By Alondra Segoviano
When a renter is late on rent, landlords generally charge a fee each day the payment is late. Doing so not only penalizes renters for violating their lease obligations of making their payments, but the fee can help you cover costs normally covered through rent.
However, late rent fees are tricky considering each state and municipality varies on how these can be priced and when they can be applied based on grace periods. Plus, different factors go into determining a late rent fee, such as price caps, to ensure it’s reasonable based on your rent price.
With that in mind, we provide a breakdown of how to calculate your rent fee per day, how to collect them, and tips for avoiding delayed payments.
Landlord-Tenant Laws on Late Fees and Grace Periods
Before charging late fees, refer to your local landlord-tenant laws to determine if there are any restrictions you must abide by. For example, landlords in Arkansas cannot charge more than $30/per month or 20% of their monthly rent price in late fees.
Other states have no restrictions on how much you can charge but local municipalities might have laws that require fees to be stated in a written lease agreement to be enforceable with price caps. For this reason, double-check local laws and consult with a legal professional.
Law Fees by State
Below is information on landlord-tenant laws related to late fees and grace periods for the top states. For additional information, please consult with a legal counsel.
- Alabama: Late fees and grace periods are not regulated by Alabama. However, landlords can charge a late fee if it’s written in the lease.
- Arizona: Landlords cannot charge a penalty fee for late rent payment unless a tenant is allowed a minimum of five days beyond the date the rent is due.
- Arkansas: Landlords can charge a late fee for each month the tenant does not pay rent when due so long as the fee does not exceed the greater of $30.00 per month or 20% of the amount of monthly rent, and if the amount of a late fee and the conditions for imposing a late fee are written in the lease.
- California: Late fees are only enforceable if specified in the lease and reasonably priced related to the costs that the landlord has due to the rent payment being late. If the late fee amounts to a penalty, this is not legally valid.
- Florida: Late fees and grace periods are not regulated by Florida. However, it’s best practice to include late fees in a written lease agreement.
- Georgia: Georgia does not address late fees or grace periods, which means landlords are allowed to charge such fees so long as they’re stated in a written lease.
- Hawaii: Landlords may charge a late fee of not more than 8% of the monthly rent and are not required to provide a grace period.
- Idaho: Idaho does not regulate the amount of rent, deposits, or fees landlords can charge.
- Illinois: Late fees cannot exceed $20 or 20% of one month’s rent and cannot charge late fees until five days after the due date.
- Indiana: No law governs late fees or requires landlords to provide a grace period.
- Iowa: For rental agreements in which the rent does not exceed $700/month, the late fee shall not exceed $12/day or a total of $60/month. For rental agreements in which the rent is greater than $700/month, a late fee shall not exceed $20/day or a total of $100/month. Late fees and grace periods must be in a written lease agreement to be enforceable.
- Kansas: Any late fee or grace period provision would need to be written in the contract to be enforceable.
- Kentucky: Late fees and grace periods are not regulated by Kentucky. However, it is best practice to include late fees in a written lease agreement.
- Louisiana: Late fees and grace periods are not regulated by Louisiana. However, it is best practice to include late fees in a written lease agreement.
- Maryland: The lease shall not provide for a late fee over 5% of the amount of rent due for the rental period for which the payment was delinquent or, in the case of leases under which the rent is paid in weekly rental installments, a late penalty of more than $3 per week or a total of $12 per month.
- Michigan: Michigan does not have statutory provisions for late fees or grace periods. The lease would need to contain late fees and grace period provisions to be enforceable.
- South Carolina: There is no limit on late fees. However, the landlord should state any penalty and fee in the lease agreement. The landlord cannot bring eviction proceedings until five days after rent is due.
- Tennessee: Landlords are permitted to charge late fees. However, the landlord may not charge a late fee over 10%. It is good practice to note the late fee in the written agreement. The state of Tennessee provides a five-day grace period to pay rent.
- Texas: Texas landlords can charge a late fee of not more than 12% of the rent agreed to in the rental agreement. Late fees should be agreed to in a written agreement. Rent is not considered late until the second full day after it is due.
- Wisconsin: To charge a late fee in Wisconsin, the landlord must specifically provide the fee under the rental agreement. Generally, landlords should provide a five-day notice to pay rent or vacate.
Don’t see your state? Visit our Landlord-Tenant Laws directory for more information.
How Much You Can Charge In Late Fees
The amount you can charge in late fees will ultimately depend on your local landlord-tenant laws and what they consider a reasonable price for your area. Considering this, your late fee can be anywhere from $10 to $50 per day rent is late, but this can vary. Some states also limit how much you can charge in total each month, so you’ll want to consider a daily fee that doesn’t go over the monthly threshold.
You must also consider regulations on grace periods — certain states do not consider rent to be late until several days past the due date (versus the immediate day after). So if the state grace period is five days, you cannot charge fees until the renter is officially deemed late on their rent payment.
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How to Calculate Your Late Rent Fee
If your state has pricing restrictions on late rent fees, such as not charging an amount that exceeds a percentage amount of your rent, then you can calculate your fee with the following formula:
RENT PRICE X PERCENTAGE RESTRICTION = MAXIMUM LATE FEE PRICE
To put this into practice, let’s say you’re a landlord in Texas. In this state, you cannot charge a late rent fee of more than 12% of your rent price. If your rent price is $1,400 for a one-bedroom apartment, you cannot charge more than $168 in late rent fees to abide by landlord-tenant laws.
Most landlords generally consider charging up to 5% of their rent price in late fees to be reasonable.
