Soaring house prices in recent years are fueling demand for short- and long-term rentals, with a diminishing number of people having the ability to ascend the property ladder. Homeowners are exercising business savviness in capitalizing on the demand, renting out their real estate holdings. But there’s more to being a landlord than meets the eye at first glance, and you will need to learn the duties before embarking on placing a “For Lease” sign on the front lawn.
Property Repairs and Maintenance
If you are involved in renting out residential property, legal stipulations dictate that you are to ensure the rental facility is habitable. This duty calls into play proper plumbing, heating, functioning installed appliances, and maintaining the structural integrity of the facility. Although laws vary in their application from State-to-State. Generally, instances of faulty heating and plumbing should be handled within 24 hours of the complaint, while less urgent repairs conducted within 48 hours.
Punitive Measures for Failure to Comply With Duties
Reprieves are available to tenants when the landlord fails to perform necessary repairs and maintenance after requisition. Consequences are unique to specific states, with some states approving withholding of rent by the tenant until duty fulfillment. In more considerate States, the law recognizes the harshness of denying the landlord rental dues and will require the tenant to deposit the rent money in an escrow account to be released upon completion of repairs.
In extreme occurrences where the landlord continuously fails to remedy the problem after receiving notification, the tenant is allowed to engage an outside party to perform necessary repairs as long as the terms are reasonable, with subsequent cost deductions applicable from the rent check.
With divergent landlord duties, you need to consult local codes in your state in regards to obligations on the rental properties. This information is available at your local building authority, alongside the local health administration offices, and fire departments