By John Triplett
A new survey says renters want flexible monthly payment plans, loyalty programs and help with the stress of moving.
The RealPage survey of more than 2,000 renters showed:
- 98% of renters want a loyalty program for paying rent.
- 93% of renters are interested in flexible rent payments.
- 97% of renters would choose an apartment offering an easy way to manage moving.
The 2024 National Multifamily Renter Study shows the multifamily housing industry must adapt and enhance its offerings to attract and retain residents amid the changing rental landscape and increase in supply, RealPage said in a release.
- 97% say they would be more likely to renew their lease if working with their property manager was as easy as interacting with Amazon.
- 97% would be more likely to choose an apartment offering a service to simplify moving, such as help setting up internet and utilities, finding a local mover and setting up payments.
- 93% were interested in flexible rent payment schedules (biweekly, bimonthly, weekly) rather than a full, once-a-month payment.
âItâs a renterâs market, and they demand more from moving assistance, loyalty programs and payment options to enhance their living experience,â Rob Franklin, Senior Vice President and General Manager of Resident Solutions at RealPage, said in a release. âThis national survey confirms the modern experience renters want today, and we are thrilled to bring it to them with LOFTâ˘, RealPageâs fully integrated resident experience platform.â
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Overall, the survey responses showed that enhanced offerings from a property manager, such as a seamless digital app and loyalty programs, factor heavily into a residentâs decision to select an apartment and renew. Research shows 97% of respondents would choose a specific unit and renew their lease if they were offered improved benefits from property management companies.
The study, conducted by Dimensional Research, was presented during RealWorld 2024, the companyâs conference that brings together nearly 1,500 registered attendees from the multifamily community to highlight innovations in the rental housing industry. All 2,011 qualified study participants were currently paying rent for an apartment in a multi-unit building operated by a property management company. All were between 18 and 55 years of age living in the United States. A mix of genders, household incomes, regions and demographics were captured to enable analysis by various categories.
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By Krista Reuther
When a tenant approaches you about breaking the lease agreement, before jumping to conclusions, itâs important to understand there are many situations out of their or your control. Being sympathetic, listening to your tenant, and staying mindful of different circumstances will help you understand how you should move forward. While you need to always check local and state landlord-tenant laws, here are five reasons tenants might want to break a lease:
1: Active Military Duty
Active military duty is one of the few times when a tenant is able to legally break a lease without penalty. Active duty military members are covered by the Servicemembers Civil Relief Act, which means a military service member who receives orders to be deployed or to move is allowed to break a lease. Itâs important to note, the tenant still needs to follow the proper course of action. Should a service member receive a change of station order during the course of their lease that requires them to relocate for a period of at least 90 days, they must notify the landlord in writing no less than 30 days prior to vacating the rental unit. They also need to provide the landlord with proof they have been relocated, such as a copy of the change of station orders or military deployment.
2: The Tenant Unexpectedly Becomes Unemployed
Job circumstances can change unexpectedly and suddenly. Your tenant might have had a stable job and proof of pay stubs when they signed the lease, but down the road, loses their job. Unless there is a provision in the lease that allows a tenant to break a lease due to financial hardship, the tenant is still responsible for paying rent in a timely manner per the lease agreement. Having a clause related to financial hardship was atypical in the past, but the last year and a half could prompt landlords to include one. Some jurisdictions might require landlords to work with tenants in this situation.
If the lease does not include a clause regarding financial hardship, renters should contact the landlord to inquire about alternative options, such as adding a cosigner or negotiating rent. Remember to be sympathetic and communicate with your tenant to come up with a solution that works for both of you.
3: Job Transfer
A sudden job transfer is a common reason why tenants may wish to break a lease. Should this happen, the landlord is not obligated to release the tenant from their rental agreement. Landlords should explain to the tenant they must pay the remainder of the lease; a solution for this particular reason could be to allow the tenant to sublet which weâll explain below.
4: The Tenant Has Found Another Home
A tenant may come to you and tell you they found a different rental unit to live in, or that they purchased a home and, as a result, need to break the lease. In this case, the landlord is under no obligation to agree to let the tenant out of their rental unit without penalty, especially if it violates the lease agreement and there are no other protections in place.
5: Environmental Factors
Tenants might want to break a lease based on additional environmental factors. The biggest example of this is domestic violence â the majority of states allow victims of domestic violence to break the lease agreement without penalty by providing landlords with written notice; double-check your stateâs landlord-tenant laws to see what protections are in place for domestic violence victims.
Another environmental factor tenants might want to break the lease because of is an unlivable condition in the rental unit. If landlords have failed to keep the implied warranty of habitability to provide a safe and livable rental unit, tenants may have grounds to break a lease agreement. Once again, always check your landlord-tenant laws, or consult with an attorney to make sure you are staying compliant.
How to Protect Yourself in the Lease Agreement
The biggest thing landlords can do to protect themselves when a tenant wants to break a lease is putting the right clauses in the lease agreement itself. Since a lease agreement is a legally binding contract, itâs essential to always review the lease agreement with your tenant so they understand their responsibilities as well as yours as the landlord. Here are some things to include in your lease to help protect yourself when a tenant wants to break the agreement:
- Subleasing Clause: If you choose to include a subletting clause in the lease agreement, this can be a great alternative for renters who need to move away suddenly or cannot afford rent anymore. It can be a convenient solution for landlords as the previous tenant will find a replacement renter, and you can sign a new lease with a new renter. Remember to always screen subletters as well to protect your rental investment.
