Setting the proper rental rate can make or break a landlord’s success in the rental market. An inappropriately priced rental unit can discourage tenants from renting or lead to potential losses. It’s important to strike a balance to make the most out of the rental property.

 

Factors to Consider: How Much Should I Charge for Rent?

There is no set rule or standard when it comes to determining a rental price. Each rental unit will have a different appropriate price. It will all depend on various factors like amenities, location, market value, size, and others. Let’s break down each consideration below.

 

1. Property Value

How do you calculate real rental price? Landlords can often use the property’s overall worth to determine the base rental price. It’s a useful tool for landlords who don’t know where to start. Typically, the rental price of a property should fall between 0.8% and 1.1% of the home’s value. For example, if the home’s value is at $250,000, the rental price should be around $2,000 to $2,750 monthly.

However, bear in mind that the actual price or value of the property will affect the rental price. Landlords can usually charge around 1% of the property value if the actual price is below $100,000. Meanwhile, landlords will want to stick to the lower end of the percentage range if the house is over $375,000. Charging too much might discourage potential tenants.

 

2. Local Rent Rates

How much to rent a house for a month? One of the best ways to determine the rental price is by examining the local rent. What do other landlords in the same area charge? It’s important to get a feel for the local market so you know you’re not over or underpricing.

However, make sure the properties you’re surveying are similar to your own. For example, if you’re renting out a 1-bedroom apartment, you should likewise figure out the average price for 1 bedroom apartment places around the area. Looking at the average rent prices for single-family homes will bloat your estimate. Make sure to compare homes and units that are similar in the following ways:

• Amenities
• Lot size
• Number of rooms and bathrooms
• Year built and most recently remodeled

Apart from surveying other landlords, you can also research rental estimates by zip code. Websites like Apartments.com and HUD’s fair market rents may help. You can also speak with local real estate agents to get a good idea of your location’s average rental prices.

 

3. Rent Control

Some areas have government-mandated rental caps. Moreover, these laws may also indicate how much you can raise your rent and how often. Make sure to review the laws in your state so you’re not violating any local regulations. You can also ask a lawyer or legal professional for advice or guidance.

 

4. Features and Amenities

How much should I charge for rent for a room or apartment? One big factor to consider when you determine rent price is the property’s features and amenities. If the rental property has many bedrooms, bathrooms, finishes, furniture, and appliances, you may be able to charge higher. Similarly, you can charge higher rental rates if the apartment, condominium, or community has amenities like gyms, pools, on-site parking, or co-working spaces.

 

5. Neighborhood Quality

Even if the rental property has all the right features, amenities, and property values, it may not be worth much if the neighborhood is bad. Make sure to assess whether the area has high crime rates. This can significantly reduce the amount you can charge to rent out your property.

Location and positioning may also impact the rental rate. For example, if the property is close to a busy intersection, tenants might not be as willing to pay a high price because of the noise and chaotic environment. Conversely, they may be willing to pay a premium for properties in good neighborhoods or attractive locations.

 

6. Demand and Seasonality

Even with a high property value or local rental rates, the overall demand might affect the rental price you can set. In a bad economy, there’s a higher demand for rentals as people are not able to afford housing. Small and cheap apartments will be in particularly high demand as people want to live somewhere affordable.

In addition, the time of year may also affect the demand and how you calculate rental rate. For instance, large properties are often more in demand before the school year starts as families want to settle in a home before their kids attend classes. Changes in the season may also affect demand. You’ll often see rental prices dropping in the winter as landlords want to attract more tenants during the season.

Generally speaking, you’ll want to lower the rental rate when demand is low. Conversely, you can charge higher rates when the demand is high for the kind of rental property you’re offering.

 

7. Rental Cost

Home or apartment rent prices should never be lower than the cost of maintaining and managing rental property. After all, it’s pointless to rent out a unit if it’s not going to earn you money. It would be even worse if you’re at a financial loss in the end. Hence, make sure to consider all the following associated expenses:

• Maintenance costs
• Property management fees (if any)
• Mortgage payments (if any)
• HOA fees
• Vacancy period costs
• Taxes on rental income and the property

 

8. Market Testing

Even if you consider all these factors, it can still be hard to determine the right rental price. In these cases, it might be wise to simply test the market to land on a good rental rate. You can charge high initially to gauge interest. Be prepared to negotiate at this point. However, if nobody seems to be interested, you can gradually lower the price to find the sweet spot.

 

Why Is Charging an Appropriate Rental Rate Important?

Charging the appropriate rent prices is important because it can attract quality tenants. These tenants are more likely to pay rent on time and not miss out on any payments. They’re also more satisfied, making them more likely to maintain the property and stay for longer.

Moreover, charging the appropriate rate can maximize profits. Overpricing will lead to extended periods of vacancy while underpricing may result in lost income. Finally, setting the right price can lead to positive reviews online and boost the rental property’s reputation. This can attract more tenants in the future.

 

A Fair Deal for Everyone

Setting a suitable rental rate for your property is the key to succeeding in the rental market. Getting this wrong can lead to unwanted consequences like lost income, dissatisfied tenants, or not attracting tenants at all.

Are you finding it difficult to appropriately price your rental property? A property management company might help with that. Look through our online directory to find a trustworthy one today!

 

RELATED ARTICLES:

• Everything You Need To Know About Adding A Tenant To Your Lease
• Best And Worst Methods For Collecting Payment For Rent
• Who Handles The Maintenance Of A Rental Property?

A rental application form is a useful tool for property owners to screen tenants without conducting numerous interviews. However, landlords should be careful about what they include or exclude in these forms to avoid liability.

 

How to Make a Rental Application Form

Rental application forms provide landlords with important information about potential tenants. Here’s how to create a tenant application form that complies with the law.

 

1. Background Information

The rental application should provide background information on the property and the landlord. This eliminates the number of questions the applicant might have about the property and tenancy. It also weeds out any tenants who might not be interested in certain tenancy types. Include the following information:

• Landlord’s name and address
• Property address
• Type of tenancy (periodic vs. fixed-term)

In addition, it’s essential to obtain basic information from the applicant. Consider adding the following to the rental application form:

• Applicant’s full name and current address
• Home phone number
• Cellphone number
• Work phone number
• Birthdate
• Social security number
• Government-issued ID number (e.g. driver’s license number)

The landlord can perform a background check on the applicant during screening using the above information. Make sure to inform the applicant of the reason you’re asking for this information.