Tips for Implementing Late Rent Fees and Avoid Delayed Payments
Many reasons can contribute to renters being late on rent, such as some not remembering that rent is due, or experiencing a sudden loss of income. While you cannot control when this happens, there are ways to avoid delayed payments or reduce the chances of this happening, such as:
1. Include a Late Fee Policy in a Written Lease Agreement
As stated above, most states only allow landlords to charge late fees if they’re stated in a written lease agreement. That means you cannot simply charge a late fee once a tenant is late on rent if this was not addressed before they moved into the unit.
By including a late fee policy, your renter will know what fees they’ll be responsible for covering if they’re past the grace period and officially late on rent.
2. Set Up Monthly Rent Reminders
While not common, there are times when a tenant is late on rent due to forgetfulness. Sending a rent reminder notice 24 to 48 hours before the due date can give them the heads-up they need to schedule their payment.
You can manually send a monthly rent reminder or use a rent collection app to automatically send this to your renter with a link to submit their payment.
3. Use a Rent Collection App to Automate Late Fees
There are different ways to collect rent, such as a payment platform, rent collection platform, or cash or checks. Each option has its pros and cons, but using a rent collection app is the main option specifically designed to increase on-time rent payments for landlords like yourself.
For example, Avail is a platform that makes it easy to schedule payments, automatically charges late fees once a renter is officially marked late, and sends monthly rent reminders based on your due date. When setting up payments for a new renter, you can turn on our Late Fee Automation feature which will automatically charge your fee once a payment is a specified amount of days past due.
Your renters can also report their on-time rent payments to TransUnion via CreditBoost, giving them an incentive that ensures you’re paid on time and their rent payments can help with their credit.
4. Allow Renters to Pay Rent Bi-Weekly
Renters are looking for ways to budget their money, especially with rent being the largest payment they make each month. Allowing them to pay rent bi-weekly can give them the room they need to pay rent on time without setting them back financially.
If using a rent collection platform, you can split payments directly in the app or schedule two separate payments for the entire rent amount.
Streamline Rent Collection With Avail
In an ideal world, renters would pay rent on time every month, but sometimes they may be late. If that happens, protect your business by charging a late rent fee policy.
To help you collect rent payments and late fees, use a platform like Avail that can streamline the process to save you time and money. You can also see which renters are on time or past due with their payments to stay on top of your rent collection efforts. Get started today with Avail.
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Source: NewsNation
A New York woman is set to be paid $165,000 in damages plus $585,000 for her apartment after the building attempted to evict her because of her three emotional support parrots.
Meril Lesser moved into the Rutherford, a 175-unit cooperative apartment building, in 1999. She lived there with the birds, which the Department of Justice said were to assist with her disabilities, without incident until March 2015. That’s when one of her neighbors started to complain about the alleged noise coming from Lesser’s apartment.
Over the course of a year, the New York City Department of Environmental Protection visited the building and Lesser’s apartment 15 times to conduct inspections. The DEP issues zero violations in any of those instances, with one inspector writing “no birds, no screeching — no noise,” on Feb. 7, 2016, The New York Post reported.
Rutherford did not conduct any evaluation over the noise themselves, and did not hire anyone with experience in soundproofing to address the neighbor’s complaints either, the DOJ said.
In March 2016, Lesser asked Rutherford to let her keep the parrots and gave them a letter from her psychiatrist. Despite this, the DOJ said, the apartment building began eviction proceedings against her in May 2016, causing Lesser “severe emotional harm.” Lesser left the apartment in July of that year, but Rutherford continued to maintain the eviction proceeding “well into 2024,” the Justice Department said.
Lesser filed a complaint with the United States Department of Housing and Urban Development in May 2018, saying the eviction proceeding interfered with her fair housing rights. Under federal law, reasonable accommodations in “rules, policies, practices, and services” must be provided to afford equal housing opportunities to those with disabilities. The Federal Housing Administration allows people with disabilities to use a wide array of animals as support pets, as long as they do not pose a direct threat to others’ safety or health, and don’t damage the property.
Once HUD completed its investigation of Lesser’s case, it stated there was probable cause to believe that Rutherford violated the FHA. Given the choice to settle or go to court, Rutherford chose the letter, so the Justice Department filed suit.
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The DOJ and Lesser prevailed in court, and now, because of a consent decree approved by U.S. District Judge Jennifer H. Rearden, Rutherford was ordered to pay Lesser $165,000 in damages and $585,000 to buy her shares. Rutherford also needs to dismiss the eviction proceeding against Lesser, per the decree, as well as “adopt a reasonable accommodation policy for assistance animals.”
This is the tenth such case brought in recent years by the Southern District of New York. According to U.S. Attorney Damian Williams, it’s also the “largest recovery the Department of Justice has ever obtained for a person with disabilities whose housing provider denied them their right to have an assistance animal.”
“This outcome should prompt all housing providers to consider carefully whether their policies and procedures comply with federal law,” Williams said in a statement. “We greatly appreciate our partners at HUD who provided invaluable assistance in the investigation and resolution of this matter.”
Peter Livingston, an attorney for the Rutherford co-op board, said his client was pleased to resolve the case, the Associated Press reported.
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By Sarah Sher
Figuring out a rent-to-income ratio can be complex. Tenants want to ensure their rent doesn’t take most of their paycheck, while landlords need to consider their rent-to-income ratio to determine if potential tenants can afford to live in the rental property.
In this guide, we break down what the rent-to-income ratio means for both sides, offering clear, straightforward tips on how to wield this powerful tool. Keep reading to see how getting this ratio right benefits everyone involved and makes the rental world just a bit easier to navigate.
