A lot of second homes in Europe, some of them owned by Americans, have been turned into homes for rent by their owners.

Many are in situations similar to a Connecticut couple who has decided to rent out their apartment in the Seine to cover the mortgage.

According to New York- based Jean David Bordonaro who has a rental in a village in Provence, the number of rentals in the village has also gone up from 2 to 20.

Records from a rental US-based website show that home rental listings have increased to 320,000 in 2008, a 25 percent jump from 255,000 in 2007. Many of these homes were initially purchased as vacation homes; 75 percent of their owners said that they did not expect to rent out their properties when they first bought them.

Meanwhile, records of a British-based website, show that 43 percent of homeowners in their listings have decided to rent out their homes to pay for mortgage, maintenance and taxes. 2007 figures show that only 30 percent of homeowners belonged in this category.

Other website figures show that a significant number of property owners have vacation home rentals in order to generate extra income.

One of these website chief executives, Brian Sharples, said that sales rates have dramatically decreased. In the past, about 15 percent of homeowners in their listings were selling their homes annually.

The number of home rentals is also attributed to the worldwide construction boom in the last five years. The period saw homeowners purchasing second homes that they renovated in order to sell. However, as the economy worsened, people became hesitant to purchase property. A weakening dollar also caused monthly home expenses and mortgage to rise. These homeowners then decided to rent out the properties that they cannot afford to own or they cannot sell.

Many developers have now ventured into the rental market. With the number of homes for rent increasing, there is also growing competition in the popular vacation spots.

Vacation rental homes come in all sizes and shapes. They can be condominiums, single family homes, cabins, cottages, apartments, lodges, townhomes, studio-type, castles, farmhouses, bungalows, chalets and boats.

When planning to start a vacation home rentals business, keep in mind that there is always a vacation home that perfectly suits even the most discriminating renter.

The following are some factors that you should consider when you decide to start leasing your vacation home and operate a homes for rent business.

• Create a business plan and buy a property. The type of vacation property that you can buy depends on the area where it is located. When buying a property, find out the status of the vacation homes rentals in the area where you plan to establish your business, how much you can afford and your cash flow and the kind of mortgage that you have.
• Talk to some people in the area who are already renting their properties to get some ideas. Talking with other homes for rent owners can help you get a feel of how to start your business.
• Know your target renters. It would be easy to promote your business if you know the types of travelers that you want to attract.
• After you have dealt with the legal side of operating a business, it is now time to tackle the daily operation of your vacation homes for rent business. Here are some questions to consider:

1. Are you going to rent your home without using a local property manager?
2. What type of housekeepers would you use if you are going to rent by owner?
3. How much are you going to charge?
4. Are you going to require clients to give a security deposit?
5. What type of payment method are you going to use?
6. What is your refund policy?

Always keep in mind that knowledge and preparation are keys to any successful endeavor.

With the current economic and foreclosure crisis, rental homes and apartments are the normal way of living for some people. Finding, choosing and living in apartments homes for rent have their own challenges.

Here are some tips and factors to consider when looking and choosing the best apartment home rentals for you.

• Identify the area where you want to find homes for rent. Make a list of basic amenities in the said area, such as schools, stores and transportation.
• Determine whether you want a furnished homes for rent, how much monthly rental payment you can afford and how long do you want to lease.
• Now that you have identified what you really want for an apartment, start your search online or the local newspaper where you plan to move.
• Once you have streamlined your choices, visit the apartment of your choice to get a feel of the neighborhood. Talk to neighbors to get a good grip of the community you are going to live into in the event that you decide to rent the apartment. Also, visiting the area may give you the opportunity to check if there are other available homes for rental.
• Once you have chosen the place you want to rent, it is important that you ask the landlord for a walk-through of the apartment before you sign any lease and start to move in.
  Be alert for any evidence of rodents or insects, check for water damage on walls and ceilings and inspect pipes, toilets and faucets to ensure that they work properly and there are no leaks.
• If during the inspection you discovered that there are some items in the apartment that need repair and replacement, do not hesitate to tell your landlord. Make sure that all these defects and damages have been repaired or replaced before you moved in.

Finding and choosing the right apartment may take time and patience. But knowing that you will be comfortable and happy living in it is enough for you to take your time in finding the right one.

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