Renting out your home can be a great opportunity to earn some extra cash. However, it involves lots of work and responsibilities. To be successful in this type of business, you should be fully aware of the pros and cons of the market. Renting homes can only be profitable and rewarding if you know how to manage it well.  When you rent out a home, you can expect a steady flow of large income. This is especially true if your property is situated in well known areas where there is an abundance of tenants. Unlike residential homes, rental houses can increase it value even after a few years. More often than not, a house will rent for a lot more than apartment complexes. Since they offer more space, privacy and freedom, many families, professionals and students choose rental houses as a better alternative to buying or renting small apartments. If you are thinking about going across the state for an extended period of time, you can also rent out your house so you can have someone to watch over your property while you are away. Don't forget about the tax advantages that you may get. Any expense that you make to maintain and improve your house can be used as a tax deduction.