A homeowner association (HOA) is an organization that supervises a subdivision of apartments, townhouses, condominiums, or single-family homes. Every property owner within the subdivision automatically becomes an HOA member. As such, he must pay dues to the organization and abide by its policies. In turn, the HOA’s board of directors oversees the proper maintenance of …
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During the screening process, landlords must ensure that potential tenants are financially able to pay rent on time and in full each month. But answering application questions doesn’t necessarily offer adequate assurance. Responses may be manipulated or may not represent consistent, ongoing income. As a result, property owners may ask applicants to provide proof of …
Rent abatement comes up often in reference to commercial properties. But it can also apply to residential leases. For that reason, residential property owners should understand abatement and how it affects landlords’ and tenants’ rights. What is abatement, and when does it apply? Abatement terms can vary among leases. But these terms free tenants from …
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Retirees often downsize from family homes to smaller rental properties. This fact makes senior citizens a significant body of potential tenants. In many respects, seniors make desirable renters since they are often quieter, less prone to recklessness, and are more experienced property caretakers. But the senior population also requires specific considerations from their landlords. Here …
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Here’s the latest rental activity and trends for the Phoenix Metro area for January 2023: Closed Rental Units: 2,107 (39.26% increase year over year) Median Lease Rate: $2,045 (2.62% decrease year over year) Average Lease Rate: $2,269 (1.60% decrease year over year) Average Days on Market: 43 (65.38% increase year over year)
Sometimes, even though a tenant intends to fulfill the lease agreement term, he can’t follow through. After all, life’s major adjustments—relationship changes, job transfers, health conditions, or family deaths—don’t occur at convenient, predictable times. When a tenant moves partway through a lease, he may wish to rent his space to a different tenant for the …
A fixed-term lease is typically the norm for landlords and tenants entering a rental agreement — and for a good reason. Landlords appreciate a stable rental income, and tenants usually want to settle into a homey unit for more than a month or two. But month-to-month leases also hold an important place in the property …
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Your rental property is cleaned and spruced up. Finally, you’re ready for a tenant to move in and start producing a steady stream of income for you. But how do you reach potential tenants to let them know your unit is available? Here are some ways to get the word out. Classic Signage: While physical …
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Whether or not stated, every rental agreement contains an implied covenant of quiet enjoyment. The promise is implied because it’s a fundamental tenant right under state law and can’t be waived, no matter what is specified in the lease. There is often confusion as to what quiet enjoyment actually means though. Let’s take a closer …
The White House has published a memorandum entitled “Blueprint for a Renters Bill of Rights“. While the Blueprint does not create any new law, it does set forth certain actions that federal agencies intend to take regarding landlord-tenant matters. Assuming property owners and managers are already following the law as written, no immediate changes are …
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