can improve the quality of inquiries before advertising. It's also wise to check that smoke detectors and carbon monoxide detectors are functioning properly. On the day the tenant moves in, it's a good idea to take photos of each room and conduct a walkthrough together. This record will serve as evidence when settling the security deposit later.

Once the price is set, the next step is finding a tenant. Take plenty of photos and clearly state the rent, security deposit, and move-in date in the advertisement. Posting on platforms like Zillow Rental Manager or Apartments.com can be efficient, as they often expose your listing to multiple sites simultaneously.

When inquiries start coming in, you move to the screening stage. This involves checking credit scores, income verification, and previous rental history. Many landlords look for income to be about three times the rent, and they may request a credit report, recent pay stubs, and contact information for previous landlords to verify this. Below are documents worth gathering during the screening stage.

• Credit report (credit score and delinquency history)
• Recent pay stubs or income verification documents
• Contact information for previous landlords and rental payment history
• Identification documents

The criteria must be applied equally to all applicants. Filtering out specific applicants using different standards can lead to legal issues.

Once a tenant is chosen, a lease agreement is drafted. It should include the rental period, rent amount and due date, security deposit amount and return conditions, management responsibilities, and termination procedures. In Massachusetts, the security deposit cap is one month's rent for homes without furnishings, and it must be kept in a separate interest-bearing account at a Massachusetts bank. After the tenant moves out, the deposit, including interest, must be returned within 30 days. There are regulations stating that if deadlines are missed or procedures are violated, landlords may have to pay up to three times the security deposit. This is based on mass.gov and Massachusetts General Law Chapter 186, Section 15B.

There are also procedures in place for when rent is overdue. A 14-day notice must be sent for overdue rent, and if the tenant pays the overdue amount within that period, they have the right to continue the lease. It is not possible to evict them without notice.

Once you start renting, existing homeowner insurance may not be sufficient. It's advisable to switch to Landlord Insurance to ensure coverage for damages caused by tenants or loss of rental income during vacancy periods.

All these procedures can vary based on county and individual circumstances. The information provided here is general and not legal advice. It's recommended to consult a real estate professional or attorney before signing any contracts.