- Lease Buyout Fee: A landlord can protect their own interests by including a lease buyout fee in the lease agreement. This requires a tenant to give a 60-day written notice and also pay an additional amount equal to two monthsâ rent. The money is usually due upon notice, and the 60 day period begins when the fee has been paid and an exact move-out date has been provided.
- Forfeit Security Deposit: Another option landlords can include in the lease agreement is that if a tenant wants to break a lease, they forfeit the security deposit. This can be in addition to the buyout fee or any other legally allowed consequences.
Read here to learn what else should be included in a standard lease agreement. To customize a lease agreement, build your own state-specific lease in your TurboTenant account.
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How to Prevent a Tenant from Breaking the Lease
As we mentioned above, sometimes there are circumstances out of your control or legal obligations you have to follow when a tenant wants to break a lease. However, there are a few things you can do to help prevent tenants from wanting to break a lease in the first place. The most important and obvious thing to do is screen all potential tenants. While a screening report will give you a criminal background check, credit check, and eviction history report, landlords should also talk to the tenant and get to know them better.
Ultimately, landlords need to review all of the lease terms, clauses, and additional provisions before a tenant signs. Emphasizing both partiesâ responsibilities will help everyone be on the same page.
If you have a tenant who wants to break a lease, remember to be understanding, communicative, and always consult the lease agreement, along with landlord-tenant law. Landlords should be prepared for this type of situation by knowing the legal reasons a tenant can break the lease and setting up the lease agreement properly. If you are looking to fill your vacancy or are expecting a tenant to break a lease, create your TurboTenant account today so you can streamline the process and fill your property in no time.
Tenants Breaking Lease Agreements FAQ
When a tenant needs to break a lease, do they need to give written notice?
Always check your local and state guidelines, but it might depend on the situation. In the example of an active service member, they are required to provide a 30-day written notice. Typically, when leases end, a tenant should also fill out a notice to vacate form.
Should I consult a lawyer when a tenant tries to break a lease?
Itâs never a bad idea to consult with your lawyer to know your rights and understand what the correct actions are that you can take. Remember, each state and even individual city might have different laws when it comes to tenants breaking lease agreements.
How can I build protections against tenants breaking a lease into my rental agreement?
You can build protections into your lease agreement, like we mentioned above, by including things such as a buyout clause or subleasing clause. You can easily do this with our customizable and online lease agreements found right in your TurboTenant account. Our leases are state-specific and have been proofed by local landlords and lawyers to ensure you stay compliant.
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Provided by Steadily
Making mistakes with insurance coverages when buying investment properties can cost you big time. We wonât talk here about the really obvious ones like âânot taking out enough insuranceâ,â or âânot taking out separate flood insurance,ââ because you, one, most likely have already heard about these or two, are unlikely to have made those mistakes because you canât even get your loan without mandatory home insurance coverage.
So, instead, letâs cover the other areas that investors tend to overlook. They can be less obvious and seem less important but trust us when we say that they can make your life miserable if you ignore them.
1. Not Upgrading to a Landlordâs Insurance Policy
This is easily the most common rookie mistake investors make at the beginning of their careers as landlords. It can seem that so long as the property is covered by homeownerâs insurance, it doesnât really matter who lives at the property.
Actually, it does, so much so that you may lose your claims for damages caused to the property by your tenants or other problems that occur while your tenants are living at your property.
Landlord insurance is different from standard homeownerâs insurance, and it covers both the property itself and the homeownerâs liability. So, think of common scenarios like theft and break-ins, fires, plumbing damaged by a bad storm, and the loss of rent that can arise from your tenants having to move out after such an event.
Letâs imagine another scenario in which your tenant injures themselves while theyâre on the premises. If youâre not covered by landlord insurance, you could be sued by the tenant and may have to cover their medical bills.
You have to learn to think like a landlord. While most investors realize that property maintenance is their responsibility, many donât consider the other possibilities or the fact that your tenants, to a certain extent, are also your responsibility. Landlord insurance is the easiest way to keep peace of mind in case something does happen.
Of course, landlord insurance only goes so far in terms of what it will cover. Landlord policies, like other insurance policies, come with deductibles, and coverage is typically limited to what are known as covered perils. Fire damage, burglaries, and bad weather are typically included on that list. On the other hand, your tenant damaging your furniture is not, a point weâll elaborate on shortly.
A quick look at the declaration page of your insurance will tell you if you have standard homeownerâs or landlordâs insurance. You can also call your insurance agent to clarify and discuss switching to the right kind of insurance if necessary.
2. Not Understand the Limitations On Coverage
The second most common mistake investors make is assuming that landlord insurance will cover just about anything that happens at the rental property, including your tenant spilling red wine on a couch you put in your short-term rental.
This is a costly mistake as you most likely will end up having to clean/replace the couch yourself. As a general rule, damage to personal property by tenants is not covered by landlord insurance. Now, if the damage was caused by a covered peril, say, the couch burned down in a fire (that the tenant did not cause), then you will be able to claim for it.
