There are two interesting and oppositional trends in rental housing markets across the country. I began researching this somewhat in earnest after I noticed something on Craigslist while looking for rental properties in Saint Louis. Now, according to the Humane Society of the United States, 164 million households in the US have at least one pet. Of those, roughly 83 million people own at least one dog, 95 million own a cat, and even though this sounds like a lot, there are still yet 3-4 million shelter euthanizations a year.
Next up in my local places series, I’m exploring Georgia laws around late payment of rent. I have spoken to a number of landlords and property management professionals about the most common questions they have. Probably the second most asked question is: what do I do if I have a tenant that needs to pay late? This is not a problem that is isolated to Georgia, so if you’re a landlord in another state, always check your state laws. The legal process varies from state to state.
I’ve been working on a series of environmental factors that you and your tenants need to know about. From asbestos to bedbugs, there are many things that can cause a lot of big problems. Carbon monoxide is one of the more common, but also, one of the easiest to avoid. As with other environmental issues, landlords and property managers have certain obligations to protect tenants.
As I’ve mentioned before, when you’re screening tenants, rental history and references should make up a large part of your overall decision. However, this also brings up another thing that landlords and property managers alike should consider. What happens when it’s time for you to give a reference for a prior tenant? There are things you should and should not say, but also, there are some things that you need to be very careful in how you say or face potential legal trouble.
If you have a rental property near a college, you may want to consider customizing your lease to sort of cater to that niche and also protect your assets. Renting to students has a plethora of advantages: for one thing, you don’t really have to advertise a whole lot as word of mouth is key in this demographic. These properties are also considered fairly prime locations and you may have a high turnover, but you probably won’t see your units sit vacant for very long.
If you’re planning to rent out your home, proceed with caution as you interview prospective tenants—a bad renter could ruin the experience of an income property. Watch out for these seven red flags so you don’t get caught in an unfortunate rental situation. Your tenant can’t prove employment. Check tenant employment by asking for a […]
Most people know the old mantra, location, location, location.
So, it usually isn’t a stretch to open a blog post about figuring out where you’re going to put your investments when looking into rental properties. Above and beyond any other considerations you may have- location is everything. In order to really see a good return on that investment, you have to find properties with location based advantages. If you do a little searching around, the tips for renters will give you a pretty good idea what they want and how they’re finding out about these rentals. Here are a few of the key ones that your potential tenants are looking for:
Every now and again you might find yourself in a situation where you have to evict a tenant that’s not even supposed to be in the unit. This typically happens as a result of a visitor that just never leaves, either with the approval of the lease holder or sort of grudgingly without. The thing is, if you don’t know your rights, you may find yourself in a mess- most of the time, you cannot just throw the unauthorized person out.
Most of us are familiar with movies like “Caddyshack”, “Groundhog Day”, “Stripes”, and of course, the “Ghostbusters” movies. Harold Ramis was not only a beloved actor, but he also was a talented writer and director. He passed today at age 69, of complications due to autoimmune inflammatory vasculitis. He’d been battling the condition for the past four years.
Nobody likes to have to do things that may cause a upset for tenants. We’ve talked a little bit about selling a home that has someone in it, but what happens if you end up dealing with some hostility? This isn’t a common thing, but at some point in your career, you might find yourself dealing with the horror story to be that is: the angry tenant.
Recent innovations in the medical science of dealing with bedbugs have been promising. Some states are enacting laws to help the issue, as well. A bedbug infestation in a rental is a problem for both the landlord and the renter. One of the biggest issues to them is that they seem almost impervious to pesticide and they can live for up to a year with no food. A number of resources have been provided to help people with this, from a Bed Bug Registry, to the new laws about inspection and remediation. According to the National Conference of State Legislature site, more than 20 states now have laws on the books in respect to bed bugs.
We know what this song was really about.
Whether you’re a tenant or a landlord, at some point or another, you’ve had to deal with the stinky rental. These are the stenches so strong that you can almost see the pea soup green stink cloud chasing the butterfly and rainbow cloud of Febreeze away. You can practically hear it yelping in terror as it goes.
Communicating with tenants is they key to keeping things smoothly flowing. Whether you’re needing to talk about upcoming repairs or rent notices, having things in writing is always a good thing. Utilizing a service like RentPost is definitely one way of being able to manage communications effectively and it can also help in keeping things in writing.
One of the most commonly held ways of screening a new tenant has been to check a person’s credit report. It was believed that this could give an accurate portrayal of someone’s financial behavior. However, in recent years, this has been becoming less and less accurate. A wobbly economy, financial uncertainties and other factors have changed things dramatically.
If you’re looking for a more flexible option in renting, you might consider month to month leasing.
This option in rental agreements tends to offer a greater freedom when it comes to being able to move without penalty. A month to month lease is having a lease that you renew every 30 days. With a typical lease agreement, you are locked in to a 12-18 month rental agreement. These leases will also have information on what happens if you break the lease. Most longer term leases penalize with early termination fees because when you sign a longer term lease, the expectation is that you’ll be paying for that full term.
If you’ve decided to get out of the rental market and sell the house you’ve been renting, there are a few things you should take care of. With a home that has been a rental, or still is, you have a couple of options. If you’ve decided to sell your vacant rental, you need to know a few things about staging.
There are a handful of reasons why you might consider selling a tenant occupied home. When the housing market was a bit sluggish, there were a high number of people who decided to become landlords rather than deal with the headache. In doing so, they probably found that it wasn’t as easy as getting someone to sign a lease and handing over the keys. This also begs the question: how do you sell a home that has someone living in it? If you take a look at the forums over at Zillow, this isn’t just a question, it’s the common question.
Multi-family housing across the nation is on the uptick due to restricted credit markets and other economic issues. More and more people are shifting towards lifestyles that involve a lot of flexibility and all of this comes together to broaden rental markets. Because more people want the flexibility to move, should opportunity arise for better job prospects and because many people are hesitant about taking out mortgages, more people are renting rather than buying. Saint Louis rental trends have definitely been seeing the results of that.
The US Senate floor was lively in January with over 30 Democrats urging initiatives to help Freddie Mac and Fannie Mae to continue working on affordable housing programs. There are two unused funds that have been established by Congress since 2008, in order to finance such programs- using a part of the two organization’s revenue […]
I read a lot of blogs about adding a roommate to your lease when I was preparing for this and they all began with lines like: It’s not complicated… and It’s a relatively simple process… And other similarly cheery, dismissive little lies. I realize that often when we’re relaying certain bits of information, it’s going […]
In this economy, it’s a frequent occurrence that people have trouble paying rent on time, or even just the full amount. If you find yourself in this position temporarily, it’s important to understand that there are some things you may be able to do. First off, it’s best to just be up front. Bear in […]
Whenever you sign a rental agreement or a lease, you’ve probably noticed that sometimes, they’re very short- while other times, they can be as long as ten pages or better. Sometimes, these agreements are fairly straight to the point and other times, it looks like something out of Law and Order: Rental Agreement and you […]
Though asbestos and lead paint are well known health and safety hazards, another environmental hazard is also causing problems. There have been multi million dollar cases involving symptoms like chronic fatigue, nausea, hemorrhaging, asthma and rashes- that are all potentially linked to one thing: toxic mold in rentals. Whether you are a tenant, a property […]