What Is a Rent-to-Income Ratio?
A rent-to-income ratio is how much of a person’s gross monthly income should go toward rental costs. The general rule of thumb is to keep it at or below 30%, which allows tenants to cover rent and other expenses they’re responsible for.
While the 30% mark is a solid aim, landlords aren’t required to stick to this percentage. There may be times when the rent-to-income ratio for tenants can be 30% to 45% — especially now that rent prices are higher than they were a few years ago. In this case, looking at a person’s complete financial profile is essential to identify if this ratio may be too much for them.
For tenants, it’s okay if the rent-to-income is slightly above 30%, so long as they can afford to cover other rental expenses, like utilities, and can comfortably afford their desired lifestyle.
How Do You Calculate Your Rent-to-Income Ratio?
To calculate a rent-to-income ratio, divide the annual gross salary by 12 to get the monthly income. Then, multiply that number by 30% to get a general ballpark on how much rent a person can afford.
Another option would be to outline all current monthly expenses. Dedicate 30% of one month’s portion to cover the rental payment. For example, if a person earns $60,000 yearly (before taxes), their monthly budget is $5,000 — placing the ideal rent at around $1,500.
Remember, factors like side hustles or unexpected expenses can tweak these numbers a bit.
Why Is a Rent-to-Income Ratio Important to Calculate?
Calculating a rent-to-income ratio opens the door to smarter financial choices that balance both living expenses and savings goals. A rent-to-income ratio helps to gauge whether a rental is within a person’s financial means, preventing budget strain and guaranteeing their ability to comfortably cover other life costs. Having this ratio also encourages a balanced approach to spending, which safeguards against financial overreach.
For landlords, the rent-to-income ratio is a tool for screening prospective tenants, highlighting those with a solid financial foundation who are less likely to miss rent payments. This ratio can play a pivotal role in setting competitive and fair rental prices by helping to determine income ranges prospective tenants should make to qualify.
Having a handle on rent-to-income ratio lays the foundation for a solid partnership between tenants and landlords, guaranteeing everyone can focus on their financial well-being.
How Much Should Tenants Spend on Rent?
When deciding how much to allocate toward monthly rent payments, tenants often juggle multiple financial considerations. The “30% rule” serves as a starting point for many. However, life isn’t one-size-fits-all — and neither are budgeting strategies.
Another guideline, the 50/30/20 rule, offers a broader framework. In this practice, 50% of the monthly income covers needs (including rent), 30% goes to wants, and 20% is tucked away into savings.
So, if we use the same gross annual income analogy from earlier ($60,000 yearly), $2,500 per month would be set aside to cover needs (50%), which includes rent. This leaves $1,500 for wants and $1,000 for savings each month. When looking to balance everyday enjoyment with saving for the future, especially when rent prices inch upward due to inflation, the 50/30/20 rule is beneficial.
Regardless of which “rule” a person follows, consider the full picture of rental costs. This includes the rent and other expenses, like parking, pet rent, and potential security deposits. Some landlords might even set a minimum monthly income requirement, which could steer a potential tenant’s apartment hunt.
Get creative in the search process for a dream rental that also fits within a defined budget. One method of doing this is to broaden the search parameters by looking for apartments that bundle utilities with rent. Or explore areas slightly outside the initial target location. Some online apartment search platforms also provide filtering options to match varying financial needs.
Finding the right place to call home involves balancing these rent rules with a personal financial plan, including savings and debt repayment. When considering these elements, craft a budget that supports a comfortable and financially sound living situation.
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Why Should Landlords Care About Rent-to-Income Ratio?
Focusing on the rent-to-income ratio is a key strategy for landlords who aim to create a positive rental community. Here’s a closer look at how paying attention to this essential metric benefits property owners.
Attracting the Ideal Tenants
Adjusting rental prices based on a well-considered rent-to-income ratio draws tenants who are more than just interested in the property — they’re financially comfortable with the rent. This match leads to longer stays, minimizing turnover and the challenges of empty units.
Setting Rent Thoughtfully
Applying the rent-to-income ratio guideline to rental pricing helps keep rates attractive to potential tenants while keeping the landlord’s financial health in mind.
Improving Tenant Screening
Incorporating the rent-to-income ratio into the screening process gives a clearer picture of a prospective tenant’s financial situation, informing decisions on security deposits and move-in fees. This careful approach helps secure the investment and lays the foundation for trust immediately.
Turning to the rent-to-income ratio is more than a numbers game — it reflects a commitment to both the financial health of the investment and the tenants’ contentment. Consider the impact this could have on making a property management approach more effective while presenting the landlord as a collaborative part of the community.
What Are Some Other Metrics to Use With the Rent-to-Income Ratio?
Renting involves more than a keen eye — it’s about understanding all the numbers that shape decisions. Here’s how researching these figures can benefit tenants and landlords:
For Tenants:
- Debt-to-Income (DTI) Ratio: Imagine balancing rent, student loans, and perhaps a car payment, all while keeping a social life alive. The DTI shows tenants what portion of their paycheck is already spoken for by these commitments. Aiming for a lower DTI isn’t just smart; it’s about making room for life’s little extras, like an impromptu concert or a weekend getaway.
For Landlords:
- Operating Expense Ratio (OER): Picture the property not merely breaking even but actively contributing to financial goals. The OER highlights the chunk of income consumed by property expenses. With it, landlords can make sure that the investment pays dividends, fueling future goals.
- Cash Flow Analysis: Check whether the property is pulling its weight. Is there a financial cushion at month’s end, or is it time for a strategy shift? Positive cash flow is more than just reassuring; it signals that the property is more than just bricks and soil but a crucial asset in a financial landscape.