This isnât a cause for panic. If you own furnished short-term rentals, you can get personal property damage covered via AirCover and other platform-specific programs for short-term rentals. Youâll just have to purchase them separately from regular landlord insurance.Â
If you want to educate yourself further on whatâs covered by landlord insurance and what isnât, Steadily recently made a valuable video that breaks down some of the common landlord policy coverages that you need to know.
Bonus tip: We mentioned ââloss of rentââ in our first point, and letâs reiterate that the only loss of rent that landlord insurance will cover is the loss of rent related to a covered peril. So, a situation where a tenant has to move from a fire-damaged building qualifies. One where a tenant just stops paying you rent does not.
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3. Not Realizing Vacancy Clause Time Limits
Most landlord insurance policies include a vacancy clause. This clause will cover the landlord in case it is impacted by several commonly recognized ââperilsââ during vacancy. These include vandalism, theft and break-ins, water damage, and sprinkler leaks.
Many new landlords donât realize that this vacancy clause has a time limit, typically 30 or 60 days. What that means is that once the property has been vacant longer than the time period specified in the policy agreement, you wonât be covered for any of the ââperilsââ outlined above.
Many landlords who rent out their homes long-term may feel that they donât need extra vacancy insurance because their rental never stands empty for longer than a couple of months. However, if you own a short-term vacation rental, youâre much more vulnerable to the time-sensitive nature of standard vacancy clauses. In that case, getting extra vacancy insurance is a very good idea. This applies to home flippers, too, as properties that are being renovated can easily be unoccupied for many months at a time.
It is always very important to disclose all of the specifics when taking out vacancy insurance because the coverage and the terms will vary depending on why you anticipate vacancy periods at your investment property. You also want an insurance product that will cover you for the right risks. Steadily, for example, has specific products for properties under renovation, fix-n-flips, and long-term vacant dwellings.
4. Not Including Insurance Costs in Deal Analysis
Last but not least, not factoring insurance into your deal analysis can cost you a lot. Depending on where your investment property is located, the costs can vary considerably, and you really canât just ballpark-guess it. State-by-state premium fluctuations are significant. For example, if you live in Arizona, you may only pay $839 per year, but if you live in Florida, the annual landlord insurance cost will be closer to $1,722 per year. Thatâs a huge gap.
And geography isnât everything here. The age of the property and even what type of roof it has can significantly alter the premiums. Obviously, any investor worth their salt needs to know in advance whether landlord insurance will set them back an extra $800 or $2-3k.
So, always factor landlord insurance premiums into your prospective investment analysis. Using a landlord insurance calculator or getting a property-specific quote is crucial for investors performing deal analyses on properties. And bear in mind that landlord insurance, because of all the extra coverage it offers, can cost 25% more than home insurance policies. If youâve been budgeting for standard homeownerâs insurance up till now, youâll have to revise all your figures.
Conclusion
Landlord insurance is essential for protecting your rental property against many common problems that can go hand-in-hand with having tenants. Insurance is always about calculating risk, and when someone lives at a property who isnât the owner, that risk goes up. Itâs not just because rentals often get damaged but because there are many logistical difficulties, such as when a rental property is damaged and a tenant has to move out, or when a rental stands empty for long periods of time.
Because of the higher risks, landlord insurance will cost you more as an investor than standard homeownerâs insurance would cost you as a homeowner. However, If you only take away one important point from this list of common mistakes with landlord insurance, itâs this: donât choose not to take it out. Landlord insurance protects you against the most unexpected events at your rental, which are often the costliest. It could even save your entire business.
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For landlords who want to operate a profitable rental property portfolio where you can grow and scale your properties, accurate bookkeeping is essential.
It is just like any other business. You must maintain good records that will in turn enable you to evaluate and understand your propertyâs performance and your return on investment or ROI.
Where last week we discussed tips on bookkeeping like tracking, budgeting, and how best to set up your ledger accounts, this week we are talking about what accounting software can best fill your need for such things as bookkeeping automation, reporting, workflow, and tax prep.
Again, not a sexy topic but one that is much needed to keep all of us investors financially aware of what is happening with our rental properties.
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By Nancy Abrams
The Americans with Disabilities Act (ADA) and the Fair Housing Act are laws
intended to end discrimination against tenants in their homes and allow them
to have service animals. According to the ADA, service and emotional support
animals are not considered pets and therefore are not subject to a pet policy.
âEven if a lease says âno petsâ or restricts pets, landlords are required to make what is called a âreasonable accommodationâ to allow pets who serve as assistance animals, which includes emotional support animals,â according to the Humane Society. Those laws allow the landlord to use their discretion in determining whether or not tenants can own a pet as well as what breeds and sizes of animals are permitted. The law also grants landlords the right to impose fees related to pets. But laws about pets may soon changeâin favor of the dogs. California legislators are considering a bill that would require landlords to accept all pets, regardless of whether they are service or emotional support animals or not. At the same time, Arizona is considering a law that applies to the acceptance of ârestrictedâ breeds of dogs.