 

2. Fees and Deposits

It’s important to outline the fees and deposits you might ask the tenant for, such as pet deposits or parking fees. However, remember that some states have laws that limit the amount you can collect as a security deposit.

For instance, the laws in California limit security deposits to twice the rent for unfurnished homes and thrice the rent for furnished units. However, this only applies until July 1, 2024. After that date, the limit will be one month’s rent except for landlords who own a certain number of residential properties and units for rent.

Finally, clearly outline whether the charges are fees or deposits. The former are generally non-refundable, while the latter entitles the tenants to refunds.

 

3. Custom Inclusions

Landlords should be clear about their preferences and rules. For example, they should indicate whether or not waterbeds, co-signers, or smoking on the property is allowed. They should also add whether or not they require verification letters or references. Lastly, it’s best to include custom information or questions about the tenancy in the house rental application form.

 

4. Employment History

As a landlord, you may want to verify whether or not the applicant can shoulder your monthly rent expenses. Therefore, you may collect information on their employment history. Ask for the following:

• Current employer’s name and address
• Supervisor’s name and contact number
• Applicant’s job title
• Start date
• After-tax monthly income

 

5. Sources of Income

Applicants may have other sources of income such as social security, inheritance, annuities, or severance payments. Leave a space at the bottom so they can note whether or not they have other income sources.

 

6. Rental History

Apart from their work history, it’s essential to determine whether the applicant has a clean rental history. Ask about their current or past property managers, landlords, and evictions. Collect the following information:

• Previous landlord’s name and contact details
• Monthly rent paid/being paid
• Date of move-in and move-out

 

7. References

Landlords should be thorough about tenant screening. Thus, asking for personal references in the rental application form is often a good idea. The applicant can include the names of their family, friends, and professional contacts to vouch for them.

If you want a more comprehensive check, you can also mention that you accept cover letters, resumes, or other supplementary material. Applicants can attach it to their rental application form before submission.

 

8. Other Information

Landlords do not always need other information about an applicant. However, asking for them optionally to further verify the applicant’s character and eligibility can be helpful. Here are some things you can ask for:

• Emergency Contact. This can be helpful in emergencies. Ask for the contact’s name, number, and relationship to the applicant.
• Other Occupants. Applicants can include information on other occupants who might move in with them, such as family, friends, partners, and roommates.
• Pets. If the landlord accepts pets, ask about the applicant’s type of pet. Include restrictions on types of animals, breed, number of pets, age, and weight.
• Vehicles. If the unit has parking, landlords can ask about the applicant’s vehicle so they know what to expect. Ask about the make, color, model, and year. Moreover, ask for the license plate numbers.

 

9. Authorizations

Landlords should add two authorization paragraphs toward the end of the home rental application form: the “Consumer Report Disclosure and Authorization” paragraph and the “Information Release Authorization and Acknowledgements” paragraph.

The former paragraph authorizes the landlord to get the potential tenant’s credit report. Meanwhile, the latter paragraph authorizes the landlord to verify the other information the applicant has provided in the rental application, including the following:

• Income and employment
• Public court records
• Bank account information
• Rental and eviction history
• Criminal background

In this section, you can also ask if the applicant has:

• Been convicted
• Declared bankruptcy
• Been evicted
• Broken a lease agreement

If the applicant signs the authorization, they allow personal references, past landlords, former supervisors, credit representatives, and bank representatives to release the information related to the applicant. The landlord can use the information to verify what the applicant has said about past evictions, leases, convictions, and bankruptcies.

 

10. Signature and Fees

The landlord should include a dotted line where applicants can sign and date the document, whether it’s a physical or online rental application form. In addition, the application form should outline any associated fees for completing the form. Landlords can use these fees to run background checks, credit checks, and other administrative tasks to process the application.

 

Legal Considerations

Landlords might think the authorization section is all they need to comply with legal requirements. However, there are certain things that landlords should avoid to ensure compliance.

 

Fair Housing Act

Firstly, landlords should not discriminate against any applicants based on certain characteristics according to the Fair Housing Act. Protected classes include race, sex, color, religion, family status, or disability (physical and mental).

Additionally, many courts prevent age-based discrimination under the family status category. State law may also add other protected classes to the list, such as income source, sexual orientation, and marital status.

 

Screening Process Disclosure

In states like Texas and Washington, landlords are required to explain their screening criteria and selection process. The landlord can include this in the rental application form or attach a separate page.

Landlords must explain what criteria an applicant must satisfy to be accepted. These can include thresholds or limits for credit scores. Some landlords may also want tenants with clean criminal and rental histories. Moreover, landlords should indicate how long the application process will be and how they will notify the applicant.

 

Credit Reporting Laws

The Fair Credit Reporting Act (FCRA) outlines specific processes for obtaining tenant credit reports. Under the Act, companies and other entities cannot provide information in a consumer report if the person asking does not have a purpose specified in the FCRA.

 

Privacy Laws

Landlords should always respect an applicant’s right to privacy when collecting their information or running background checks. Follow the proper procedures and obtain consent. Never leave out the authorization parts of the form so you can avoid legal liability.

In addition, it’s important to safely store and dispose of sensitive information and use it only for legitimate purposes. Otherwise, the landlord might face a lawsuit or other charges.

 

Application Fees

Some states limit the amount a landlord can charge for tenant applications. Remember to research the applicable laws in your area before charging any fees.

 

How to Promote a Fair Application Process

Landlords should be careful with tenant applications and screening. To ensure they are not held liable for violations, landlords should always use standardized applications to ensure the consistency of collected information. Consider using an online platform to streamline the process.

Furthermore, do not use discriminatory language or ask discriminatory questions in the form. Stick to only relevant and necessary questions about the tenancy.

Lastly, screening criteria should be established and applied consistently to all applicants. Use only objective criteria and base them on tangible factors such as employment status, rental history, and credit history. If an applicant meets certain requirements, the landlord should consider them even if they dislike or are partial to specific characteristics.

 

Proper Applicant Screening

Landlords should properly screen applicants using well-drafted rental application forms. However, just because landlords are generally allowed to run background checks doesn’t mean they should abuse this privilege. They should be careful about violating any disclosure or discrimination laws in place.

Do you want to create a flawless rental application form with a comprehensive — but compliant — screening process? Consider hiring a professional property management company through our online directory!

 

RELATED ARTICLES:

• 2024 Annual Rental Housing Report Key Takeaways
• 12 Cities For Renters In 2024: Where To Invest?
• Rental Market Predictions In 2024

Renting out a property usually needs a property manager to work with. You may be wondering if a property management company should pay for repairs. Should they be paying for repairs at all or simply handle repair and maintenance requests?