Blending these insights with the rent-to-income ratio provides a compass for finding financial health and investment triumph. For tenants, it’s about crafting an enjoyable and sustainable lifestyle. And for landlords, it’s about turning properties into prosperous ventures.
What Is the Future of the Rent-to-Income Ratio?
The rent-to-income ratio is poised to adapt as housing markets and the economy shift. It traditionally reacts to the pulse of the economic cycle. Being aware of these potential shifts is crucial to making savvy decisions that align with personal and financial goals.
Platforms like Avail are at the forefront of these changes. For prospective tenants, Avail offers a way to streamline the application process, helping save on fees by efficiently creating profiles. And for landlords and property managers, it simplifies finding the right tenants through comprehensive screening tools that check income and credit reports with ease. This level of detail strikes a balance between tenant financial capabilities and property offerings.
Next Steps With Avail
Whether it’s about a potential tenant determining how much they can comfortably spend on housing or a landlord aiming to maximize their rental income, the rent-to-income ratio is an essential metric to understand.
Avail simplifies this process from both angles. Prospective tenants can use the educational resources Avail provides to find their ideal personal rent range. And landlords can access robust rental pricing tools, analytics to optimize revenue, and tenant screening services.
Take the first step toward making more informed rental decisions today. Create a free Avail landlord account or tenant profile to join a community committed to responsible rental practices.
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Source: rentredi
Tenancy disputes are an inevitable part of managing properties. Roommates are certain to fall out, and damage to your property means you’ll need to take legal action.
However, as a landlord, it’s your job to retain a professional, kind approach throughout. The space you lease may be your property, but it is home to your renters. This means you must take steps to de-escalate emotionally fraught conversations and focus on mediating conflict when it arises.
You’ll also want to ensure that your paperwork and documentation properly protect you. This is key if you’re concerned about late payments or find that tenants are abusing the terms of your lease agreement. Setting clear expectations in your initial paperwork ensures that everyone understands their responsibilities before handing over the keys.
Communication
Clear, regular communication is the key to a happy tenant-landlord relationship. Getting in touch with your tenants before you schedule maintenance work or are planning to visit the property can help you proactively avoid disputes and disagreements. Maintaining a polite, professional tone throughout shows that you care about looking after the property and take your responsibilities as a landlord seriously.
If conflict does arise, you must be clear about everyone’s responsibilities. This is key, as some landlords can fall foul of the politeness paradox. Sometimes, striving to be “too nice” can undermine your efforts to be assertive and may mean that your boundaries are crossed and your generosity is taken advantage of. While you should never take a rude or aggressive tone with tenants, it’s important to know when tenants have crossed a line and require polite but firm communication.
Taking an assertive, professional approach is particularly important if you feel that tenants are crossing boundaries. This can put you in an awkward position and lead to friction if left unresolved. Rather than falling into the politeness paradox, assert your boundaries and maintain a professional relationship with tenants by practicing the art of saying “no” and gracefully leaving conversations that have become unnecessarily heated.
Mediation Techniques
Tenants who raise disputes are usually in an elevated emotional state when they report their aggrievement. This is entirely understandable, as tenant disputes usually arise when something is wrong with the home they are living in. Rather than escalating conflict during a dispute, use emotional intelligence (EI) strategies to calm everyone down. Effective examples of EI include:
- Self-Regulation: Utilize mindfulness and relaxation techniques to reduce your cognitive stress and improve your impulse response in the heat of the moment.
- Empathy: Actively listening to your tenants helps you understand the root cause of their conflict. This can help you avoid hasty judgments and ensure you maintain your reputation as a good landlord.
- Recognize Your Feelings: Take the time to name your feelings to navigate conflict with more grace. Recognize when anger or frustration is getting in the way of good decision-making.
It’s also worth noting that some conflicts have nothing to do with your responsibilities as a landlord. Sometimes, roommates fall out or relationships break down. When this occurs, you may need to take mediating measures to ensure that rent is paid on time while folks are given time to sort out their new living situation. If this does occur, you’ll want to have a clear understanding of the next steps already outlined in your documentation.
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Proper Documentation
Clear, legally binding documentation is crucial during a conflict. If you haven’t covered an issue in your lease agreement, it’s much harder to find a productive path forward with upset tenants. At a minimum, you should have paperwork that covers common landlord-tenant disputes like:
- Housing discrimination;
- Termination of tenancy;
- Eviction proceedings;
- Unlawful detainers;
- Rent abatements;
- Maintenance responsibilities.
Unless you happen to work in housing law, you probably can’t assemble this document yourself. As such, you should seriously consider working with a legal professional who specializes in lease agreements and rental law. Having a specialist on hand can help you move forward in a professional, polite manner, too. You don’t have to worry about arguing your case when you know the law is on your side, and you shouldn’t worry about wrongfully evicting tenants if you’ve squared things away with proper legal guidance.
Conclusion
Conflict and tenant disputes can be an almost inevitable part of renting a property. Eventually, you and/or your tenants will raise disputes that can be emotionally straining. Rather than getting drawn into heated arguments, put forward a clear, professional persona by working closely with trusted legal advisors who understand rental law. This will also ensure that all your paperwork is in order, which can act as a deterrent to tenants who might otherwise overlook their responsibilities.
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By Denny Dobbins
It’s 1:00 am, the phone rings, you recognize the number as your old neighbor Rob, who now lives next door to your tenants since you turned your former home into a rental property. He tells you that SWAT just kicked in the front door of your property and is dragging the tenant and about 20 other people out onto the front lawn in handcuffs. You ask out loud to no one in particular, “Could I have prevented this?” Although tenants can and will do just about anything in your property, utilizing a Crime-Free Addendum in every lease can help deter this type of damaging behavior right from the start.
