It can be both exciting and lucrative to invest in single-family rental properties. However, becoming a landlord is more difficult than it may appear; prior to leasing your property to tenants, there are numerous details that must be mastered.
Knowing the fundamentals of leasing tactics and the laws that affect both you and your tenants is crucial for anyone purchasing their first rental property. We have put together a thorough guide that covers all the fundamentals to assist you in leasing your first property. You can have a good first experience as a landlord by adhering to these easy rules.
Mastering Renter Screening
Assembling comprehensive information about the prospective tenant is critical in order to secure the ideal tenant for your rental property. You can accomplish this, for example, by having them complete a rental application with the names and dates of birth of all the intended occupants—minors included. Additional critical requirements are of a recent employment history and a minimum of three rental references from the past.
In addition, background checks and the collection of Social Security numbers of all adult renters can yield significant information regarding their personal lives and financial investments. You can find a qualified tenant for your rental property by following these steps and making an informed decision.
Before granting a rental applicant permission to occupy your property, verify the information they have provided. You can accomplish this by getting information about their rental history by getting in touch with their prior landlords. You can prevent unpleasant surprises later on by doing extensive research before signing the lease, even though it might take some time.
Ensuring Non-Discriminatory Practices
Avoid any form of discrimination, whether intentional or not, is essential when advertising for and screening potential tenants. Prejudice against renters on the grounds of race, sex, color, national origin, religion, handicap, or familial status is specifically illegal under a number of federal laws currently in effect. You have to be aware of these laws and follow them all the time.
– Fair Housing Act (FHA): Makes sure that no one is subjected to housing discrimination on the basis of race, color, national origin, religion, sex, family status, or disability. Including tenant selection, advertising, and the terms and conditions of the tenancy, the FHA is applicable to each stage of the rental procedure.
– Americans with Disabilities Act (ADA): Remember that there is a law against discrimination against individuals with disabilities enforced by the Federal Housing Administration (FHA). It is your responsibility as a landlord to provide reasonable accommodations for people with disabilities if you own a building with four or more units. Implementing grab bars in restrooms and providing accessible parking spaces are examples of such measures.
– Age Discrimination in Employment Act (ADEA): A federal law that shields people 40 years of age and older from discrimination at work. Age-based housing discrimination is also prohibited by the ADEA.
– Equal Credit Opportunity Act (ECOA): In credit transactions, including rental transactions, this federal law guarantees that no person is subjected to discrimination. Landlords are prohibited by the ECOA from engaging in unlawful discrimination practices against tenants on the basis of their political affiliation, national origin, religion, race, color, sex, marital status, age, or welfare status.
State and local laws should also be investigated, in addition to federal legislation. Local laws might provide for additional protected classes.
It’s critical to steer clear of discriminatory language when writing rental ads. Saying that you won’t rent to elderly people, families with kids, or people on government assistance is part of this. Encouragingly evaluating applicants according to the data in their application is essential when screening them. You can be certain you’re not prejudiced against prospective tenants by upholding professionalism and employing an impartial screening procedure.
Legal Obligations
Pretending that an individual with a disability is inherently unsuitable to rent your property is an extremely important error that must be avoided. Pupils are entitled to “reasonable accommodations” from their landlords in accordance with the Federal Fair Housing Act. Reasonable accommodation is “a change, exception, or adjustment to a rule, policy, practice, or service that may be necessary for a person with a disability to have an equal opportunity to use and enjoy a dwelling.” Accommodations shouldn’t be a justification for turning away a potential tenant if they fit your property’s eligibility requirements. In exchange for returning the property to its original state when they vacate, the renter will cover the cost of installing and paying for the requested accommodations.
Despite the presence of a firm policy prohibiting pets, one accommodation that may be necessary is permitting service and emotional support animals within the rental property. It is crucial to acknowledge that rental pet policies do not apply to service and emotional support animals. Consequently, if a tenant chooses to keep a service animal on the property, no additional rent or fees may be assessed.
It can be difficult to stay on top of all the laws and best practices related to renting out properties. Why not entrust this duty to a Las Vegas property manager? Our goal at Real Property Management Peace is to assist our rental property owners in finding the best tenants for their properties through transparent, non-discriminatory screening and leasing processes. Contact us online today or at 702-848-2509 to learn more.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