CALIFORNIA STATESMEN CONSIDER NEW DOG LAW
On February 20, 2024, legislation was introduced in the California State Assembly which, if passed, would require property owners in the state to accept rentersâ common household pets. Landlords would be prohibited from asking about pets on applications and would also be limited in their ability to charge pet fees or deposits. Specifically, the proposed legislation restricts a landlord from barring a tenant from owning or keeping a standard household pet without valid justification. The bill also prevents landlords from charging tenants extra rent or security deposits for owning or keeping a traditional household pet. Landlords would only be allowed to ask about pet ownership after a tenantâs application has been approved. These restrictions do not apply to rental agreements signed before January 1, 2025. The billâs author, San Francisco Assemblyman Matt Haney, points out that âlandlords, including brand new buildings, can just say no dogs, no cats, period. And that is making our housing crisis a lot worse.â
âSeventy percent of California renters have pets but only 30% of available rentals accept them,â Haney said. âWe want a renter to be considered first, and a decision made about whether they meet the requirements for an apartment and then, after that fact, they disclose that they have a pet. And only if thereâs a reasonable rationale to deny them, that would be allowed.â
Debra Carlton, the California Apartment Associationâs executive vice president of state government affairs said, âThe bill does not allow for an increase in security deposits, potentially limiting landlordsâ ability to cover pet-related damages.â In response, Haney stated that landlords would have the right to require tenants to purchase pet liability insurance to protect their properties. If enacted, AB 2216 would have a widespread impact on landlords, affecting their legal, financial, and operational makeup. JD Supra advises, âAdvocates on both sides must find a balance between the needs and welfare of tenants with the rights and responsibilities of landlords.â
ARIZONA SENATORS MULL NEW DOG LAWS
At the same time, the Arizona Senate is considering their own pet bill that âwould prohibit landlords and rental housing providers from setting dog breed restrictions at the properties,â according to Multifamily Dive. âRestrictions often apply to breeds considered dangerous or aggressive, but also frequently cover dogs in the working and sporting breed groups, who are larger and have high energy levels,â according to a recent MarketWatch report. âThe dog breeds most commonly restricted, whether imposed by law or by individual landlords, include pit bulls, bulldogs, Rottweilers and German shepherds. âAround 43% of surveyed owners of ârestrictedâ dog breeds have found it difficult to find affordable housing due to their dog and the restrictions compared to 31% of owners of non-restricted breeds,â continued MarketWatch. One in three pet owners of these restricted breeds were charged fees for their pets or were rejected by the landlord due to their pet.
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GOVERNMENT RESTRICTIONS ON PETS
Aside from the ADA and the Fair Housing Act, there basically are no federal laws pertaining to pets. The majority of the states are enforcing breed-restrictive legislation and there are no state-level laws that prohibit the practice. Nevada, Oklahoma, New Hampshire and Alaska have no breed restrictive legislation at all. There are only 10 states that ban breed restrictive legislation outright and limit local governmentsâ ability to enforce restrictions. Most of these states have some form of breed restriction, such as a required permit for pit bulls. In the great majority of states, there is breed-restrictive legislation currently being enforced and no state-level legislation prohibiting it.
CONSEQUENCES OF PROPOSED PET LAWS
According to JD Supra, âThe prospect of AB 2216 requires landlords to potentially overhaul existing lease agreements and adapt day-to-day operational strategies to accommodate pets. Moreover, landlords will have to re-evaluate maintenance procedures to address increased wear and tear, adding to their operational burdens.â Landlords will also need to review their insurance coverage to determine whether they need to increase their liability coverage, which in turn could cause an increase in their premiums.
Additional financial implications should the new bill become law include the cost of any necessary property modifications, higher maintenance expenses and possible legal costs to ensure compliance and to contest any new pet-related lawsuits. Should the Arizona bill pass, landlords would still be permitted to restrict tenants from owning dogs. Arizona Sen. J.D. Mesnard, in a statement to AZ Family, expressed concern that the bill could lead to more landlords banning dogs altogether in order to keep banning specific breeds. The Arizona Multihousing Association is opposed to the bill as written.
Courtney Gilstrap LeVinus, CEO of the AMA, told Multifamily Dive that property owners often must restrict certain breeds because of limits in the buildingâs insurance coverage. âThis may leave a community uninsured or with insurance coverage that is extremely expensive,â Gilstrap LeVinus said.
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Provided by Bigger Pockets
Home insurance prices continue to rise and could increase by another 6% this year after already rising nearly 20% in the last two years, according to one estimate. A combination of inflation and extreme weather events in some states has fueled the jump in prices, with the average annual rate increasing 19.8% between 2021 and 2023, a report from Insurify found.
The insurance comparison site estimates that prices will rise 6% to an average of $2,522 by the end of 2024 and could increase further in 2025 if the hurricane season is as bad as NOAA projections say it will be.Â
Where Insurance Costs Are Increasing the Most
Insurance rates arenât the same across the board. Some factors are individual, like the size and age of the home, as well as claims history. Other impacts include where your home is located and how likely it is to be damaged.
Due to these various factors, not everyone will see their premiums increase this year. States more prone to climate catastrophes, such as flooding and wildfires, are more likely to see an increase in rates. Other states, like California, will only see a slight increase due to state regulations limiting how much rates can rise in a given year.
Louisiana, for example, is expected to have the biggest increase in rates due to hurricane damage. Meanwhile, rates are catching up in Maine, which has seen an increase in the sea level and subsequent flooding and coastal damage. Florida is also likely to see an increase in prices, although it already has some of the most expensive insurance in the country, with homeowners paying an average of $10,996 a year for coverage.
