Purchasing rental single-family homes can be a thrilling and fulfilling endeavor. Nevertheless, it’s not as easy as it sounds to become a landlord, and there are a lot of things you should know before renting out your property.
Knowing the fundamentals of leasing tactics and the laws that affect both you and your tenants is crucial for anyone purchasing their first rental property. We have put together a thorough guide that covers all the fundamentals to assist you in leasing your first property. You can ensure a positive first experience as a landlord by adhering to these straightforward principles.
Mastering Renter Screening
It’s crucial to acquire all the information you need about potential tenants in order to make sure you choose the right ones for your rental property. A rental application containing the names and dates of birth of all intended occupants, including minors, can be completed by them as a means of achieving this. It’s also critical to request at least three previous rental references and a recent employment history.
In addition, background checks and the collection of Social Security numbers of all adult renters can yield significant information regarding their personal lives and financial investments. You can reach an informed conclusion and locate a suitable tenant for your rental property by adhering to these steps.
Before granting a rental applicant permission to occupy your property, verify the information they have provided. Finding out about their rental history can be done by getting in touch with their prior landlords. Despite the potential time investment, making sure you do your homework before signing the lease will help you stay out of trouble later on.
Ensuring Non-Discriminatory Practices
It is essential, when advertising for and screening prospective tenants, to avoid any form of discrimination,, whether deliberate or unintentional. Prejudice against renters on the grounds of race, sex, color, national origin, religion, handicap, or familial status is specifically illegal under a number of federal laws currently in effect. Maintaining awareness of and consistently adhering to these laws is imperative.
– Fair Housing Act (FHA): Guarantees that individuals are not subjected to housing discrimination on the basis of their disability, race, color, national origin, religion, sex, or familial status. All aspects of the rental process are covered by the FHA, including advertising, choosing a tenant, and tenancy agreements.
– Americans with Disabilities Act (ADA): It is important to acknowledge that a regulation in place with the Federal Housing Administration (FHA) prohibits anti-disability discrimination. A landlord is obligated to provide reasonable accommodations for disabled individuals if they own a building consisting of four units or more. This can entail putting grab bars in restrooms or offering accessible parking spots.
– Age Discrimination in Employment Act (ADEA): A federal statute that shields people 40 years of age or older from discrimination at work. Age-based housing discrimination is likewise forbidden by the ADEA.
– Equal Credit Opportunity Act (ECOA): This federal statute guarantees the prevention of discrimination against individuals in all credit transactions, including rental transactions. Landlords are forbidden by the ECOA from treating people unfairly on the basis of their race, color, national origin, religion, sex, marital status, age, or because they are recipients of public assistance.
Studying state and local laws is crucial in addition to federal law. Local laws might provide for additional protected classes.
It’s critical to steer clear of discriminatory language when writing rental ads. This includes prohibiting seniors, families with children, and individuals receiving government assistance from renting your property. It is imperative to conduct a fair evaluation of candidates throughout the screening process, relying solely on the information they have submitted. You can make sure you’re not taking advantage of prospective tenants by remaining professional and utilizing an impartial screening process.
Legal Obligations
It’s critical to refrain from assuming that a person with a disability isn’t a suitable fit to rent your property. Pupils are entitled to “reasonable accommodations” from their landlords in accordance with the Federal Fair Housing Act. Reasonable accommodation is “a change, exception, or adjustment to a rule, policy, practice, or service that may be necessary for a person with a disability to have an equal opportunity to use and enjoy a dwelling.” Accommodations shouldn’t be a justification for turning away a potential tenant if they fit your property’s eligibility requirements. With the understanding that they will return the property to its original state upon vacate, the lessee shall furnish and install the requested lodging.
Even if you have a strict policy against pets, you may still need to make accommodations for service and emotional support animals in your rental property. It is crucial to acknowledge that rental pet policies do not apply to service and emotional support animals. Consequently, if a tenant chooses to keep a service animal on the property, no additional rent or fees may be assessed.
It can be difficult to recall every law and best practice pertaining to the leasing of rental properties. Why not entrust this duty to a Saint Cloud property manager? In order to assist our rental property owners in finding the best tenants for their properties, Real Property Management Trusted Hands provides transparent and anti-discriminatory screening and leasing services. Contact us online today or at 407-794-7468 to learn more.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
