How do I add a rental property?

This guide explains how to add a rental property in Quicken, whether it's a single unit or a multiunit property. By adding each real-world property as a separate entity, Quicken enables efficient management of property-related income, expenses, and tax deductions.

Steps to Add a Rental Property

1. Go to the Rental Property tab.
2. Select Properties & Tenants, then choose Add Property.
3. Enter the property's name, tag, and address.

Why Is the Property Name Important?

The property name acts as an identifier that helps you manage properties within Quicken. This name appears in Rent Center snapshots, Tax Planner, Tax Schedule Report, and the Schedule E report.

Example

For a property known as 'Mayfair' at 500 Mayfair Park, enter the property name as 'Mayfair'.

Understanding Rental Property Tags

A tag associated with a rental property helps group transactions specifically for that property in various reports and snapshots.

Example

For a property known as 'Central Park' at 310 Central Park, use 'Central Park' for the property name and 'Central' for the tag.

Configuring Property Type

1. Choose Single unit property if the property consists of a single rental unit.
2. Select Multiunit property if the property includes multiple rental units, such as different floors or apartments.

What is a Multiunit Property?

A multiunit property includes several rental units within the same property, such as floors or apartments. Specify at least one unit when designating a property as multiunit.

How to Add Units to a Multiunit Property

1. Input a unit name or number for each unit.
2. Click Add more units to include additional units, if necessary.

Tracking the Value of Your Property (Optional)

Knowing the value of your rental property is essential for assessing your net worth.

1. Under Track Value of Rental Property, select Yes, I want to track the value to create a new house account with the property's value.
2. Use the Zestimate feature to estimate the current value.
3. Opt for Yes, I am tracking the value if a house account is already tracking the property's value.
4. Choose No, I will do this later if you prefer to decide later.

More on House Accounts

You can link a property in Quicken to:

• A new house account named after the property.
• An existing house account that isn't linked to any property.
• Decide later to add or link a house account at any time.

Additional Information

Add documents related to the property under the Property Documents tab:

• Upload documents such as property registration, deeds, pictures, or maps.
• Use Attach Notes to add extra information about each document.

Finalizing the Addition

Click OK to save the property details.

This feature is not available in Quicken Business & Personal Canada.