Archives for 2016

Like any industry or area of life, the world of owning and renting out properties has its own trends. Most of the leasing trends arise out of tenant needs and regional or cultural developments.

The following are some current leasing trends that landlords might consider adopting in their own rental businesses:

1. Smoke-Free Properties

More and more Americans are aware of the risks and health hazards of smoking. As many cities and states adopt laws banning smoking in varying degrees, landlords are following suit. Many people have quit smoking, and fewer young people are being swayed to try this health-eroding habit. A smoke free policy can help to keep properties clean, fresh, appealing and healthy for all renters.

2. Electronic Rent Payments

One of the other leasing trends in property ownership is the acceptance of rent payments digitally. The world is increasingly becoming paper-free, and many tenants appreciate the ability to use their PayPal account, a mobile app or e-check banking to make on-time rent payments.

3. A More Flexible Pet Policy

Some landlords have a 100 percent ban on pets with little to no flexibility. However, leasing trends lately have shown many property owners adopting more flexibility on this issue and are allowing pet-friendly apartment. Allowing one cat or dog for an increased security deposit is one option. Landlords might also establish a weight or size limit for pets.

4. Creating and Enforcing a Subletter Policy

There are a variety of approaches to the idea of allowing existing tenants to sublet the unit they are renting. Landlords should include a clear, concise subletting policy on the lease. Whether they allow tenants to sublet a room or the whole unit, clarity about this issue is key to avoiding misunderstandings down the road. Some landlords forbid subletting altogether; if so, this policy and its consequences should be clearly stated on the lease.

5. More Stringent Applicant Screening

In addition to the leasing trends mentioned above, landlords are also less willing to take risks with their properties than ever before. In today’s world, the potential for financial issues or criminal behavior is just too great. Better to avoid a high-risk tenant than have to deal with the stress of handling bad behavior down the road. Professional tenant screening can identify applicant red flags so that landlords can connect with the highest quality tenants for their units.

Like any area of life, there are trends that come and go in the world of property rental. Landlords should consider these leasing trends and ideas for their own properties. Doing so just might result in higher tenant satisfaction levels and more success as a landlord.

Source: http://www.americanhumane.org/animals/adoption-pet-care/caring-for-your-pet/pets-in-rental-housing.html

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

The issue of tenant gun ownership and gun owner’s rights are in the press quite a bit right now. Overall, tenants are protected under the second amendment of the Constitution, but landlords may still conduct criminal background checks to ensure tenants will be responsible gun owners.

Tenant Gun Ownership Specifics Vary By State

The second amendment as well as individual state’s rights play into what is acceptable for this issue on a state by state basis. Many states have conceal and carry laws on the books, which means that individuals with the required permit may carry a loaded firearm on their person. This means they may also have them in their living space, even if it is a rented apartment, condo or home.

Even in states that do not have conceal and carry permits on the books, tenant gun ownership is generally allowed by virtue of our nation’s Constitution. While many fear the integrity of the second amendment is in danger of being challenged by President Obama, for now, tenant gun ownership rights are still intact. That said, because landlords are technically business owners, they do have some latitude in the rules they set up for their properties.

From “Reasonable Regulations” to Inherent Rights

Some landlords and property owners have taken it upon themselves to challenge the Constitutional right to bear arms. A few have imposed bans on all weapons and firearms in their buildings and properties.

While gun owners can challenge these landlords and often win, some states like Colorado are actually more supportive of this type of action taken by landlords. The term “reasonable regulations” is often used to describe what landlords are allowed to enforce, although the specific meaning can be hazy.

Some states actually have laws on the books that prohibit property owners from issuing any type of restrictions on gun owners. Minnesota, California and Virginia are three such examples. Other states are more reticent on the issue, and a range of outcomes are possible if a landlord decides to impose parameters on the rights of gun owners who live in their properties.

Rental Screening Makes All the Difference

Regardless, landlords can always make use of a professional rental screening service to assist them in finding quality renters for their properties. Criminally-minded persons with guns are a threat to any vicinity; however, there are also many responsible, law-abiding gun owners in America. Resident screening can help with determining and avoiding the potential tenants who have a history of violence or criminal behavior.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

Having a pet-friendly apartment and allowing tenants to have pets has both risks and rewards. However, with some ground rules and tenant screening practices, it is possible to connect with responsible pet owners.

