Landlord Checklist: Rental Agreement and Tenant Disclosures
Auto Beauty Business Culture Dieting DIY Events Fashion Finance Food Freelancing Gardening Health Hobbies Home Internet Jobs Law Local Media Men's Health Mobile Nutrition Parenting Pets Pregnancy Products Psychology Real Estate Relationships Science Seniors Sports Technology Travel Wellness Women's Health

Landlord Checklist: Rental Agreement and Tenant Disclosures

Unless you're in one of the dwindling number of rent control areas (about which you could query the agent, the seller, and local government), you can charge as much as you want. However, it's important to keep in mind that you won't get more than the market warrants.
                           tenant and landlord agreement

Image Credit

Do I have to give the tenant disclosures?

Probably. The federal government mandates that you provide most tenants with a lead disclosure statement regarding any lead in the property. You may also want to provide disclosures on asbestos, black mold, and other contaminants or toxic agents that could be in the property. This could help you later on should the tenants get sick and claim it's your fault. Check with your attorney.

Do I need to provide smoke detectors in rentals?

Absolutely, in all jurisdictions I know of. In some areas you will also need to provide carbon monoxide detectors as well as fire extinguishers. Your rental agreement should specify what you have provided, and the tenants should acknowledge that they have seen these and understand their use.

Where can I get a rental agreement?

Many landlords' association will provide you with one. Real estate agents may also have rental agreements they can let you use. But, since it forms the basis of your relationship with your tenant(s), you should always have any rental agreement form checked over by a good attorney. Remember, the rental agreement should specify not only the amount of the rent and where it's to be paid, but everything you expect from the tenant - and what the tenant can expect from you. Don't shirk on getting a good rental agreement. It can make or break your landlording experience.

How much rent can I charge?

Unless you're in one of the dwindling number of rent control areas (about which you could query the agent, the seller, and local government), you can charge as much as you want. However, it's important to keep in mind that you won't get more than the market warrants. Just as when properties are for sale, when units are for rent you must accede to the demand and the competition (supply). In every neighborhood, there are more likely to be many rental properties. And you're in competition with all of them. Homes that are bigger than yours with more amenities (such as a pool, spa, tennis court, or whatever) will command higher rents. Those that are smaller, more poorly located, and not as clean will get a lower rent. But somewhere in between is a maximum rent that you can charge. Tenants shop around and they know what a given property should rent for. Try to get much above the market, and your property will sit there unrented for months. (Getting it rented-up as quickly as possible is the first order of business - vacancies are very costly.) Suggestion is that for a few weekends you become a pretend tenant. Go around to your competition. See what they have to offer and what they are charging. Very quickly you'll see where your property fits in and how much rent you can charge. (Actually, if you can do this before you buy, it's even better. That way you get a clearer picture of your property's true income potential.) I would suggest that to rent-up the property quickly, you charge slightly below the market. The money you'll save over the long haul in having your property rented continuously will more than make up for the few dollars less a month you get.

Need an answer?
Get insightful answers from community-recommended
experts
in Renting & Rentals on Knoji.
Would you recommend this author as an expert in Renting & Rentals?
You have 0 recommendations remaining to grant today.
Comments (1)

here in Montreal the rental board sets the rental increases as a percentage of the current rent

ARTICLE DETAILS
RELATED ARTICLES
RELATED CATEGORIES
ARTICLE KEYWORDS