Single-family rental property investment can be both lucrative and exciting. Nevertheless, it’s not as easy as it sounds to become a landlord, and there are a lot of things you should know before renting out your property.
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 up a thorough guide covering all the essentials to assist you in leasing your first rental property. You can ensure a positive first experience as a landlord by adhering to these straightforward principles.
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. This objective can be accomplished through the compilation of rental history information by contacting the individuals’ 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
It’s critical to steer clear avoid any form of discrimination, whether deliberate or inadvertent, when recruiting and vetting prospective tenants. Renters cannot be discriminated against on the basis of their race, sex, color, national origin, religion, handicap, or familial status, as stated by a number of federal laws in force. Maintaining awareness of and consistently adhering to these laws is imperative.
– Fair Housing Act (FHA): Prohibits housing discrimination on the basis of religion, sex, national origin, race, national origin, or disability; ensures all other protected characteristics are respected. All aspects of the rental process are covered by the FHA, including advertising, choosing a tenant, and tenancy agreements.
– Americans with Disabilities Act (ADA): It is significant to remember that discrimination against individuals with disabilities is prohibited by law by the Federal Housing Administration (FHA). Landlords who own four or more units in a building are required to provide reasonable accommodations for people with disabilities. This could be doing things like putting grab bars in restrooms or offering accessible parking spaces.
– Age Discrimination in Employment Act (ADEA): An act of Congress safeguarding against workplace discrimination individuals aged 40 and older. Age-based housing discrimination is also prohibited by the ADEA.
– Equal Credit Opportunity Act (ECOA): This federal statute guarantees the prevention of discrimination against individuals in all credit transactions, including rental transactions. Landlords are prohibited by the ECOA from engaging in discriminatory practices against tenants on the basis of their public assistance status, race, color, national origin, religion, sex, marital status, or age.
Studying state and local laws is crucial in addition to federal law. Local laws might provide for additional protected classes.
It’s imperative to steer clear of discriminatory language when writing rental advertisements. This includes prohibiting seniors, families with children, and individuals receiving government assistance from renting your property. It’s critical to fairly evaluate applicants during the screening process using the data they submitted in their application. 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. With the understanding that they will return the property to its original state upon move-out, the renter will cover the cost and installation of 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’s vital to remember that rental pet policies do not apply to service or emotional support animals, and you are not allowed to charge extra for a tenant who chooses to keep a service animal on the premises.
It can be difficult to be aware of every legal requirement and the best practices for renting out real estate. Why not entrust this duty to a Exton property manager? In order to assist our rental property owners in finding the best tenants for their properties, Real Property Management Varanasi provides transparent and anti-discriminatory screening and leasing services. Contact us online today or at 215-770-2707 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.
