Real Estate Information Center

A rental agreement is a contract between the renter and the tenant. The renter has to draw up the rental agreement to notify you as the tenant what the rules and guidelines are with you renting the property. The agreement is a binding contract between both parties. Once you start looking to rent a property you go over and look at the property in question. If anything is wrong with it you must notify the renter immediately to have him/her fix it or note it so you will not be charged with it in long run. If there is any damage to the property take note of it and take pictures of the damage and collect it and have the renter sign a document and put it in the agreement that it was like that before you moved onto the premises.

What you should look for in a rental agreement is important. There should be the terms of stay like how long you will be renting the property, who is responsible to receive the payment of rent, where the payment is to go, and if there are any damages done before if they are going to pay for them to be fixed or are they asking you to pay for it and they’ll reimburse you afterwards. Also it should state if you are responsible for the property taxes.

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Landlords have to raise the rents on their rental properties sometimes, as their costs (mortgage rates, insurance premiums, property taxes, etc.) go up, and as market rents rise. It can be a tricky and unpleasant conversation to have with your tenants, so here are a few ideas to help make the conversation smoother and more successful.

Tip 1: Timing is Everything

Don’t raise the rent in winter or fall! It’s drastically harder to fill rental properties in the winter, so wait until spring when you’ll be able to find a new tenant to sign a rental agreement much faster.

Tip 2: Advance Notice: More is More!

First of all, most states require you to give tenants written notice 30-90 days in advance of raising rent, which is something you need to research in your state. Additionally, however, having the conversation sooner rather than later gives you a chance to find a new tenant BEFORE the old tenant moves, creating a smooth transition with no costly vacancies.

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