When renting out a home in Columbus, there is a common choice to make: whether to advertise directly to find tenants or to hire a management company. I've seen cases where a listing with just a few lines of description and no photos received no inquiries for nearly two months, demonstrating how much the advertising method can affect the outcome.

First, you need to set the rental price. According to Zumper, the average rent in Columbus is $1,410, which is a 2% increase from a year ago. A one-bedroom apartment averages $1,200, while a two-bedroom goes for around $1,400, and downtown Columbus is even higher at $1,783. If you have the same budget, it's important to check the market rates for your home's location, as there can be a significant difference between downtown and suburban areas.

Once you've set the rent, it's time to decide on the advertising method. If you choose to list it yourself, the basic platforms are Zillow, Apartments.com, and Zumper, and you need to fill in photos and information thoroughly. Take pictures of each room, and clearly state the number of bedrooms and bathrooms, parking availability, and pet policies to increase inquiries. If you hire a management company, they will handle the advertising and initial inquiries for you, but you will need to pay a portion of the rent as a fee. If you have limited time, a management company may be the better choice, while if you can manage it yourself, self-advertising could be the way to go.

When inquiries come in, it's time for the screening stage. You need to check credit scores, proof of income, and rental history from previous landlords. Whether you handle this yourself or go through a management company, these three verification steps should not be skipped.

There are also things to check when showing the home. Whether you guide the showings yourself or have a management company do it, showing to multiple applicants at once is more time-efficient. However, if you are showing it yourself, it's safer to bring a friend or inform family members of your schedule, as you will be alone with strangers. If you need to visit after the tenant moves in, it's best to notify them in advance, and even if you use a management company, it's advisable for the landlord to check the property at least once.

The lease should clearly outline the rent amount and due date, lease term, security deposit, repair responsibilities, and pet policies. Even if you use a management company, it's wise for the landlord to review the final lease content once more.

In addition to the lease content, there is one more thing to confirm: taking photos of the home's condition before the tenant moves in. Whether you manage it yourself or hire a management company, this record will serve as evidence when deducting from the security deposit later. In areas like Columbus, where older homes are mixed in, some may have been built before 1978, which means you must provide tenants with lead-related disclosure documents according to federal law. It's also important to check whether the landlord has insurance, regardless of whether you choose to manage it yourself or hire a management company.

Ohio does not set a cap on the amount of the security deposit. However, any amount exceeding $50 or one month's rent must earn 5% interest annually, and it must be returned within 30 days after the tenant moves out, along with a deduction statement. If this deadline is missed, you lose the right to deduct and may have to pay double damages. When evicting a tenant for unpaid rent, a 3-day notice is required, and for lease violations or termination, a 30-day notice is necessary, with the final step always being a court process.

Whether to advertise directly or hire a management company depends on individual circumstances. However, setting the rent, screening tenants, and drafting the lease are steps that must be taken regardless of the choice. If you're renting for the first time, it might be a good idea to try managing it yourself first, and then switch to a management company if you find you're short on time. The order of items to check does not change significantly regardless of the choice made. This article is intended to provide general information, and it is advisable to consult a real estate professional or rental law attorney before finalizing any contracts.