According to pet ownership statistics from 2012, nearly 67 percent of American households have at least one dog or cat. Not allowing renters with pets reduces a landlord’s potential tenant pool by about two-thirds. Conversely, having a pet-friendly apartment and allowing pets could allow vacancies to be filled much faster.

But how to make a pet-friendly apartment and the entire property “pet friendly” in a way that protects and preserves the property and a landlord’s livelihood?

The following tips and ideas can assist with making a pet-friendly apartment and a property open to pets in a way that is fair to everyone involved – including the animals:

1. Set Reasonable Limits

Ground rules should be set for properties and kept consistent for all renters. For example, one dog per unit could be the limit. Other landlords might consider a “total pounds” rule, meaning the weight of all pets combined may not exceed a certain limit.

2. Vaccinations

It is advisable to require that pets stay up to date on their vaccinations for rabies and distemper. These shots are required by law in most states anyway, so it’s a good idea to enforce them.

3. Spaying and Neutering

It is also reasonable to require that pets be spayed and neutered. This requirement will help to eliminate a number of undesirable behaviors, reducing the likelihood of property damage and liabilities. Animals that have been neutered are far less likely to urinate around the property and become aggressive or destructive.

4. Pet Deposits

Requiring an additional security deposit when a renter has a pet is a good idea. Some landlords choose to make this pet security deposit non-refundable; however, not all states allow for this. Landlords should check the specific rules in their state before having a pet-friendly apartment.

5. Screening Tenants
   

Screening tenants carefully and thoroughly can yield a wealth of valuable information. References should be collected from prior landlords. Character references can also be requested; garner permission for these persons to be contacted.

A professional tenant screening service can assist with checking an applicant’s credit history and criminal record. Insights into these areas can help determine if a potential tenant is likely to be a responsible pet owner – someone who will treat the property with respect.

Becoming a pet-friendly landlord and having a pet-friendly apartment can increase a rental business in positive ways if handled responsibly. Use these five tips to become a successful pet-friendly landlord.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

While being a landlord can be lucrative and satisfying if done well, it isn’t for everybody. New landlords should possess essential qualities and information to increase their chances for profits, success and a positive overall experience.

The following are four essential things new landlords should know:

1. Numbers Count

First and foremost, one should determine if being a landlord is in the best interests of their financial future. Startup costs are mainly about procuring a property or properties to rent, of course, and a mortgage payment will factor prominently in the math. New landlords must evaluate the chosen area and rental market and decide what kind of rent amounts and return on investment are possible. Repairs, maintenance, marketing, property taxes and other relevant costs should be factored in.

2. Becoming a New Landlord Means Running a Business

While renting to reliable, high-quality tenants in well-maintained properties can result in cash flow that feels like passive income, those considering this path should know that being a landlord is far from a passive activity. Persons who become new landlords should have entrepreneurial characteristics like discipline and big-picture thinking. They should also be skilled at DIY household projects and/or be prepared to outsource what they prefer not to do themselves. Being organized and keeping good records is important as well.

3. Outsourcing Can Lower Stress

New landlords should also know that they don’t have to go it alone. Many aspects of being a landlord can be outsourced, from repairs to maintenance to all the details of managing the property. Tenant screening may also be outsourced.

4. Rental Applicants Should Be Screened Thoroughly

Lastly, one of the key ways to help guarantee a positive experience for new landlords is by screening potential tenants before making final decisions. Tenant screening should involve asking applicants for permission to contact their employer, past landlords and references that they provide.

Applicants should be screened for state eviction records, criminal background records and their credit history at a minimum. Hiring a professional tenant screening service to take care of this important step can ensure that it is done thoroughly and in compliance with state and federal laws.

Being a new landlord can be lucrative and highly satisfying, but only if it is done with a keen business sense. Those considering becoming a new landlord should be aware of these four tips to maximize their odds for success.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.