Understanding Rental Property: A Flexible Housing Option
A rental property refers to any type of property, whether residential or commercial, that is leased out to tenants in exchange for periodic payments, commonly known as rent. These properties can include apartments, houses, condos, and office spaces. Rental property offers flexibility and a variety of options to meet the diverse needs of tenants, from short-term stays to long-term leases. Types of Rental Properties Residential Rental Properties : These include homes, apartments, and townhouses that are rented to individuals or families for living purposes. Residential rental properties can range from single-family homes to multi-unit buildings and are typically leased for long-term durations (one year or more). Commercial Rental Properties : These properties are leased to businesses and include office buildings, retail spaces, and warehouses. Commercial rentals are often long-term, with lease agreements tailored to meet the specific needs of businesses. Vacation Rentals : These ar...