 

Do Property Management Companies Pay for Repairs?

If you’re wondering”does a property manager pay for repairs?” the answer is no, but there’s no cause for concern. Part of a manager’s duties is ensuring that rental properties are well maintained. They’re supposed to handle the majority of the process. This includes noting a tenant filed a repair request and scheduling the job. You won’t often have to step in unless it’s to allow a major repair.

How you pay for these repairs depends on your chosen property management company. However, there are certain guidelines to follow.

Some companies need landlords to set up a reserve fund or reserve account using a part of what you pay them. The amount needed will depend on the terms of your contract, but you can expect it to reach several hundred dollars. This reserve fund is for the property management company to pay for repair services. Afterward, a part of the rent collected will go towards rebuilding the reserved fund.

Some companies charge you extra for any maintenance and repair costs. Whether this is an itemized bill that you get at the end of the month or a monthly flat fee depends on the company. The property management company will cover the costs themselves. You’ll then have to pay them back.

 

Rental Property Maintenance and Repairs

When it comes to maintenance and repairs, the filing of a request may vary. This will depend on the landlord’s or property management company’s policies. As with the payment, there are guidelines that many landlords and companies follow.

Step 1: The Tenant Fills Out a Maintenance Form

When tenants notice a need for repair or replacement, they’ll notify their landlord of the issue. But if there is a property management company in between, the tenant notifies the company instead. The tenant will fill in a request form, which is available online or at the property management’s office.

Step 2: The Tenant Provides Details of the Repair

The maintenance request form helps the company keep track of repairs and maintenance. In either case, the tenant will have to provide specific details about the needed repair. These details include what type of issue they’re dealing with. It could also cover the location of the rental property and how long ago the issue started.

Step 3: The Company Evaluates the Request

As the tenant submits the request form, the property management company checks it. They’ll also see if it falls within the scope of the company’s responsibilities. They may ask questions, too, to determine what caused the issue. They will also need to pinpoint how severe the issue is. The costs for routine repairs are different compared to those of emergency repairs.

Step 4: The Company Schedules the Repair

As the property management company completes the evaluation, they’ll now call a contractor. This is to schedule a date and time for the repair work. Depending on the specific company’s policies, the tenant may have to be present during the repairs.
If the issue is severe enough, a property manager may call you to inform you of the repair work needed. This is to keep you updated on your rental properties and for you to know what to expect if you’re billed for repairs after the fact.

Step 5: The Company Follows Up with the Tenant

After the repair, the property management company will have to get in touch with the tenant. This is to make sure the contractors arrived when they said they would, and they’ve done the repairs. They also have to check that the issue is, in fact, resolved and ensure the tenant is satisfied with the work done.

 

Maintenance and Repair Responsibilities

In many states, property management companies – and the landlords they work with, by extension – are required to provide habitable living spaces. But are there times a repair falls outside of their responsibilities?

Who finds the contractors for repair and maintenance work?

Will a property management company cover repairs?  No, they won’t, but they still have to ensure that repair work is done in a timely manner. They’ll have a list of contractors they work with or look for a contractor as needed.

If you had a great experience with a contractor, you can have your property manager call them. In the same vein, you can request your property manager not to deal with certain contractors if you didn’t like working with them in the past.

Can I make a tenant pay for repairs?

In many cases, you can’t make a tenant pay for repair work since it’s part of the property manager’s job. Still, tenants need to do their part in maintaining the unit or home, so they can be held liable if they damage the property in some way, even if it is through negligence.

For example, if rowdy guests break a window, the tenant has to pay for the replacement. If they overload electrical outlets by plugging in too many appliances at once, they’ll have to pay, too.

Other situations where the tenant pays for repairs include:

• Damaged appliances due to improper use
• Willful removal or disabling of safety features like smoke alarms
• Not allowing repairmen and contractors onto the premises

 

Working with a Property Management Company

Whether you want to simply invest in rental properties and have someone else handle them, or you’ve tried being more hands-on but found you couldn’t keep up with everything expected of you, working with a property management company is a good option.

As you may already know, a property management company will take on several duties, such as screening tenants, preparing lease documents, and taking care of evictions in a legal manner. How much they actually do, though, will depend on how involved you want to be as a landlord. Given all that, if you have several rental properties and some of them are in a different city, relying on a property manager is a godsend, especially if you don’t want to find yourself facing charges of housing discrimination or something similar.

 

The Bottom Line

If you were hoping to save money on maintenance and repairs by working with a property manager, it may be discouraging to learn you’ll still be paying for those. On the upside, they can help you find good rates for repairs and help you get in touch with great contract workers and repairmen.

So even if you can’t exactly have a property management company pay for repairs, having them take charge of everything when the need for repairs arises is worth what you pay since you won’t have to race to stay on top of upkeep.

 

Related articles: 

• How To Legally Evict A Squatter On A Rental Property
• Property Management Service Trends For 2022
• Pest Control In Rental Properties: Who Is Responsible?

 

Being a landlord involves a lot of work — specifically, paperwork. To be a successful landlord, you must prepare the most important renting documents ahead of time.

 

Top Renting Documents All Landlords Should Have

There is more to being a landlord than just collecting rent from your tenant. It involves quite a bit of legwork as well as paperwork. And while it is always best to have a property manager or lawyer help you draft all of the documents, it is equally essential to understand the purpose of each one.

Here are the documents needed for apartment renting.

 

1. Rental Application Form

A rental application form is a form that prospective tenants complete. This form gives the landlord an idea of each candidate’s character, history, and other important information. Prospective tenants fill out the form with their personal details and answer questions designed to screen them.

Landlords must provide the same rental forms to every prospective tenant. Failure to do so may be seen as a form of discrimination and noncompliance with the Fair Housing Act. It is also worth noting that states usually have their own Fair Housing laws. For instance, in California, landlords can’t ask prospective tenants about their citizenship or immigration status.

2. Tenant Screening Documents

While the rental application form serves as the first screening line, landlords must conduct a more in-depth screening process. Screening is critical because it helps landlords get high-quality tenants.

Some of the screening documents you will need include the following:

• A list of pre-screening questions to ask prospective tenants
• A list of reference questions to ask previous landlords and employers
• Criminal background reports
• Credit checks

Landlords should apply a consistent and uniform screening process for all prospective tenants. Again, this is to avoid problems with Fair Housing laws.

