UPDATED 1/14/21
Every property owner knows that finding good, lasting tenants are a major part of owning profitable rental property. Unfortunately, finding these renters can be a time-consuming, energy intensive process. But with a number of cities around the United States passing new regulations to accommodate changing living trends, it is more important than ever to attract these tenants and create environments that will make them want to continue living in your units.
Take San Francisco, for example: in light of the popularity of short-term rental operations like Airbnb, the city’s mayor recently signed a law into action which allows San Francisco residents to rent out rooms for a period of fewer than 30 days for the first time in the area’s history. While residents will be required to live in the area for nine months out of the year, and renting out entire houses is still forbidden, this option is likely exciting for many San Francisco homeowners and tenants who are interested in making some extra money off of their living arrangements. The city says that this law is aimed to discourage companies and individuals from buying up the area’s limited available property and turning it into temporary hospitality. But how will this law affect investment property owners who want to attract quality tenants, or simply don’t want their units to be used as de facto hotels?
Many property owners and rental property management companies forbid their tenants from subletting or temporarily renting out their units because it decreases building security and may make other tenants uncomfortable, reducing chances that they will remain in the building. To ensure that this and other stipulations are met, many people choose to invest in rental property management services to help care for their investment properties and the tenants who live in them. Property management rentals have access to a manager who not only provides maintenance and repair work, but also searches for reputable new tenants to fill vacancies and ensures that regulations are met. This often makes property management rentals some of the most highly sought and best regarded apartments and houses in an area, while also taking a lot of the stress and responsibility off of the owner’s shoulders. Whether you’re located in San Francisco or another part of the U.S., the answer is clear: contact a property management company today.
As a landlord, it is important to know about tenant law. This is especially true if you want to keep good tenants in your buildings. Your tenants will be looking out for their own best interests, which means you also have to look out for your own. They might ask, can a lease be transferred to another entity? While they are thinking a friend will take over the lease when they move out, you need to consider whether or not that friend will pay their rent and respect their neighbors. You and the tenants can work together on this and you need to know and respect end of lease tenant rights during the process. Shoud things go poorly with the new tenant, you’ll need to know how to serve a common law eviction notice legally. You’ll also need to know the details of tenant law before agreeing to any sublets or leases. Otherwise, you might be accused of a fair housing act retaliatory eviction and this can be a legal nightmare for you to deal with.
