It can be thrilling and satisfying to invest in single-family rental homes. 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.
Comprehending the fundamentals of leasing strategies and legislation that applies to both the proprietor and the lessees is imperative for a novice rental property proprietor. We have put together a thorough guide that covers all the fundamentals to assist you in leasing your first property. You can ensure a positive first experience as a landlord by adhering to these straightforward principles.
Mastering Renter Screening
It’s crucial to acquire all the information you need about potential tenants in order to make sure you choose the right ones for your rental property. A rental application containing the names and dates of birth of all intended occupants, including minors, can be completed by them as a means of achieving this. It’s also critical to request at least three previous rental references and a recent employment history.
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 make an informed choice and locate a good tenant for your rental property by following these steps.
Before renting out your property to a rental applicant, make sure the information they submitted is accurate. You can accomplish this by getting information about their rental history by getting in touch with their prior landlords. Despite the potential time investment, making sure you do your homework before signing the lease will help you stay out of trouble later on.
Ensuring Non-Discriminatory Practices
It is imperative to avoid any form of discrimination, whether deliberate or inadvertent, when advertising for and screening prospective tenants. Rental discrimination on the basis of race, sex, color, national origin, religion, disability, or familial status is explicitly forbidden by a number of US federal statutes. Maintaining awareness of and consistently adhering to these laws is imperative.
– Fair Housing Act (FHA): Guarantees that individuals are not subjected to housing discrimination on the basis of their disability, race, color, national origin, religion, sex, or familial status. 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’s crucial to remember that the Federal Housing Administration (FHA) is prohibited from discriminating against individuals with disabilities by law. Landlords who own four or more units in a building are required to provide reasonable accommodations for people with disabilities. Installing grab bars in restrooms or offering accessible parking spaces are two examples of this.
– Age Discrimination in Employment Act (ADEA): A federal statute that shields people 40 years of age or older from discrimination at work. Age-based housing discrimination is likewise forbidden 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 not allowed to treat people differently because of their race, color, national origin, religion, sex, marital status, age, or because they receive government assistance, according to the ECOA.
Studying state and local laws is crucial in addition to federal law. Local laws might establish additional protected classes.
It’s critical to steer clear of discriminatory language when writing rental ads. This includes prohibiting seniors, families with children, and individuals receiving government assistance from renting your property. It is imperative to conduct a fair evaluation of candidates throughout the screening process, relying solely on the information they have submitted. You can make sure you’re not taking advantage of prospective tenants by remaining professional and utilizing an impartial screening process.
Legal Obligations
It’s critical to refrain from assuming that a person with a disability isn’t a suitable fit to rent your property. 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.” If a potential tenant satisfies the prerequisites for renting your property, their lack of accommodation should not serve as grounds for denial. 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.
Even if you have a strict policy against pets, you may still need to make accommodations for service and emotional support animals in your rental property. In addition, if a tenant chooses to keep a service animal on the property, you are not allowed to charge them extra rent or fees. Service and emotional support animals are also excluded from rental pet policies.
It can be difficult to be proficient in every law and leasing practice pertaining to rental properties. Why not entrust this duty to a Pittsburgh property manager? In order to assist our rental property owners in finding the best tenants for their properties, Real Property Management Keystone provides transparent and anti-discriminatory screening and leasing services. Contact us online today or at 412-385-2300 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.