 

3. Tenant Acceptance and Rejection Letter

Once you have gone through the entire screening process, you will naturally arrive at a decision. This is where the acceptance and rejection letters come in. You’ll need to let the selected tenant know that you’ve accepted their application. To do that, sending a formal letter that you can keep as documentation is best. The letter should also include the following steps the tenant should take.

It is important to send rejected applicants a letter informing them that their application has been denied. This way, they are not left in limbo. Remember to maintain a professional yet friendly tone when drafting a rejection letter.

 

4. Rental or Lease Agreement

When discussing rental documents, leaving out your rental or lease agreement is impossiblerental or lease agreement. This agreement outlines the legal terms and conditions between a landlord and their tenant. It includes everything — from rent fees and schedules to policies and termination clauses. Rental agreements not only dictate tenants’ obligations but also protect the landlord in case of a lawsuit.

 

5. Co-signer Agreement

A co-signer agreement comes in handy if a tenant still needs an extensive credit or rental history. The tenant can get a co-signer on their lease, and this agreement serves as a legal document cementing that relationship and obligation. If the tenant stops paying their rent, the co-signer is held legally responsible.

Co-signer agreements are beneficial when renting to younger tenants. This is great for rental properties located in college towns or areas with a lot of young renters.

 

6. Rental Inspection Report

Landlords will want to keep their rental property in pristine condition. But, property damage can and does happen throughout a tenancy. So, it is imporessentialave proper documentation of the property’s condition before and after you’re renting to a tenant. This is where a rental inspection report comes in.

Prior to letting a tenant move in, landlords should conduct a walkthrough of the unit with the tenant. Of the many landlord forms, this report essentially acts as a checklist. Take dated photos of the unit and point out any existing damage. Then, when the tenant moves out, you can use this report as a reference when performing a move-out inspection.

Having a thoroughly documented inspection report will help settle disputes about property damage should they arise. It can also serve as supporting evidence in case of legal action.

 

7. Notice to Enter

As a landlord, there will come a time when you will need to enter the rental property. You might need to perform a routine inspection of the property, conduct maintenance or repairs, or carry out safety inspections. Whatever the case may be, you will need to notify your tenant of your entry.

In a lot of states, landlords are legally required to provide tenants written notice to enter at least 24 hours prior. But, even if you live in a state that doesn’t require it, it is common practice to provide notice anyway. Your tenant will surely appreciate it. However, it is worth noting that emergency situations don’t usually require notice.

 

8. Notice to Pay Rent

A Notice to Pay Rent is a written letter that a landlord sends to a tenant when the latter has overdue rent. This rent document is also known as a Late Rent Notice or a Past Due Rent Notice.

The notice usually includes the amount of rent due and any late fees, as well as a request to settle the balance by a given date. It also consists of the rental property address, the name of the tenant, and the name of the landlord. More often than not, landlords send this notice before beginning the eviction process.

 

9. Lease Renewal Letter

When you have a high-quality tenant, once the agreement’s up, your first instinct is to offer a renewal of the lease. To do that, you will need to send a lease renewal letter.

This letter should detail the date of the notice, the termination date of the current lease, the length of the lease renewal, and the rent amount for the new agreement. You should also include a deadline for when the tenant must send their response. Among all the rent documents, this is perhaps the one that landlords most likely want to send.

 

10. Lease Non-Renewal Notice

On the other hand, if you don’t wish to renew a tenant’s lease, you will need to draft a lease non-renewal notice. At its core, this letter lets the tenant know that you want them out of the property once the current lease expires. This usually comes in handy when you have a bad tenant. Keep in mind that there may be legal requirements as to how much notice you must give tenants of non-renewal.

 

11. Security Deposit Return Letter

Another one of the most integral renting documents is the security deposit return letter. This letter includes the amount you collected as a security deposit, the address of the rental property, any amount you deducted, and the date the deposit was returned to the tenant. It should also outline the reason/s for the deductions. Many states also have laws requiring landlords to return the security deposit by a certain time.

 

12. Eviction Notice

One document that all landlords hope never to use is the eviction notice. This document is what you send to a tenant that you have decided to evict for whatever valid reason. Most of the time, it is because the tenant has violated the terms of the lease, such as nonpayment of rent. Before starting the eviction process, tenants must be informed.

 

Professional Assistance

Renting documents are crucial tools that every landlord should have in their arsenal. And while there are templates easily searchable online, it is always best to ask a lawyer or property manager to help you draft these documents.

Are you in need of a property management company? Start looking for the best one in your area today using our online directory!

 

RELATED ARTICLES:

• When Tenants Move Out: What Should Landlords Do?
• Late Rent: Creating Late Rent Notices And Assessing Fees
• Tenant Turnover Cost: It’s Costlier Than You Think

Renting is as good an option as owning a home, especially for those who don’t intend to stay in one place forever. But, what are the hottest rental markets in 2022?

 

The State of Competitive Rental Markets in 2022

The United States is home to more than 43 million renters. And, for a lot of people, renting offers more benefits than buying. It is a more attractive option for those who don’t want to live in a particular area long-term. It is also better for those who prefer to have someone else worry about repairs and maintenance.

Renters, though, have to do a fair amount of research beforehand to get good deals and have a better idea of what they’re getting into. Here is an analysis of the most buzzing rental markets in 2022.

 

Hottest Rental Market: Florida

Florida has come out on top this year with the hottest rental market. Miami-Dade County, Orlando, and Southwest Florida, in particular, are the places to be. This comes as no surprise considering the quality of life Florida offers. The state offers tropical climates, gorgeous beaches, and a vibrant arts and culture scene. Additionally, the Sunshine State boasts low taxes and many excellent job opportunities.

But, this rise to the top did not come suddenly for Florida. It began during the COVID-19 pandemic, with many now flocking to the state in search of sunshine and more relaxed restrictions. Also, as remote work becomes the new norm for a lot of businesses, people are more drawn to working with a view. And it is worth noting that most of the renters in Florida are not retirees, as one would normally expect, but working-age individuals.

The housing supply in Florida, though, is struggling to keep up with the influx of demand. Although it takes about 30 days to fill a vacancy, as many as 22 renters simultaneously compete for a single space on average. Current residents also don’t want to move just yet, making it even more difficult for new residents to find a place to call home.

 

Coming at a Close Second: The Northeast

The COVID-19 pandemic forced most people to stay at home and work remotely. With this, people started to feel the need for more living space, wanting to have a separate home office for more focused and productive results. As remote work continues for many, the demand for large and affordable units is swelling. This has driven renters to seek out spaces in the Northeast.

