How Often Should You Inspect Your Rental Property?

From time to time, it will be necessary to have your rental property inspected. Such inspections will help you protect your property while ensuring your tenants are living under safe conditions. When done on a regular basis, the inspections can save you money by identifying repair issues early.

How Much Should You Expect to Pay for an Inspection?

The average cost of a property rental inspection is $250. It is an expense that you can’t deduct from the tenant’s security deposit, so it’s important to add this sum to your budget. Make sure to ask about these fees before hiring someone to inspect your rental property, as some companies may charge more. (more…)

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What Should a Landlord Charge for Security Deposits?

Before you rent out your property for the first time, take the time to outline all of the expectations you’ll have for your tenants. These terms will go into the lease, and they should include any upfront deposits you’ll expect a new tenant to pay. Knowing how much to charge a tenant in advance will ensure you remain consistent with each of your renters. 

What Is the Typical Security Deposit?

In most cases, a property owner should charge the equivalent of one month’s rent as a security deposit. That amount should be enough to cover any damages that go beyond the normal wear and tear that results from the use of the unit. Alternatively, the deposit should be enough to cover the rent for one month if a tenant unexpectedly vacates in violation of the rental agreement or lease. The agreement should specify the amount requested as the security deposit. (more…)

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