Why is it so vitally important for owners, landlords and property managers to use this well-established Crime Free management tool to keep criminal activity away from your properties?
First, I will discuss what those tools are and then why they are so vitally important.
I. The Crime Free Tool:
Owners, landlords and property managers need to use the basic crime free language in your rental criteria, in your lease and as a separate addendum. Overkill? Hardly! This language immeasurably aids you in being highly successful in easily avoiding a plethora of costly pitfalls. It is an essential and critical safeguard to deter criminal activity, thereby saving you money, time, and significant headaches. The great thing is it is so simple to implement.
The following basic Crime Free language should be presented to your prospective tenant as part of the rental criteria, prior to entering into a lease and at the earliest possible convenience in the relationship:
“Tenant shall ensure that Tenant, Tenant’s occupants, Tenant’s guests, and Tenant’s invitees shall not engage in, perpetrate, permit, encourage, intend to facilitate, or actually facilitate, any criminal activity of any kind, on, near or off of the premises. If Tenant fails to ensure that no criminal activity occurs, whether or not Tenant knew of such criminal activity, any such criminal activity is a material violation of the lease subjecting the Tenant and occupants to immediate termination and eviction. If there is a separate crime free addendum, the full language of the crime free addendum to the lease shall be controlling.”
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II. Why is it so important for you to use the Crime Free language?
A. When you introduce the Crime Free language to the prospective Tenant early in the relationship, the prospect quickly learns that crime will not work at the property.
B. It helps ensure immediate, appropriate, and comprehensive communication about expectations. The Tenant understands early on that management is keenly aware of the issue and takes a proactive, educated approach to what they are doing.
C. Prospective Tenants who are planning on being involved in criminal activity in your unit, or think crime may be an issue for them, will simply find another place to live, thereby saving you time, money, and heartache.
D. It is a proven and established deterrent to criminal activity that has effectively been working for 32 years.
E. If you ever have to go before a court because of criminal activity, the language of the Crime Free language is fatally damning to the Tenant. It is clear and unambiguous that if the Tenant, Tenant’s Occupant, Guest, or Invitee is involved in criminal activity in, on, near or off of the premises, the entire household can be evicted by a preponderance of evidence. It provides zero wiggle room for a Tenant when it comes to criminal activity and provides a quicker remedy in many jurisdictions.
F. You may also qualify for insurance discounts when you show you implement crime-free principles in your leasing. You need to ask your insurance company what discounts are available to you when you implement the use of the crime-free language.
Working in concert with Officer Tim Zehring of the Mesa, Arizona Police Department, I wrote the original private sector crime free language in 1992. It has been used ever since with incredible results nationwide and internationally by Owners, Landlords and Property Managers.
Please check with your attorney in your local jurisdiction whether or not you are legally permitted to use the crime free language prior to a Tenant qualifying for the lease based on other non-crime related criteria. Using best practices like this, maybe next time the phone rings with a call from your old neighbor they’ll be telling you about your amazing new tenant.
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Source: Rental Awareness
Landlords can typically charge tenants reasonable costs for repairing an excessive number of nail holes, beyond normal wear and tear. Small charges of $5-10 per hole to patch and repaint are common. However, minor wall damage from a few small holes for hanging pictures is expected.
Some landlords may charge a flat fee for repairs, while others may deduct the cost of repairing the nail holes from the security deposit.
The specific amount a landlord can charge for nail holes should be clearly stated in the lease agreement or discussed with the tenant before any repairs are made.
It is always best to communicate and clarify these details with the landlord to avoid any disputes or misunderstandings regarding the cost of nail holes.
The Landlord-Tenant Relationship
When it comes to renting a property, it’s crucial for both landlords and tenants to have a clear understanding of their rights and responsibilities.
A good landlord-tenant relationship is built on open communication and a shared understanding of the rules that govern the tenancy.
This includes knowing what repairs are the tenant’s responsibility and what charges the landlord can impose for damages, such as nail holes.
Importance Of Clear Guidelines On Repairs And Charges
Having clear guidelines is essential for landlords and tenants to avoid any confusion or disputes when it comes to repairs and charges.
By clearly outlining the responsibilities of each party in the rental agreement, there is less room for misunderstandings or disagreements down the line.
For landlords, it is key to provide tenants with a comprehensive list of what repairs they are responsible for, as well as a breakdown of any charges they may incur for damages beyond normal wear and tear.
On the other hand, tenants must fully understand these guidelines to ensure they can maintain the property and fulfill their obligations effectively.
Common Areas Of Confusion Between Landlords And Tenants
Despite clear guidelines, conflicts can still arise between landlords and tenants regarding repairs and charges.
Some common areas of confusion include:
- Disagreement on what constitutes normal wear and tear versus tenant-caused damages.
- Inconsistent enforcement of repair responsibilities leads to tenants being held liable for issues beyond their control.
- Unclear documentation of damages makes it difficult to determine the appropriate charges.
- Disputes over the reasonableness of charges for repairs and replacements.
To address these potential areas of confusion, it is essential for landlords and tenants to maintain open lines of communication throughout the tenancy.
Timely reporting and documentation of damages can help minimize disputes, while regular inspections can ensure that both parties are aware of any needed repairs or maintenance.
Determining Tenant Responsibility For Nail Holes
Determining tenant responsibility for nail holes is essential to understanding how much a landlord can charge.