North Jersey, in particular, has seen a rise in new renters, with a 97.1% occupancy rate. An apartment in North Jersey takes an average of 35 days to fill and an average of 20 renters vie for the same place. A majority of these renters hail from overcrowded cities, such as nearby New York City, in search of something that offers more room for their buck. More specifically, Jersey City, Newark, Hoboken, Englewood, and Paramus are welcoming more Millennial renters.

Outside of North Jersey, places like Philadelphia, Rochester, and Central Jersey are also heating up. These areas offer great job opportunities and an easy commute on top of larger living spaces that fit the budget.

 

A Booming Midwestern Rental Market

The rental market is flourishing across the entire country, and the Midwestern region is no exception. Some cities with more competitive rental markets include suburban Chicago, Omaha, Grand Rapids, and Milwaukee.

Grand Rapids offers affordable housing, making it an attractive space for renters. The city has seen an influx of people moving back from larger cities in California and Texas. It also helps that the economy in Grand Rapids is prospering, so it is teeming with job opportunities. In fact, the unemployment rate in this Michigan city is well below the national average.

Of course, with a hot rental market, renters should expect more difficulty in securing an apartment in Grand Rapids. This year has not seen many new units developed in the city, and there are virtually no vacancies as of late. It only takes an average of 32 days to fill an apartment, with as many as 18 renters simultaneously competing for the same spot.

 

Orange County Reigns on the West Coast

On the West Coast, California is known for its competitive rental market. But, Orange County remains the hottest in the state, as renters from Los Angeles and other nearby cities move to find cheaper living spaces. Additionally, when compared to its counterparts, Orange County offers a more slow-paced lifestyle — perfect for those who are sick of the hustle and bustle of city life — without sacrificing economic development.

After Orange County, the rental markets in Central and Southern California are gaining traction, too. These areas are home to many online and warehousing businesses, contributing to its increased prosperity. Renters in search of more affordable housing are also moving inland from coastal areas, which offer better views but for a significantly higher price.

 

Why People Are Renting Instead of Buying

The rental market is red hot right now, mainly because more people are choosing to rent instead of buying homes. Renting provides more flexibility and allows tenants to test the waters first before committing to a place long-term. But, other than personal reasons, renting is simply more affordable than buying in the current landscape.

With inflation and mortgage rates going up, it makes more financial sense to rent. Even if someone wanted to buy a house, it is simply a seller’s market right now. As the cost of materials and labor spike, sellers are more inclined to seek a higher asking price. Plus, the housing supply is lagging behind, making it an even more competitive market.

 

The Future of the Rental Markets 2022

Some renters might feel the need to wait out the current boom in the rental market. But, experts predict that the rental markets will remain competitive for quite a while. Renters will likely continue to feel the effects of the shortage in housing supply coupled with the aftermath of the COVID-19 pandemic.

Managing a rental property is not as easy as it seems. With a large renter population, it can be difficult to weed through so many applicants without professional help. Start looking for the best rental management company in your area using our online directory!

 

RELATED ARTICLES:

• Property Management Service Trends For 2022
• Tax On Rental Income: Will You Pay Taxes?
• Homeowners Insurance For Rental Property vs Landlord Insurance vs Rental Property Insurance

Short-term rentals are popular forms of accommodation for travelers. As it did with many other industries, though, the COVID-19 pandemic had a big effect on the hospitality sector. Let’s take a look at how this health crisis influenced short-term rentals and what the future holds.

 

How COVID-19 Impacted Short-Term Rentals

The world came to a screeching halt in 2020 when it became clear that the outbreak of COVID-19 was no mere health issue. It was a full-blown pandemic and one that was fueled by a disease so contagious that people had to physically distance themselves from each other. Businesses all over the nation temporarily (and even permanently) shut down, with countless workers losing their jobs or having to work remotely. One industry that took a huge hit was the short-term rental industry.

Given how fast and easy it is to travel from state to state, even country to country, it did not take long for COVID-19 to spread all over the globe. Many countries closed their borders in an effort to mitigate the spread of the virus. The United States imposed strict travel restrictions and bans for the same reason.

There is no denying that the pandemic created a travel lull. Airports across the world were deserted, save for a few workers and flyers. Several airlines experienced massive losses and had to lay off numerous employees to stay afloat. In the case of short-term rentals, which were usually used by travelers, there was a huge dip in income, too.

Both short-term apartment rentals and short-term house rentals went through big losses. Popular vacation rental company Airbnb even suffered revenue losses in the millions due to the pandemic. Clearly, the impact COVID-19 had on short term rentals was immense, bolstered by travel restrictions as well as people’s fear of infection.

 

Some Listings Fared Better Than Others

While vacation rental companies saw a drop in occupancy and bookings, not all listings were affected. Property listings located in more urban areas took a larger hit than those in rural places. Some of these non-city rentals even performed better than usual in the midst of the pandemic.

Properties such as old castles, coastal retreats, and woodland cabins were highly sought after. These destinations did not get a lot of foot traffic pre-pandemic. But, due to the circumstances surrounding COVID-19, people scratched their travel itch by booking destinations in more rural places that they could just drive to.

 

State and Local Short Term Rental Restrictions

The introduction of the COVID-19 vaccines paints a hopeful picture, and many states eased restrictions as a result. But, it certainly did not start out this way.

At the height of the pandemic, most states and local areas imposed travel and short-term rental restrictions to stop the fast spread of the virus. These restrictions seriously impeded the short-term lease industry, particularly in places with stricter rules.

For instance, in December 2020, California asked visitors arriving from outside the state to quarantine for 14 days. The state also asked that residents limit movement to only essential travel. This was in an attempt to improve its numbers as COVID-19 cases surged in the Golden State.

Restrictions have since relaxed nationwide, with state-to-state travel now more possible and less troublesome. Still, anyone who plans to travel outside of their area should check local ordinances first.

 

COVID-19 and Vacation Home Rentals vs. Hotels

Vacation homes were not the only casualty during the peak of the pandemic. The worldwide health crisis also greatly affected the already-declining hotel industry. As vacation rental companies such as Airbnb and Vrbo sprouted, hotels became a less popular choice among travelers. After all, vacation rental companies offered more flexibility and privacy at more competitive prices.

The pandemic tested the stability of both short-term rentals and hotels, with the former coming out on top. According to a report, since the COVID-19 outbreak first hit the United States, short-term rentals have recovered at a quicker rate than hotels.

Aside from the factors that contributed to the popularity of rentals over hotels pre-pandemic, this fast recovery may be due to the desire of travelers to limit human contact when vacationing. Additionally, hotels relied heavily on business travelers, whereas short-term rentals primarily targeted vacationers.

