Single-family rental property investment can be both lucrative and exciting. 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.
Comprehending the fundamentals of leasing strategies and legislation that applies to both the proprietor and the lessees is imperative for a novice rental property proprietor. We have put together a thorough guide that covers all the fundamentals to assist you in leasing your first property. You can have a good first experience as a landlord by adhering to these easy rules.
Mastering Renter Screening
Assembling comprehensive information about the prospective tenant is critical in order to secure the ideal tenant for your rental property. A rental application that requests the names and birth dates of all intended occupants, including minors, is one way to accomplish this. It is also essential to request a recent employment history and a minimum of three rental references from the past.
Additionally, gathering every adult renter’s Social Security number and conducting a background check on them can reveal important details about their personality and financial background. You can make an informed choice and locate a good tenant for your rental property by following these steps.
Before renting out your property to a potential tenant, double-check the information they have provided. This can be accomplished by getting information about their rental history from their prior landlords. Thorough research prior to signing the lease can assist you in averting unfavorable surprises in the future, despite the time investment involved.
Ensuring Non-Discriminatory Practices
It’s critical to steer clear avoid any form of discrimination, whether deliberate or inadvertent, when recruiting and vetting prospective tenants. Renters cannot be discriminated against on the basis of their race, sex, color, national origin, religion, handicap, or familial status, as stated by a number of federal laws in force. These laws are something you have to know about and always abide by.
– Fair Housing Act (FHA): Makes sure that no one is subjected to housing discrimination on the basis of race, color, national origin, religion, sex, family status, or disability. The FHA is applicable to every stage of the rental procedure, encompassing advertising, tenant selection, and tenancy terms and conditions.
– 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. Landlords who own four or more units in a building are required to provide reasonable accommodations for people with disabilities. This could be doing things like putting grab bars in restrooms or offering accessible parking spaces.
– Age Discrimination in Employment Act (ADEA): A federal statute that shields people 40 years of age or older from discrimination at work. Age-based discrimination in housing is likewise forbidden by the ADEA.
– Equal Credit Opportunity Act (ECOA): This federal law guarantees that credit transactions, including rental transactions, do not discriminate against any individual. Landlords are prohibited by the ECOA from engaging in discriminatory practices against tenants on the basis of their public assistance status, race, color, national origin, religion, sex, marital status, or age.
Studying state and local laws is crucial in addition to federal law. Local laws might establish additional protected classes.
It’s critical to steer clear of discriminatory language when writing rental ads. Saying that you won’t rent to elderly people, families with kids, or people on government assistance is part of this. It’s critical to fairly evaluate applicants during the screening process using the data they submitted in their application. You can be certain you’re not prejudiced against prospective tenants by upholding professionalism and employing an impartial screening procedure.
Legal Obligations
It is imperative to refrain from presuming that an individual with a disability is inherently unsuitable to be a tenant of your property. Property owners are required to make “reasonable accommodations” for their tenants under 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.” If the potential tenant satisfies the requirements to rent your property, you shouldn’t turn them down because of their accommodations. The requested accommodation will be furnished and installed at the tenant’s expense, with the stipulation that the tenant will return the premises in their original state upon vacate.
Even if your rental policy strictly prohibits pets, you may still need to make accommodations for service and emotional support animals. It is essential to note that service and emotional support animals are exempt from rental pet policies; if a tenant decides to keep a service animal on the property, you cannot charge additional rent or fees.
It can be difficult to be aware of every legal requirement and the best practices for renting out real estate. Why not entrust this duty to a Miami-Dade County property manager? Real Property Management Allegiance provides leasing and screening services that are transparent and nondiscriminatory, assisting our rental property owners in finding the most qualified tenants for their properties. Contact us online today or at 786-206-8611 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.
