It is not an easily answered question – there are pros and cons, advantages, and risks. So, let’s discuss it, but before we start, we need to make one item very clear. “The subject of improvements must be clearly defined in the lease.” Some property owners forbid it outright. They prefer to take care of all improvements whether they …
Continue reading “Should you let your tenants make improvements on your rental property?”
Your front door is the gateway to your rental –and your #1 curb appeal attention grabber. Upgrading your entrance can make your property’s appeal go to the top of the scale, and it doesn’t have to take a boatload of cash or hours of work. Paint it – choose an eye-catching color that contrasts with the …
Here’s the latest rental activity and trends for the Phoenix Metro area for August 2021… Closed Rental Units: 1,087 (47.23% decrease year over year) Median Lease Rate: $2,100 (20.48% increase year over year) Average Lease Rate: $2,265 (16.93% increase year over year) Average Days on Market: 18 (28% decrease year over year)
The property rental business can be both profitable and rewarding. But either of those hoped-for scenarios will only become a reality for the well-informed landlord. Being fully educated on the laws that govern the rental property industry and the rights of tenants is the first step to success in this business. Step two will be …
Continue reading “Must-Know Renters’ Rights for Every Landlord”
The residential lease has an important task to fulfill. As a legal contract, it should outline the terms and conditions and obligations that will govern the landlord/tenant relationship. The lease or rental agreement must contain “the basics,” including— A description of the property The names of the occupants The terms of the lease The monthly …
Continue reading “The Rental Lease: Security in the Details”
On Thursday (August 26th, 2021), the U.S. Supreme Court invalidated the CDC eviction moratorium. The underlying case was originally filed The Alabama Association of Realtors and contended that the CDC eviction moratorium was unconstitutional. The case will now go through a slow appeal process, but during that time the eviction moratorium cannot be enforced. Here …
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According to TownSteel, 2020 found 40% of Americans are implementing smart home devices, and more than 60% wanted to expand their current setup. This desire for smart connection is not limited to homeowners. Smart home features that help lower their utilities, increase their security, and make life more convenient are a big draw for tenants. They want the option to control …
It’s one of the downsides to owning rental properties. Sometimes tenants move out without cleaning out. Of course, you want to have the residence in tip-top shape and rented to a new tenant as soon as possible. So, what do you do with all the stuff? Multiple Choice Pop Quiz: A. It’s all junk – take it …
Continue reading “When Tenants Leave Personal Property Behind”
Here’s the latest rental activity and trends for the Phoenix Metro area for July 2021… Closed Rental Units: 1,938 (14.78% decrease year over year) Median Lease Rate: $2,000 (17.72% increase year over year) Average Lease Rate: $2,207 (16.96% increase year over year) Average Days on Market: 16 (38.46% decrease year over year)
Of course, you have your rental property covered on your homeowner’s insurance policy. That’s a given. But should tenants also carry renter’s insurance? While many tenants and even a few landlords believe that the homeowner’s policy also covers the tenant’s personal possessions, that is not the case. Unfortunately, this fact often becomes painfully clear only after a mishap or disaster produces a claim that will not …