 

How Cleanliness Plays a Role in Rental Income

Prior to the pandemic, most vacationers chose rental properties based on location and price. During the pandemic, though, another factor emerged — cleanliness.

A recent study found that properties “perceived clean” saw an increase in rental income by 17.5 percent. Moreover, such properties also experienced a rise in occupancy by 16.5 percent. Considering how the coronavirus is transmitted, this does not come as a shock to anyone.

Cleanliness was of paramount importance to guests during the pandemic. But, it will also likely remain a priority after the pandemic subsides. If nothing else, this health crisis taught people the value of cleanliness and proper hygiene.

 

Short Term Rental Housing Soon to Recover

For a while during the pandemic, things did not look promising for the short-term rental industry. Many considered the significant drops in occupancy and income as signals that this once-thriving industry was coming to an end. But, vacation rental companies, particularly Airbnb, have gone through hardships before.

Property owners proved their adaptability when they switched from short-term rentals to long-term ones. Now, as vaccines continue to roll out and things start returning to normal, the short-term rental industry prepares for a comeback. Experts agree that the industry will recover by the end of the year 2021. This definitely comes as welcome news to rental property owners and cities that have suffered major tourism losses.

While many expect recovery, it is likely that it will not happen all at once. The industry declined at such a fast rate and in seemingly one fell swoop. In contrast, recovery will take some time, and not all areas will experience it at the same speed. Still, the future looks bright.

 

Looking Ahead

The COVID-19 pandemic impacted industries in varying ways, with short-term rentals undoubtedly taking a huge beating. As travel bans and restrictions continue to ease up, though, the industry will likely pick up once more. Things may not completely return to how they once were before the pandemic, but there is hope.

Many landlords had a hard time dealing with the effects of the pandemic. From managing the nonpayment of rent to processing evictions, many states and cities had their own say. This is where a property management company can help. Find the best one in your area today using Rental Choice’s online directory.

 

RELATED ARTICLES:

• Is Renting Or Selling Your Home During The Holidays A Good Idea?
• The Ins And Outs Of Rental Property Maintenance and Repairs
• Late Rent: Creating Late Rent Notices And Assessing Fees

Insurance is essential for all property owners. But, as a landlord, it can be difficult to know which policy to get. Do you need a separate policy or is homeowners insurance for rental property enough?

 

Can You Get Homeowners Insurance for Rental Property?

There is a high demand for rental properties in the United States. And, to many homeowners and property investors, this spells a golden opportunity to earn some extra dough. While most veteran investors already know what type of insurance to get for their rentals, fledgling investors and those who simply own second homes usually employ a trial-and-error approach. Worse yet, there are landlords that don’t even buy insurance on their rentals altogether.

Insurance serves as a form of protection and can save you a lot of money in legal fees, repairs, or even income loss. Unfortunately, it can be difficult to determine what policy is right for rental properties. Is there a separate policy that caters specifically to landlords? Or will standard homeowners insurance for rental property suffice?

There are some people who believe that their bare-bones homeowners insurance policy is enough to cover their rental property. You will find many owners who convert their homes into rentals and rely solely on their homeowners insurance for protection. The truth, though, is that homeowners insurance does not always apply to your rental. Most of the time, you will need to get rental property insurance.

 

What Does Homeowners Insurance Cover?

To truly understand why homeowners insurance does not necessarily apply to rentals, you must first know what homeowners insurance covers. Homeowners insurance covers damages and losses to the structure of a home as well as the assets inside. This includes:

• Exterior damage
• Interior damage
• Loss or damage of personal belongings (including theft)
• Injuries that occur while on the premises

Homeowners insurance is a policy designed for homeowners who live in the insured property. That means the policy is basically null and void if you don’t live in the home. As such, homeowners insurance does not typically apply to rentals because the owner rents out the property to a tenant.

 

What Does Rental Property Insurance Cover?

Rental property insurance, also known as landlord insurance, offers protection for landlords who rent out their home or unit. There are certain risks that are unique to rental properties, and this form of insurance specifically addresses those risks.

Landlord insurance can cover a number of risks, though the exact details can vary from one provider to another. You can expect most policies to offer the following:

• Dwelling Coverage. This covers any damages to the physical structure of the unit or home caused by perils covered by the policy.
• Personal Property Coverage. This covers damages to the personal property of the landlord (not the tenant) used to service the unit or home. For example, if you provided an air conditioner and it becomes damaged due to a covered peril, your insurance would cover it.
• Liability Coverage. This covers any legal and medical fees in the event someone (even your tenant) gets injured or harmed on the premises and you, the landlord, are found responsible for it.

There are other forms of protection that are not typically included in a standard policy. This can include the following:

• Loss of Rent Coverage. If your unit or property becomes uninhabitable because of a covered peril, this will cover your loss of rent.
• Vandalism. If your unit or property is vandalized, this will cover the cost of cleaning or repairs.
• Burglary. While many rental property insurance policies cover theft, this rider will also cover the cost of replacing the items stolen.
• Codes and Ordinances. Building codes may require you to add upgrades to your property after it becomes damaged. In that case, this will cover the cost of improvements (or partially cover it).

 

Landlord Insurance vs Homeowners Insurance Cost

On average, homeowners insurance in the United States costs $1,445 per year or about $120 per month. Landlord insurance or rental property insurance is known to be 25 percent more expensive than homeowners insurance. Thus, you can expect to pay about $1,800 per year or $150 per month for landlord insurance. This is understandable considering the unique risks associated with rental properties.

Keep in mind that this is just the average cost of rental property insurance. The price can be higher or lower depending on the perils covered by your chosen policy and what basis it uses to cover damages.

For instance, the cheapest landlord insurance typically only covers a few perils explicitly named in the policy and reimburses you on an actual cash value basis. In comparison, a policy that covers a broad range of perils and uses a replacement cost basis will be more expensive. Make sure to ask for a rental property insurance quote from different providers before deciding.

 

What Type of Insurance Do I Need on My Rental Property?

Not all rental properties are the same. What may work for one rental home may not necessarily work for another. To know what policy suits you best, it is important to evaluate your situation — specifically in terms of the length of stay and how often you rent out your property.

 

Short-Term Rentals

If you have homeowners insurance, you may still be able to use it when you turn your home into a rental and rent it out infrequently.

In this case, “infrequently” means renting out your home for only a few days or weekends out of the year. Though, not all companies permit this. Even with those that do, you will typically need to notify them of the change. You may also need to purchase a rider to extend the policy’s coverage.