It is important to know the rules and regulations regarding nail holes to ensure a fair and proper assessment of costs.
Normal Wear And Tear Vs. Tenant Damage
It is essential to understand the distinction between normal wear and tear and tenant damage when it comes to nail holes.
Normal wear and tear refers to the natural deterioration that occurs over time due to the everyday use of the property.
This includes minor scuffing, fading, and other common signs of use that one would reasonably expect.
On the other hand, tenant damage involves any intentional or negligent actions that result in excessive or unnecessary harm to the property.
Nail holes left behind from hanging pictures or mirrors can fall into either of these categories, depending on the circumstances.
Factors That Influence Whether Nail Holes Are Considered Tenant Damage
When determining whether nail holes should be considered tenant damage, several factors come into play.
These factors can include the number and size of the holes, the location on the walls, and whether the tenant received permission to hang items.
Additionally, the duration of the tenant’s occupancy and the overall state of the property can also influence this assessment.
For instance, a few small nail holes in inconspicuous areas may be considered normal wear and tear, while large or numerous holes in prominent locations may be deemed tenant damage.
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Tips For Documenting The Condition Of Walls Before And After Tenancy
To ensure a fair assessment of responsibility for nail holes, it is critical to document the condition of the walls both before and after the tenancy.
Here are some practical tips to consider in this process:
Conduct a thorough initial inspection
Prior to the tenant moving in, conduct a detailed inspection of the property, paying close attention to the condition of the walls.
Take clear and timestamped photographs of each room, focusing on the walls and any existing nail holes or damage.
Include a detailed move-in checklist
Provide the tenant with a move-in checklist that outlines the condition of the walls and encourages them to report any pre-existing damage.
This will help establish a clear baseline for responsibility assessment later on.
Communicate guidelines for hanging items
Clearly communicate your guidelines for hanging items, such as using adhesive hooks or obtaining permission for nail usage.
Keep a record of any written agreements or correspondence regarding this matter.
Conduct a thorough final inspection
When the tenant is preparing to move out, conduct a final inspection of the property and specifically examine the walls for any new nail holes or damage.
Again, document the findings with clear photographs and written notes.
Compare before and after
Finally, compare the initial and final documentation to determine whether there are any new nail holes or damages that fall outside the realm of normal wear and tear.
This will help you make an informed decision regarding tenant responsibility.
Legal Limits On Charges For Nail Holes
Landlords are subject to legal limits on charges for nail holes.
Discover how much a landlord can legally charge for nail holes in rental properties.
Familiarizing With Local Landlord-tenant Laws
Prior to understanding the legal limits on charges for nail holes, it is crucial to familiarize oneself with local landlord-tenant laws.
These laws may vary from one jurisdiction to another and can greatly influence the rights and responsibilities of both landlords and tenants.
The Legal Limitations On Charging For Nail Holes
As a landlord, it’s important to know your rights when it comes to charging tenants for nail holes in the rental property.
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By Ryan Squires
Your rental is filled, your tenant is happy, and the only time you think about your property is when rent hits your bank account every month. Investing in a property was the best decision you ever made—until you find yourself with a vacant unit, and suddenly, your passive income isn’t feeling quite so passive.
Anyone who’s managed a property has felt the pressure of navigating all the “To-Dos” that come with a vacancy. Listings, marketing, showings, screenings… what are you even allowed to ask on an application anymore? This applicant seems fine, but so did Ted Bundy… And just like that, you’re regretting ever thinking you’d have time to manage a rental property on top of everything else you have going on.
Fear not, TurboTenant’s free tools are here to help you put the “passive” back in ”passive income.”
- One-Click Marketing
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One-Click Marketing
Finding a great tenant starts with getting a lot of leads. But how do you get enough leads without the headache of posting to dozens of listing sites?
- Start by creating the best possible listing with embedded insights on what renters are looking for, then leverage our Rent Estimate Report, which compares your property to similar rentals nearby and calculates a suggested monthly rent amount in seconds.
- Not sure how to catch renters’ eyes? Just enter the basic information about your property and TurboTenant’s AI Property Description Generator feature will write a unique, personalized listing for you in less than five seconds.
- When your listing is complete, instantly distribute it to dozens of popular sites with one click. You can also share a custom listing link directly from TurboTenant. Simply drop in a prospect’s email or phone number, and they’ll receive a professional message with all the information they need to view your listing and apply.
Need help getting started? Get a step-by-step walk-through to help you create your first listing.
Centralized Lead Management
TurboTenant landlords average 28 leads per property, so you’re going to need an easy way to keep track of your inquiries. But don’t sweat it—TurboTenant automatically organizes all your leads, whether they found your property on external sites or through your TurboTenant listing page.
From your TurboTenant dashboard, you can message multiple leads at once, see their activity, and invite them to take the next steps (showing, screening, application) so you can find your new favorite tenant that much faster.
Seamless Showings
Phone tag, you’re (done with) it!
Ever typed out all your showing availability in an email only to hear back, “what about the next week”? TurboTenant’s Showing Scheduling feature frees you from the back-and-forth.
Set your availability, then share your unique link with qualified renters. When renters book, you’ll be notified and appointments will be added to your Showings Calendar. We’ll send you and prospective tenants appointment reminders and make canceling easy to help weed out no-shows before you show up.
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Professional Screening & Applications
TurboTenant’s applications and screening reports are an easy-to-read, digital record of all the information you need to pick the best tenant for your rental property. Best of all? TurboTenant’s applications and tenant screenings are free for landlords.