Hereâs a look at the top 10 states where homeowners are bearing the brunt of increased insurance costs.
Why Insurance Costs Are Rising So MuchÂ
States with high insurance costs tend to be prone to extreme weather events. And with climate change increasing, some project that those weather events will get even more extreme in the futureâwhich means homeowners in these prone areas are likely to be hit with large premiums.
According to a study from Realtor.com, nearly half of all homes in the U.S. are at risk from climate change. Many coastal states are in areas of relatively high risk of natural disasters, according to FEMAâs National Risk Index. Meanwhile, wildfires have become a growing risk in various areas across the country, with the damage they cause costing an estimated $394 billion to $893 billion annually.
Building repair costs have also increased since inflation has caused construction material costs to skyrocket in recent years. That means insurers have to pay more when a homeowner makes a claimâa cost thatâs passed on when they increase premium rates.
Even reinsurance (basically insurance for insurers) has risen, further increasing prices, especially in areas prone to disasters like Florida. Some insurers (and reinsurers) have left areas they have deemed too high risk. According to Insurify, the number of available home insurance policies decreased by 35% in 2023.
As climate change increases, homes not in catastrophic weather areas could still see a lot of damage from events like large hailstorms and severe thunderstorms. But 60% of homeowners forgo flood insurance, according to a February 2024 Insurify study, and standard insurance doesnât pay for flooding.
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What Increased Insurance Costs Mean for Investors
As climate change becomes more of a factor, it will not only cause an increase in insurance premiums, but it could affect the value of homes. According to Insurify, around 25% of homeowners feel like climate change has affected the value of their homes. Meanwhile, a Congressional report found that climate-exacerbated wildfires could diminish total real estate values by as much as $337.5 billion annually.
âClimate risk is a big deal,â Realtor.com economist Jiayi Xu said in a statement. âIt can impact home values, insurance costs, and the overall stability of a housing market.â
Even homes that arenât hit directly by extreme weather events are being impacted by rising insurance premiums, which only increases the cost of homeownership.
And itâs not just single-family homes being hit. Insurance for commercial real estate has also skyrocketed, which may be contributing to a slowdown in deals, as unpredictable insurance costs can impact an ownerâs ability to underwrite a deal, Danielle Lombardo, managing director of insurance service provider WTW, told Pere News.
In other words, with an increase in natural disasters, real estate investors with properties across the board will need to pay closer attention to the climate and its potential impact on not just insurance prices but the overall prices of doing business.
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Provided by Rental Awareness
Yes, a landlord can raise the rent if a girlfriend moves in. However, it is important to review the terms of the rental agreement to see if there are any restrictions or provisions regarding additional occupants and rent increases.
Some rental agreements may have limitations on the number of occupants or specific rules about rent adjustments.
It is recommended to communicate with the landlord and review the agreement to understand the specific terms and conditions.
The Landlord-Tenant Relationship
Understanding the Landlord-Tenant relationship can be complex, especially if a girlfriend moves in and the landlord wants to raise the rent.
It is important to know the terms of the lease agreement and consult local laws to determine what actions can be taken in this situation.
One of the key aspects of renting a property is understanding the landlord-tenant relationship.
Landlordâs Rights And Responsibilities
As a landlord, it is essential to be aware of your rights and responsibilities to maintain a fair and respectful relationship with your tenants.
By understanding your rights, you can ensure that your property is cared for properly and that your tenants are abiding by the agreed-upon terms. Here are some key points to consider:
- Right to collect rent in a timely manner
- Right to enter the property for necessary inspections or repairs, with proper notice
- Responsibility for maintaining the property and making necessary repairs to ensure habitability
- Responsibility to respect the tenantâs privacy and only enter the property as outlined in the lease agreement or with proper notice
Tenantâs Rights And Responsibilities
As a tenant, understanding your rights and responsibilities will empower you to protect your interests and ensure a comfortable living situation.
By familiarizing yourself with these key points, you can advocate for yourself and maintain a healthy landlord-tenant relationship:
- Right to live in a habitable property
- Right to privacy and quiet enjoyment of the rental unit
- Responsibility for paying rent on time and in full
- Responsibility for maintaining the property in a reasonably clean and safe manner
Knowing The Laws And Regulations
Understanding the laws and regulations that govern the landlord-tenant relationship is crucial for both parties.
This knowledge provides a solid foundation for resolving any disputes or issues that may arise during the tenancy.
By being aware of the legal framework, you can protect your rights and uphold your responsibilities. Here are a few reasons why knowing these laws is important:
- It prevents misunderstandings and ensures compliance with local regulations.
- It helps in resolving conflicts or disputes based on factual information.
- It allows for informed decision-making when entering into a rental agreement.
- It establishes a sense of accountability and fairness in the landlord-tenant relationship.
By comprehending the rights and responsibilities of both landlords and tenants and staying informed about the laws and regulations, you can foster a mutually beneficial and harmonious living arrangement.
This solid foundation will contribute to a healthy landlord-tenant relationship, providing peace of mind for both parties involved.
Remember, knowledge is power, and by understanding the dynamics of this relationship, you can navigate any challenges or situations that arise with confidence.
Defining A âGuestâ And âTenantâ
Wondering if your landlord can raise the rent if your girlfriend moves in? Understanding the difference between a âguestâ and a âtenantâ is crucial.