On the other hand, if you plan to do it frequently — as in, regularly renting out your home on a short-term basis, à la Airbnb or a hotel — you will most likely need commercial property insurance. This is because insurance providers will consider your setup as more like a business than anything else. Thus, for frequent short-term rentals, homeowners insurance or even landlord insurance won’t usually work.

 

Long-Term Rentals

For long-term rentals, which are more common for landlords, you will need rental property insurance. Most providers recognize long-term rentals as those that have a duration of at least six months. Landlord insurance is also something you should get if you only live in your home for part of the year and rent it out for the rest. Make sure to shop around first when looking for the best rental property insurance for you.

 

The Bottom Line

Clearly, homeowners insurance for rental property does not offer adequate coverage. While you may be able to get away with standard homeowners insurance for your rental unit or home, most of the time, you will need a separate policy known as rental property insurance or landlord insurance.

Many property management companies will help you choose and manage your rental property insurance plan. Start looking for a company near you with the help of our online directory.

 

RELATED ARTICLES:

• What Is Renters Insurance? Is It Important To Get One?
• Pest Control In Rental Properties: Who Is Responsible?
• Can Renters Paint Rental Units? Should Landlords Do The Repainting?

Late rent is something that every landlord has encountered. But, how exactly should you handle late rental payments?

 

How to Deal With Late Rent

Landlords come across different kinds of tenants. Some tenants are exceptional payers, making sure to never miss a rent deadline, whereas other tenants are unfavorable, always sending in their rent late. There are, of course, some tenants that fall somewhere in the middle — paying their rent on time on some months and late on others.

Considering that rent is a landlord’s main source of income, it is understandable to feel frustrated whenever a tenant of yours pays their rent past the deadline. After all, you also need to pay your bills or risk penalties.

While it is the tenant’s responsibility to pay their rent on time, there are some things you can do to encourage this. First of all, you should communicate the rent to your tenant. Make sure they know how much they should pay and when they should pay it. Do this at every phase of the rental process — from advertising the property to signing the lease.

Speaking of the lease agreement, it should also express in clear terms how much the tenant should pay in rent. It should also contain the deadline (example: the first of each month). If you offer a grace period, explicitly indicate that in the lease agreement as well.

These are all precautions you can take to help encourage on-time payments. But, what happens if the tenant has already gone over the deadline?

 

Everything You Need to Know About a Late Rent Notice

Your tenant has missed the deadline for rent. As a landlord or property manager, what should you do? For most people, the answer would be to send the tenant a notice of late rent.

 

Is a Notice Necessary?

A late rent notice accomplishes two things:

• It informs your tenant that they have missed the deadline for rent, which is a violation of your lease agreement. Therefore, they must now face the consequences of their actions.
• It serves as a form of protection from liability on your part. By sending a notice, your tenant can’t say they were not informed of their missed rent. Plus, your lease agreement may require you to send one before imposing penalties.

Some landlords choose to send a notice and give their tenants a chance to pay the rent before applying a penalty. Perhaps the tenant only missed the deadline because of personal or financial struggles. It is important to be understanding but not to a point where it sets a poor precedent and allows tenants to take advantage of your kindness.

Additionally, you must keep in mind that some state laws require you to give tenants adequate notice before eviction. For example, in California, landlords must give their tenants at least 3 days’ notice (not including weekends and judicial holidays). The notice period can vary from state to state, though most require 3 to 5 days’ notice.

 

Methods of Sending a Late Rent Notice

There are a handful of ways to send your tenant a notice of late rent. It really depends on state laws and your lease agreement.

Generally, you should have the notice delivered in person, sent through a courier service, or sent via certified mail. It is best to have the notice written and delivered physically so that there is proof that your tenant received it.

 

How to Write a Notice of Late Rent

This notice is relatively simple to write, and you can even use free templates you can find online. Every notice of late rent should include the following:

• The names of the landlord and tenant (as well as their contact details)
• The address of the rental property or unit
• How much rent is due
• The deadline for payment

If you charge a late fee, you should also indicate it in your notice. Make sure to outline how much the late fee is and when the tenant should pay it.

 

Everything You Need to Know About Late Rent Fees

Sometimes, tenants need some form of punishment as a way to motivate them into paying rent on time. Many landlords do this by charging a late fee when tenants miss the deadline for rent.

 

Is It OK to Charge Rent Late Fees?

Generally speaking, landlords do have the ability to impose a late fee should a tenant fail to pay their rent on time. But, you must make sure to include this clause in your lease or rental agreement. Clearly indicate how much the late fee is and when it will be charged. Additionally, you must see to it that your late fee follows state and local laws.

 

Are You Charging Fair Late Fees for Rent?

A late fee should be enough to compensate you for the inconvenience caused by late payment but still be a fair amount. You can either charge a percentage of the rent or a flat fee. Most landlords charge 5 percent of the monthly rent as a late fee or somewhere between $50 to $100. Keep in mind that some states have limitations on the amount you can charge as a late fee.

 

When Should You Charge a Late Fee?

It is easy enough to know that late fees take effect once a tenant has missed their deadline. But, what if you allow a grace period? Let’s say your deadline for rent is the first of every month. If you have a grace period of five days, then the late fee should take effect on the sixth day.

 

Can You Be Charged a Late Fee for Rent During Coronavirus?

Assuming state laws and your lease agreement allow them, you can charge tenants late fees when they fail to pay their rent on time.

With the recent pandemic, though, countless renters have faced difficulty meeting their rent deadline. This begs the question, “Can landlords charge late fees during COVID-19?”

It really depends on where you live. Some states have issued an emergency order prohibiting landlords from tacking on late fees on top of the normal monthly rent. This applies even if your lease agreement permits late fees. Make sure to check your state laws and orders to see if you can charge late fees even during the pandemic.

 

Don’t Be Afraid to Ask for Help

Late rent is always a pain point for landlords. It is hard to encourage tenants to pay rent on time without imposing penalties. To help ensure on-time payments, landlords should ensure proper tenant screening, send late rent notices, and charge a late fee (where permitted).

If you are having trouble collecting rent and managing your rental property, perhaps it is time to hire a property management company. Look for the best one in your area today with the help of our online directory.

 

RELATED ARTICLES:

• Are You Charging A Fair Rental Rate?
• What Is An Illegal Eviction? And What Can Tenants Do About It?
• 7 Renters Rights Every Tenant Should Know

 

The rental industry is filled with swindlers that prey on unsuspecting would-be tenants. If you are looking for an apartment to rent, protect yourself from rental scams by learning how to spot them early on.