TurboTenant’s application is available anywhere, anytime—complete with industry-standard questions. It’s easy to invite leads to apply via text or email and our digital application streamlines the tenant selection process while keeping you compliant and organized.
Fill your vacancies with confidence while providing an easy, professional experience for tenants. By collecting applications with TurboTenant today, you can minimize turnover for tomorrow.
Shorten Vacancy Cycles For Free
With TurboTenant, you don’t have to sacrifice profit for professional property management tools. Create your listing with TurboTenant in minutes and find a qualified renter fast.
Once you find your perfect renter, use TurboTenant’s free fill-in-the-blank lease-builder to quickly create a rental agreement that complies with your state-specific laws. Plus, with tools to support you throughout the rental process—from securing e-signatures, to collecting rent, to tracking expenses, and more—TurboTenant is your free, one-stop shop for finding and managing tenants.
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Source CNN
Renters are gaining the upper hand in the balance of power with landlords. Apartment units are staying on the market for longer. Vacancy rates are rising. And rental growth is slowing. Now, landlords are being forced to offer sweeteners like free parking and free weeks of rent to get tenants to sign on the dotted line.
The share of rental listings on Zillow offering a concession as an incentive to rent climbed to 33.2% in July. That’s flat from June, but up from 25.4% a year earlier and well above the recent low of 19.4% two years ago, according to Zillow.
“Landlords are basically in a race to get tenants, so they’re throwing in a bunch of deals and perks to sweeten the pot,” said Orphe Divounguy, senior economist at Zillow. “Renters have more bargaining power.”
Deals are especially popular in six major metros areas, where more than half of the rental listings on Zillow are offering sweeteners: Raleigh (53.3%), Charlotte (53%), Atlanta (52.2%), Salt Lake City (50.9%), Nashville (50.8%) and Austin (50.5%).
All of those markets have experienced an increase in landlord concessions over the past year, led by Charlotte, where the share of units offering incentives increased by nearly 16 percentage points.
Natalie Garcia, a 23-year-old graduate student in Arizona, had no trouble finding a deal when she was hunting for a place to live with her boyfriend this spring.
“Honestly, all of the apartments I was looking at were running promotions,” Garcia said in a phone interview with CNN.
Garcia and her boyfriend ended up getting half off the first month of rent at a one-bedroom apartment they recently moved into in Scottsdale. “The concession was a bonus,” she said.
Rylee Dunham secured a free month of rent after she and her boyfriend offered to fix a broken fence at a two-bedroom apartment they were looking at in Gilbert, Arizona.
“We totally lucked out,” said Dunham, a 23-year-old school teacher. “I think we would have gotten the free month of rent anyway.”
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High Cost of Living
Despite these concessions, the cost of housing remains a sore spot in the economy.
Shelter accounted for almost 90% of the monthly increase in consumer prices across the economy in July, according to the Bureau of Labor Statistics. Shelter prices jumped 5.1% from last year, although that represents a deceleration from recent trends.
Apartment rents are still getting more expensive, increasing by 5.1% over the past two years, according to Zillow.
However, that’s in-line with historical trends and marks a major improvement from the 22.3% spike during the prior two years.
The shift in the balance of power in favor of renters has been driven in part by a building boom for apartments.
In June, nearly 60,000 multifamily units were completed across the United States, according to government data. That’s the biggest increase in supply since 1973.
The recent building boom has made it harder for landlords to fill some units. The rental vacancy rate remains at 6.6%, the highest since the winter of 2021.
Divounguy, the Zillow economist, said falling mortgage rates could also work to the advantage of tenants by encouraging some would-be renters off the sidelines and into the housing market.
“By being proactive, informed and realizing their leverage, renters can make the most of the perks landlords are offering,” Divounguy said.
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Provided by BiggerPockets
As a landlord, you probably already know that taxes are unavoidable, but that doesn’t mean you can’t minimize them and keep more of your hard-earned cash. The IRS can be your friend who gives you their notes before the test or the bully who takes your lunch money. It’s all about how you utilize the tax code in your favor. Here’s a little guide on how to play the tax game without paying a cent more than necessary.
Tax Advantages Of Rental Properties
First off, depreciation is your best friend. The IRS lets you deduct the wear and tear of your property over 27.5 years. So, while your house may actually be appreciating in value, on paper, it’s “wearing down,” which magically reduces your taxable income. Next, we have deductible operating expenses like insurance, taxes, and more that can significantly lower your tax bill. Finally, there is capital gains tax relief that comes into play when you hold your property longer than one year, which you may qualify for.
Another tip: if you’re planning to sell your rental property, the 1031 exchange is your golden ticket. This lets you reinvest the sale proceeds into another rental property and defer paying capital gains tax. It’s like pressing pause on taxes while you grow your real estate empire.
How is Rental Income Taxed With a Mortgage
Next, if you’ve got a mortgage, you’re in luck. The interest you pay is fully deductible. Think of it like this: every time you make that monthly payment, a chunk of it goes towards lowering your tax bill. And if you use part of your property as your primary residence and rent out the rest, you can even deduct the interest on the rental portion. Sadly, the principal paydown is not tax deductible.
6 Tips To Reduce Your Rental Income Tax
Actively Managing
One of the lesser-known tricks is actively managing your property. According to the IRS, if you spend at least 750 hours a year managing your rentals, they consider it “active” income rather than passive. This classification opens up more deductions, which means more money stays in your pocket. The more involved you are in your property’s upkeep, the bigger the tax benefits. There are several factors to be considered active, so talk with an investor-friendly CPA to learn the ins and outs of qualifying.