While a guest is usually temporary and doesnât have tenant rights, if your girlfriend becomes a tenant, the landlord may have the right to raise the rent.
Always consult with your local rental laws for specific guidelines.
Differentiating Between A Guest And A Tenant
When it comes to determining whether someone is a guest or a tenant, itâs essential to understand the distinctions between these two categories.
While a guest is someone who stays temporarily with the landlordâs permission, a tenant is someone who has entered into a rental agreement with the landlord and has the right to occupy the property.
Furthermore, a guest typically does not pay rent, whereas a tenant is obligated to pay rent for their use of the rented space.
Criteria For Determining Tenant Status
The status of someone living in a rental property as either a guest or a tenant is typically determined by specific criteria set forth by the landlord or governed by local laws.
Although these criteria can vary, some common factors that landlords consider may include:
- The length of time the person has been residing in the property
- Whether the individual contributes to household expenses
- Whether the person has received mail or packages at the property
- Whether the landlord has given permission for the person to live in the property
It is crucial to consult the rental agreement or local laws to understand the specific criteria used to determine tenant status and the rights and responsibilities that come with it.
Impact On Rent If Girlfriend Is Classified As A Tenant
If your girlfriend is classified as a tenant, it could have implications for the rent.
Landlords have the right to revise rent prices, but usually, they can only do so when the lease term is up for renewal.
However, if the girlfriend is considered a tenant, their presence in the rental unit may be subject to additional rent charges as per the agreement.
This increase in rent could be based on factors such as the number of occupants, utilities usage, or other related expenses.
It is important to review the rental agreement or consult with the landlord to understand the exact impact on rent if your girlfriend is classified as a tenant.
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Reviewing The Lease Agreement
When it comes to rental agreements, it is essential for both landlords and tenants to thoroughly review the lease before making any significant decisions.
One common concern that arises is whether a landlord can raise the rent if a girlfriend or additional person moves in.
To address this question, it is vital to understand the provisions outlined in the lease agreement.
Importance Of Reviewing The Lease Agreement
The lease agreement serves as a legal contract between the landlord and the tenant, detailing the rights and responsibilities of each party.
By carefully reviewing the lease agreement, tenants can gain a clear understanding of the terms and conditions governing their tenancy.
Additionally, landlords can ensure that the lease agreements they create adequately protect their interests.
Provisions Regarding Additional Occupants
Lease agreements typically include provisions outlining the maximum number of occupants permitted in a rental unit.
Landlords often impose these limits to maintain a comfortable living environment, ensure compliance with safety regulations, and avoid overloading the propertyâs utilities.
The lease agreement might state that only the named tenant or tenants specified in the original agreement are allowed to reside in the rental unit.
In this case, if a girlfriend or significant other moves in without the landlordâs knowledge or permission, it could be considered a breach of the lease agreement.
On the other hand, some leases may explicitly allow additional occupants but require them to be added to the lease agreement through a formal process.
This process typically involves obtaining written consent from the landlord and potentially adjusting the terms of the lease, such as the rent amount.
Understanding the provisions regarding additional occupants in the lease agreement is crucial to determine whether the landlord can raise the rent when a girlfriend or additional person moves in.
How Lease Terms Affect Rent Increases
The terms and conditions outlined in the lease agreement have a significant impact on the landlordâs ability to raise the rent due to the addition of an occupant.
In some cases, the lease may explicitly state that the rent amount will not increase if an additional person moves in, as long as the total number of occupants remains within the limits specified.
In conclusion, reviewing the lease agreement is of utmost importance when considering any changes in occupancy or potential rent increases.
By understanding the provisions regarding additional occupants and the impact of lease terms on rent amounts, both tenants and landlords can ensure a fair and transparent rental experience.
Considering Fair Housing Laws
When considering the question of whether a landlord can raise rent if a girlfriend moves in, it is important to take into account the fair housing laws that exist to protect tenants from discrimination.
Fair housing laws, also known as anti-discrimination laws, establish guidelines and regulations to ensure that all individuals have equal access to housing opportunities.
Fair Housing Laws
Fair housing laws are regulations that prohibit discrimination in housing on the basis of certain protected characteristics.
These laws aim to foster a fair and inclusive housing market, while also safeguarding against practices that could lead to discrimination or unfair treatment.
Prohibited Grounds For Discrimination
Under fair housing laws, landlords are prohibited from discriminating against tenants on the basis of protected characteristics. Some of the common protected characteristics include:
- Race
- Color
- National origin
- Religion
- Sex
- Disability
- Familial status
Itâs important to note that fair housing laws vary from country to country and sometimes even at the state or local level.
Landlords must familiarize themselves with the specific laws that apply to their jurisdiction.
Implications For Rent Increases Based On Girlfriend Moving In
When it comes to the situation of a girlfriend moving in, the fair housing laws primarily focus on discrimination but may not directly regulate rent increases.
However, landlords must be cautious and ensure that any changes in rent or rental agreements are not based on discriminatory practices or targeting specific tenants.
Itâs important for landlords to treat all tenants equally and not single out tenants based on their relationships or familial status.
Charging higher rent or increasing rent solely because a girlfriend moves in can potentially be considered discriminatory and may be in violation of fair housing laws.
While there may not be specific laws directly addressing rent increases due to a girlfriend moving in, landlords should always approach such situations carefully and fairly.