 

Signs You Are Dealing With Apartment Rental Scams

Scam rentals affect millions of American renters. In fact, according to an Apartment List survey conducted in 2018, more than 5 million renters in the United States fell victim to rental fraud. And while many have learned from their mistakes, there are still renters who fall for scammer tactics.

Of course, as with other schemes, rental scams also come with their fair share of tell-tale signs. Here are the most common red flags to help you identify scam listings:

 

1. Poorly Written Listing

If you come across a listing written with poor grammar or several typos, there is a good chance it is a scam listing. Real landlords or property managers don’t make the mistake of writing a bad listing. They also make sure to proofread everything they write so they come across professionally. Scammers, on the other hand, are more focused on making a quick buck and typically don’t care about writing a decent listing.

 

2. Refusing to Meet or Show the Property

A big part of the renting process is meeting your landlord and viewing the property in person. But, when a landlord refuses to meet you or show the listing through anything other than photos, then you probably have a scam listing in your hands.

Scammers will use any excuse to make it seem like they sincerely can’t meet you face-to-face. They might say they’re out of town or sick. Remember that any good landlord would want to talk to their tenant to get to know them a little better. Even if an in-person meeting isn’t possible, you can always compromise by setting up a video chat and a real-time video tour of the property.

Of course, this doesn’t necessarily mean that meeting someone — anyone — claiming to be the landlord is already a sign of an authentic listing. Scammers could have someone pose as the landlord to earn your trust, but they rarely have access to the actual property. As such, in addition to meeting the landlord, you should also always ask to see the property. If they are who they claim to be, then they should have no trouble showing you the listing in person.

 

3. Money Upfront

Scammers have a single goal — to get money from you as fast as possible and then disappear completely. Because of this, most housing scams involve asking you to pay a large sum of money upfront before even meeting you in person, showing you the listing, or signing a lease.

They will also ask you to send the money instead of giving it to them in person as this would make them identifiable.

Most renting processes will involve application fees, which are normal. But, it is not normal or acceptable for a landlord to ask for a security deposit or rent before signing a lease. Scammers may claim to live far away and, therefore, can’t receive the money in person. They will ask you to wire them the money instead before they send you the keys. Never fall for this trap.

 

4. Rent Too Low

Another good way to spot a rental scam is when the price is too low. It is rare for properties to be priced at a significantly lower rental rate compared to similar properties. Scammers advertise a low rental rate to persuade you to ask fast out of fear that the unit may go to someone else if you hesitate. To avoid this, make sure to educate yourself on the market rental rates in the area.

Sometimes, though, a landlord might price their unit lower than the market rate because of a flaw. For instance, the unit may be in an area that floods easily or may be positioned close to a noisy construction site.

 

5. Suspiciously High Deposit or Advance Fees

Scammers want to get the most out of each ploy as possible, so they will take any chance to charge high fees and run. This could be in the form of too many advance fees or an expensive security deposit. If the person is asking you to pay an unusually high amount as a deposit, investigate further. Remember not to pay a deposit or rent before meeting them in person, seeing the property, and signing a lease.

 

6. No Screenings Necessary

A good landlord screens tenants because they want to know they can trust you. The screening process is a way to filter out bad tenants. But, renting scams don’t require screenings because scammers aren’t really worried about the quality of the tenant. As such, if a landlord doesn’t ask you to fill out a rental application or for a credit check, then you’re probably not dealing with a genuine or decent landlord.

 

7. Incomplete or No Lease

Without a lease, there is nothing binding you and the landlord in an agreement. So if a landlord asks you to pay money without even offering a lease, that’s a huge red flag.

Some landlords will ask you to have an incomplete lease to sign. This is a bad idea as the landlord can change the terms of the lease any time they want without your consent. You can easily avoid this, though, by reviewing your lease thoroughly before signing. Make sure there aren’t any blank spaces that can later be filled or language that can easily be misinterpreted.

 

8. Overly Eager and Pushy Landlords

Scammers have to act fast so that there’s no room for their victims to grow suspicious. This is why they will use high-pressure sales tactics on you, scaring you that someone else is interested; this is to inspire you to jump on the offer at once. They will be as pushy as they need to be, doing or saying anything that will get you to pay them money immediately.

 

9. No Lawyers Necessary

While you don’t really need a lawyer to go over your lease, landlords that absolutely insist on leaving lawyers out of the agreement are generally not to be trusted. It only means that the landlord is trying to get you to sign the lease as fast as possible so they can get your money and run. In a case where they actually do own the property, it might be because they’re trying to get you to sign an incomplete or unfair lease.

 

How to Avoid Renters Scams

In your quest to find a nice, affordable apartment to rent immediately, it is easy to fall into a scammer’s trap. The best way to avoid apartment rental frauds, though, is to familiarize yourself with what red flags to watch out for.

Do your own research when it comes to rental rates, and don’t be afraid to question everything. If something seems suspicious to you, it is worth investigating further.

Many scammers rely on stolen photos from actual apartment listings that they pass as their own. Therefore, as a tenant, you should always insist on viewing the property in person or taking a live video tour. You should also make a point to meet your landlord face-to-face so that you know you’re talking to the real deal.

Of course, if all of this sounds like too much work for you, then you’d be better off partnering with a property management company. A property manager or management company can help you find a property that meets your needs and budget. Thanks to years of experience, they are also well-versed in spotting rental scams from a mile away. Thus, hiring a property manager or management company is a surefire way to avoid getting scammed.

 

After the Scam: What Should Victims Do

The first thing you should do after getting scammed is to contact the website where you saw the listing. Make sure they take down the listing so that no one else will fall victim. After that, you have a few options.

• Report the incident to local law enforcement and press charges once they find the culprit.
• File a report with your state consumer protection office.
• Report the scam to the Federal Trade Commission.
• File a complaint with the FBI Internet Crime Complaint Center (IC3).

 

Protect Yourself from Rental Fraud

Rental scams take place all the time. The best thing you can do is to focus on what you can control. Educate yourself on the warning signs of a fraudulent rental, insist on meeting the landlord and viewing the property, always look for and review your lease, and never pay rent or deposit without signing a lease.

Millions of renters have lost money on rental scams. Don’t be a statistic. Look for a property management company in your area today using our online directory.

RELATED ARTICLES:

• The Pros And Cons Of Tenant Screening Services
• 11 Common Landlord Tenant Issues And Solutions
• 7 Renters Rights Every Tenant Should Know