Being a landlord comes with a lot of rights and responsibilities. As a landlord, you have the right to receive rent payments and choose the tenants who will occupy your property. However, you also have responsibilities to ensure that your tenants are safe and comfortable while living in your property. Let’s look at the rights and responsibilities of landlords in greater detail.
Rights of Landlords:
1. The Right to Set Rent:
As a landlord, you have the right to set the rent for your property based on market rates and demand. You can increase rent when the lease agreement is over, but cannot do so in the middle of the tenancy period.
2. The Right to Choose Tenants:
As a landlord, you also have the right to choose the tenants that will occupy your property. You can screen tenants through reference checks, credit checks, and income verification before signing a lease agreement.
3. The Right to Collect Security Deposit:
You have the right to collect security deposits from tenants before they move in. This security deposit acts as a safety net in case there is any damage or default in rent payments.
Responsibilities of Landlords:
1. Provide a Safe and Livable Property:
The most crucial responsibility of a landlord is to ensure that the property they offer tenants is safe and habitable. This means that the property should meet all the building codes and have proper functioning utilities such as heat, water, and electricity.
2. Making Repairs and Maintenance:
Landlords are responsible for making repairs and maintenance on the property, including fixing leakages, installing smoke detectors, and maintaining the building’s exterior. This applies even if the tenant caused the damage unintentionally or deliberately.
3. Giving Adequate Notice:
Landlords are responsible for giving adequate notice to tenants before entering their property. They cannot enter the property without the tenant’s permission, except for emergency situations.
4. Protecting Tenant’s Privacy:
Landlords should respect their tenants’ privacy and should not invade their privacy or make unnecessary visits to their property. They should give the tenants the freedom to enjoy their space.
5. Returning Security Deposits:
Landlords are also responsible for returning security deposits to tenants. They must refund the deposit within the agreed-upon timeframe after the tenant moves out, deducting any damages, unpaid rent or other agreed expenses.
Conclusion:
Being a landlord comes with many responsibilities, and understanding these responsibilities is crucial to be successful. From providing safe and habitable property to following legal guidelines while ending tenancy, landlords have a crucial role in ensuring the tenant’s safety and security. By doing so, landlords can not only maintain tenants’ trust but also achieve a better Return on Investment in their rented property industry.