Communication with the tenant, evaluating market rents, and following established rental policies can help ensure that any rent adjustments are justifiable and non-discriminatory.
Conclusion
It is important for tenants to be aware of their lease agreements and understand the rules surrounding additional occupants.
Landlords generally have the right to raise rent if an unauthorized person, such as a girlfriend, moves in.
However, it is always best for tenants to communicate openly with their landlords to avoid any misunderstandings or legal issues.
Keeping lines of communication open can help maintain a positive tenant-landlord relationship and ensure a smooth living situation for all parties involved.
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Join us on this episode where we are discussing bookkeeping and accounting tips for landlords, where you can learn to operate a profitable rental property portfolio where you can grow and scale your properties.
It is just like any other business. You must maintain good records that will in turn enable you to evaluate and understand your propertyâs performance and your return on investment or ROI.
Listen, we know this is not a sexy topic. But managing your records and finances for your rental property properly can lead to significant tax savings, more rental income, lower expenses, and thus, better profitability.
This episode covers why consistent bookkeeping is so important, what you should be tracking, creating a budget, and tips on setting up your books and accounts.
And in true fashion, we had so much to say that next week we will continue this conversation and discuss the accounting software that is available to rental property owners and self-managing landlords.
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By Steve Lockwood
As a multifamily property owner, nothing is more important than keeping your residents and property safe. This means fire safety and protecting your property from one of the most common causes of multifamily property damage, fire damage.
According to the National Fire Sprinkler Association, there are an average of 88,600 apartment fires in the United States per year and it is the third leading cause for insurance claims according to the National Multifamily Housing Council.
The threat of fire damage is real which means multifamily property owners need to take fire safety seriously. As an expert in multifamily fire safety maintenance and testing, I know that many multifamily property owners can limit their liability with very minor fixes to their fire safety plan. Here are a few tips to help improve fire safety at your apartment complex.
No. 1 â Conduct annual inspections
The biggest mistake multifamily property owners make is also the simplest to fix.
All multifamily property owners must do an annual fire safety inspection. Too many apartment owners take too long to do fire safety inspections. I see property owners six to seven months past due for inspections because they have not fixed the deficiencies they were noted for the year prior. An annual inspection is the simplest way to learn about lapses in your fire safety plan. Do these yearly or you will run the risk of insurance not covering you when a fire occurs.
No. 2 â Donât paint your sprinkler heads
Apartment complex owners are going to paint the interior and exterior of their property at some point.
A paint job is how one of the most common fire safety mistakes occurs. Accidentally painting sprinkler heads is an incredibly common but dangerous mistake multifamily property owners make. Painting a sprinkler head inhibits the spray pattern of the head which hurts its ability to put out fires. A sprinkler head that is painted shut cannot discharge. If you paint over one you have to replace the whole head. You canât just clean it. Hire a painter who understands this part of the fire code and properly covers up sprinkler heads before doing a paint job.
No. 3 â Replace bad pipes and valves
Sprinkler systems will wear over time. Bacteria from the water in your system will build over time and rust your system from the inside out.
The piping in your fire system is bad on the inside, but it looks perfectly fine on the outside, so you donât even know there is an issue. Not addressing internally corroded pipes will increase the chances of having a pipe burst. A pipe bursting during a fire emergency will make your sprinkler system unusable. The best way to fix this issue is to hire someone to do an internal pipe and valve inspection once every five years or do one on any multifamily property you are looking to purchase. This inspection will let you know the condition of your pipes and valves and replace any faulty pipes before they fail you in an emergency.
Purchase our 6-Page Inspection Checklist ($9.99). For properties up to 4 bedroom/4 bath and includes all pertinent areas to be inspected, including the exterior.
To date, this product is the only item we charge for. Help support our site while getting a valuable tool you can use over as many times as you’d like.
No. 4 â Inspect fire extinguishers
Fire extinguishers are the first line of defense against any fire.
If the fire extinguisher does its job in time your more extensive fire system wonât need to activate. Unfortunately, fire extinguishers are also always the last thing to be replaced due to compliance issues. Inspect your fire extinguishers annually; they need a full tear-down inspection every six years. This is when a fire safety expert will break down your fire extinguisher, empty it of powder, clean all the parts, and replace any defective ones. You should get a hydrostatic test every 12 years. This is when your fire extinguisher is filled with water or oil and then pressurized to test the integrity of its shell. Extinguishers get sun damaged, rusted, or dented all the time and are never inspected. Inspecting your fire extinguishers ensures you can stop fires before they become a bigger deal.
No. 5 â Getting a fire safety inspection
You are going to need to get a fire safety inspection at least once per year.
Every piece of fire safety equipment will be marked with the date it was last inspected. Look at that date and one year from that date is when you need to get another inspection. The best way to get a fire inspection is to Google for a fire safety inspector and pick one that has a lot of good reviews. You can also ask any friends or property owners you trust who does their inspections. The fire department does not give recommendations for fire inspection companies in order to avoid the appearance of favoritism.
It is important to note that multifamily property owners are not required to have a specific fire evacuation or communication plan to operate but it is recommended that to create one with the help of an expert. Creating a plan does not need to be complicated. An easily available property map with labeled fire escape routes will go a long way in helping people remove themselves from danger. An annual email to tenants to remind them of your fire safety plan would also be a helpful but not required step to keep people safe during a fire.
