Recently, there has been an increase in consultations about what to do with homes inherited from parents in Concord. While selling can provide a lump sum of money, many express reluctance to dispose of the property immediately, considering their other homes or plans to settle back in the area. Additionally, inherited homes often have no remaining mortgage, making the monthly rental income a significant cash flow. In such cases, exploring the option of renting is worthwhile, and for those new to renting, there are several key points to check in order. It's also worth noting that Concord, being the city where the New Hampshire state government is located, has a steady demand from state employees and nearby hospital staff.

The first point is setting the rent. According to Zumper, the median rent in Concord in March 2026 is $1,800, while RentCafe data shows an average of $1,751 in June 2026, with one-bedroom units at $1,553 and two-bedroom units at $1,849. Regardless of the appraised value or mortgage status of the inherited home, it's important to base the rent on current market rates. It is often more advantageous to start at a price similar to nearby listings rather than setting a higher price and leaving the property vacant for months. Depending on the age of the home or recent renovations, there is room for adjustment within this range, and it is reasonable to choose a figure somewhere between the two data points.

The second point is advertising and tenant recruitment. Whether using Zillow, Apartments.com, or a local real estate agent, it's essential to provide detailed photos and floor plan information to attract inquiries. Scheduling visits on specific days and times and accommodating multiple groups at once can save time. The third point is screening. Basic checks include credit scores, income verification, and rental history, with income typically set at 2.5 to 3 times the monthly rent. Care should be taken as filtering applicants based on factors outside of credit, income, and past rental history can lead to legal issues. If multiple applications are received, reviewing them in the order they were submitted tends to minimize complications.

The fourth point is the lease agreement. It should specify the rental period, monthly rent and payment method, security deposit conditions, maintenance responsibilities, early termination clauses, whether renter's insurance is required, and pet policies. New Hampshire sets the security deposit limit at either one month's rent or $100, whichever is greater. The return of the deposit must occur within 30 days of the later of the move-out date or the date the tenant provides a forwarding address, and there are regulations requiring it to be held in a separate account with interest paid. Deliberately exceeding the deadline may result in having to pay double the amount wrongfully retained. Including seasonal maintenance items, such as winter heating system checks, in the lease can help reduce misunderstandings later on.

The fifth point is preparing for situations where a tenant may need to be evicted. If rent is unpaid, a 7-day notice is followed by a 30-day notice if the issue is not resolved, while lease violations require a 30-day notice with an opportunity to correct. A minimum of 30 days' written notice is also required to terminate a month-to-month lease. The decision to rent out an inherited home often involves tax implications, so it is advisable to review everything with a real estate professional, tax advisor, or attorney before signing the lease.

The sixth point to consider is landlord insurance. Once the property is rented out, existing homeowner's insurance may not provide adequate coverage, so it may be necessary to switch to landlord insurance or add endorsements. Encouraging tenants to obtain renter's insurance or specifying it in the lease can make it easier to determine liability in the event of incidents like fires or leaks. Since inherited homes often have old plumbing or electrical systems, conducting a basic inspection before starting the rental can ultimately help reduce disputes. This article is intended for general informational purposes and does not substitute for legal advice.