Track and Deduct All Expenses
Keep a detailed list of every single expense related to your rental. We’re talking about everything from new appliances to marketing costs and travel expenses. Even the miles you drive to and from the property are deductible. Miss a deduction, and you might as well be tossing money out the window. Even the HOA fees you may pay are deductible. Finally, we can benefit from them telling us our trash cans were out an hour too early.
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Depreciate Capital Investments
If you made any big-ticket upgrades like installing a new HVAC system or putting on a fresh roof, you can depreciate those over time. Depreciation accounts for the natural decline in the value of assets over time. Maintaining your property, and will the IRS reward you for it? That’s a rare win-win for both of us.
Make Borrowing Your Friend
When you take out a loan or line of credit for your rental, the interest is deductible, too. It’s another win-win: you get the cash to improve your property, and you get to reduce your tax bill. Just be careful not to overdo it—too much debt might limit your financing options down the road.
Reduce Capital Gains Tax
Now, if you plan to sell the property, brace yourself for capital gains tax, but don’t worry—there are ways to soften the blow. If the property was your primary residence for at least two of the last five years before selling, you can exclude up to $250,000 ($500,000 for married couples) from capital gains. For those thinking long-term, careful estate planning can help defer and even eliminate capital gains taxes when passing properties on to your heirs. Selling your property or gifting it to a family member will trigger a gain tax. Tax rules swing in our favor, though, when it is an estate gift instead.
Review your property tax assessments regularly
Over-assessed properties mean overpaying taxes. Compare your property’s assessed value to similar ones in your area, and if it looks off, appeal the assessment. You’d be surprised how often tax assessments are higher than they should be. The process to appeal property taxes varies by jurisdiction, so make sure to familiarize yourself with the deadlines and procedures needed. There are even companies that will do all of the work for you in return for a percentage of the money they saved you if you are confused by the process or don’t have time.
Managing rental properties is a juggling act, and taxes are just one of the balls in the air. But with these tips, you can minimize your tax bill and keep your investment profitable. If all these deductions and tax strategies sound overwhelming, don’t sweat it. Software like Baselane can help you stay organized. It simplifies bookkeeping and rent collection and even helps you categorize all those deductible expenses, so you’re not scrambling at tax time. Take it from me, the guy who regularly used to not keep up properly and would turn on panic mode each tax season.
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By Alondra Segoviano
Out of all the responsibilities that come with being a landlord, collecting rent payments is the most important for a few reasons. Not only do these payments help cover operating expenses like your mortgage and maintenance, but the way you handle late payments can also influence the eviction process.
For that reason, you’ll want to have the right reporting in place to help you keep track of all your tenants and their payment history — thus comes in a rent ledger. A rent ledger is a report landlords can use to get an overview of all rent payments they’ve collected with information on the tenant. Keep reading to learn more about rent ledgers and how they can be helpful for you.
Key Takeaways
- A rent ledger shows all the rent payments you’ve collected from your tenants with information on the payer, the unit, when the payment was debited to your account, the payment amount, the status (scheduled or paid), and charge type.
- If you use Avail for rent collection, click on the “Reports” tab to download your “Received Payments” report for free.
- Rent ledgers can be helpful during tax season, in the case of an eviction, or monthly financial review.
What Is a Rent Ledger?
A rent ledger is a spreadsheet or report that includes all the rent payments you’ve collected from your tenants with information on the payer, the unit, when the payment was debited to your account, the payment amount, the status (scheduled or paid), and charge type.
If you use a rent collection platform for your rental property, you can generally download a free rent ledger directly from your dashboard with all payments you’ve collected so far. However, if you use a platform like Zelle or PayPal which are mainly intended for personal use, you will need to create a rent ledger manually.
What Information Is on a Rent Ledger?
As mentioned above, a rent ledger includes the following information:
- Your renter’s name
- The address of the rental property it’s for
- When the amount was debited to your account
- The amount the renter paid
- The status of the payment
- The transaction number
- The charge type
The Benefits of Using Rent Ledgers
There are a handful of benefits of using a rent ledger. For one, periodically reviewing them can help you audit how all of your renters are doing when it comes to meeting their obligation to pay rent on time. There may be times when a late payment goes unnoticed, especially if you don’t have a system in place to automatically spot late payments. In that case, you can review your most recent rent ledger to confirm that all your renters paid rent, on what day, and the amount.
Rent ledgers can also be helpful during tax season, considering rental income is taxed and needs to be reported to the Internal Revenue Service (IRS). You can easily provide your certified public accountant (CPA) or tax professional with a rent ledger so they can see how much you’ve collected in rent and other rental fees per unit.
While this use isn’t as common, rent ledgers can serve as an important piece of evidence in an eviction case caused by failure to pay rent, since they say if a payment is paid or unpaid.
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How To Get a Rent Ledger for Free
The platform you use to collect rent payments usually produces a free report for you to download through your dashboard. If you collect rent with Avail, log in to your account and click the “Reports” tab. Then click on the “Received Payments” report.
Our system will then email a copy of your free report to your email in the form of a spreadsheet to further customize or export as a PDF to share with others.
If you’re a renter looking for proof of payments, you can ask your landlord to provide you with a rent ledger or something similar.
Collect Rent Online With Avail
Having the right tools and resources on hand can be a great way to streamline rent collection and take the stress out of the process. The next time you need an overview of payments you’ve collected, use a rent ledger provided by your current platform or create one manually if that’s your preference.
When you collect rent payments with Avail, you can access helpful reports for free that you can export to customize or share with other people. In addition to that, you can automate late fees, send automated rent reminders, and schedule upcoming payments for all your rentals.
Create an account to get started or log in to your account to download your free report.
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