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By Krista Reuther
Landlords need to verify that a new renter will actually be able to afford the rent theyâre charging each month as part of the tenant screening process.
Thatâs why asking for several income verification documents on the rental application is so common. Before handing over the keys to their swanky rental unit, landlords will also want to verify the provided proof of rent letter along with the rest of the applicantâs income documentation to protect themselves from fraud.
Keep reading to discover how to demonstrate proof of income.
What is Proof of Income for Rental Applications?
Proof of income is a document or set of documents that verify an individualâs stated wages or earnings.
This documentation is used by landlords to determine a tenantâs ability to pay rent. By evaluating a tenantâs monthly income, job status, past payment history, and debt status, landlords can determine if the applicant is a safe choice to fill their rental.
By seeing a renterâs proof of income, landlords can calculate their rent-to-income ratio and see if the applicant would be a good fit for their property. A good rule of thumb is requiring 30% of gross income as a maximum percentage. On top of this, landlords should also run a comprehensive credit check to make sure a potential tenant has a history of making payments on time.
10 Ways to Verify Proof of Income for Rental Applications
1. Income Statement (W-2)
A W-2 is an IRS tax form that must be completed by employers for each of their employees. Employers report total annual wages paid on this form. This document offers valuable insight into an applicantâs overall income status as it depicts a full yearâs worth of salary. A W-2 also serves as proof of employment for rental applications.
2. Miscellaneous Income (1099-MISC)
A 1099-MISC is used to report various types of income someone may receive throughout the year for non-salary positions. Independent contractors and self-employed individuals use this form. A 1099-MISC form can also be a useful way to show proof of income for anyone that earns money from an asset or royalties.
3. Bank Statements
A bank statement for rental applications captures the applicantâs history of deposits and sheds light on any dangerous spending habits. Many tenants may find this method of information verification a bit intrusive as they might not want to show you their spending habits. But donât worry â there are other ways to verify an applicantâs income for those who feel a bank statement is too personal.
4. Pay Stubs
A pay stub, also known as a paycheck or pay slip, is received by employees each pay period and shows their net take-home pay. Pay stubs are easy proof of income for rental applications, but theyâre also easy for bad actors to forge. Look out for perfectly rounded numbers, alignment issues, and the use of Oâs instead of 0âs when attempting to spot a fake pay stub.
5. Employment Verification for Apartment Renting
A letter of employment verification for apartment or unit renting is a valid method to show a landlord that the applicant has a stable income and also that this income will remain steady over the lease term. Applicants can request an employment verification letter directly from their employer. To streamline the process, an individual may consider downloading a template and bringing it to the employer. Weâve built your downloadable employment verification for apartment renting template â find it below!
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6. Federal Income Tax Return (IRS 1040)
The IRS Form 1040 has a section to report annual income. This document gives an accurate picture of a tenantâs annual income as it shows all sources of income, including income from assets and non-salaried positions. A tenant can request a photocopy of the form or a computer transcript of the information through the IRS.
7. Social Security Benefits Statement
A Benefit Verification Letter is an official letter from the Social Security Administration (SSA). This letter outlines the monthly benefits income received by the applicant, and itâs a great way for individuals who receive retirement, disability, or Supplemental Security Income (SSI) benefits to prove income.
8. Workersâ Compensation Letter
Workersâ compensation provides lost wages and medical benefits to employees who are injured on the job. An individual receiving workersâ compensation can provide a letter detailing lost wage compensation as verifiable income. It is important to note that while this letter can show steady income for a short period of time, these benefits tend to end eventually.
9. Bonus and Incentive Payments
For renters who have commission-based jobs such as real estate agents, another option would be to show documents related to their bonus and incentive payments. Sometimes commission-based jobs do not have consistent payments, which is why itâs important to see if they can afford and be able to pay the rent on time every month.
10. Unemployment Statement
An unemployment statement can be a convenient way for renters who are out of a job to show proof of income. All renters need to do is provide the statement sent by the state unemployment office. Unemployment funds are guaranteed money, but landlords should still check the dates on the statement to see how long the benefits are set to last.
Do Tenants Fake Income Verification for Apartments?
Unfortunately, itâs easier than ever to create fake income verification documents online. Tenants can create fake pay stubs in about one minute using various free or inexpensive online tools. Thatâs why itâs crucial for a landlord to do their due diligence when reviewing income verification documents and maintain a robust tenant screening process.
Verifiable Income Recommendations for Landlords
Obviously, there is no need for landlords to require ten different income verification documents. Depending on the monthly rent, landlords should ask for two to three proof of income documents.
For individuals who are currently working, it makes the most sense to ask to see several pay stubs or a W-2 and a tax return. For elderly renters, a landlord will need to verify a Social Security Benefits Statement, and for injured workers, a Workers Compensation Letter. For expensive rentals, landlords may also want to consider asking for a bank statement.
It is crucial for landlords to not only ask for proof of income documents from renters but to also look out for fake income verification documents. TurboTenant offers a number of tools to make this process easier for both landlords and renters. In fact, TurboTenant landlords can find a standard rental application and screen tenants for free.
TurboTenant landlords with a Premium subscription also have access to TransUnionâs Income Insights with every screening report.
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