Can a Landlord Use a Security Deposit for Unpaid Rent?

The security deposit you charge new renters can be useful in many ways. If a tenant damages the property or skips out before the lease has expired, the security deposit can offset your losses. But what happens if a tenant can’t pay a month’s rent? You may wonder whether you can — and should — use the deposit to cover a month’s rent. (more…)

Continue ReadingCan a Landlord Use a Security Deposit for Unpaid Rent?

Guide to Raising Rent

As a property owner, you may need to raise the rent on your investment properties from time to time. Increasing the rental rates for your properties can ensure you stay competitive and keep your properties profitable. But it’s not always easy to know exactly how to go about raising rent.

Here is what you need to know on how to raise rent while maintaining positive relationships with your tenants and pricing your property within market trends.   (more…)

Continue ReadingGuide to Raising Rent

Steps to Legally Remove Tenant Belongings After an Eviction

Once you have successfully evicted a former tenant, the next challenge involves removing their property. Unfortunately, Maryland law does not permit you to simply put their belongings out on the curb. Doing so can give the tenant the right to sue you if their property is stolen or damaged.

Instead, landlords in Baltimore should follow these key steps to legally dispose of a tenant’s property after they have evicted them: (more…)

Continue ReadingSteps to Legally Remove Tenant Belongings After an Eviction

How Do Landlord Insurance and Homeowners Insurance Differ?

Landlords and private homeowners are both property owners who have similar investment and legal obligations. The key difference, of course, is that landlords rent out their properties to others while homeowners generally reside on the properties they own.

When it comes to insurance, a few crucial differences between landlords and property owners need to be taken into consideration. Here are just some of the differences between the insurance standards of landlords and homeowners. (more…)

Continue ReadingHow Do Landlord Insurance and Homeowners Insurance Differ?

How Much Cash Flow Is Good for a Rental Property?

The opportunity for profit is one of the primary reasons why property owners, such as yourself, choose to rent their spaces to tenants. However, you must manage your expectations and carefully strategize so that you can scale your rental property income without leaving any of your expenses uncovered.

Calculating Cash Flow From a Real Estate Perspective

First and foremost, “cash flow” refers to the pattern of movement that money makes in and out of your rental business. The cash flowing in is the rent your tenants pay, and the cash flowing out is likely a combination of maintenance costs, mortgage payments, taxes, utilities, and other expenses. Whatever is left unaccounted for can be considered your profit. (more…)

Continue ReadingHow Much Cash Flow Is Good for a Rental Property?

How to Manage Tenant Repair Requests

As a property owner and landlord, you are responsible for making sure that any necessary repairs on your rental property are conducted promptly and efficiently. However, maintaining that responsibility can be difficult, especially if you own multiple properties or work other jobs in addition to property management. 

Tips for Managing Requests for Repairs

If repairs aren’t made in a timely manner, your tenant’s safety could be in jeopardy, and you could end up with legal trouble on your hands. Therefore, In order to set yourself up for success when fulfilling your tenants’ repair requests, take the time to consider the following helpful tips: (more…)

Continue ReadingHow to Manage Tenant Repair Requests

Pros and Cons of Offering Pet-Friendly Rentals

An issue you will face as a property owner is whether you will allow pets on the property. Even if you’re an animal lover, you might find that creating a pet-friendly atmosphere is more challenging than you realize. Before you decide whether allowing tenants with pets is right for your property, consider the pros and cons of this option.  

Pros of Allowing Pets

Many Maryland property owners decide to allow pets due to the positive advantages that pet-friendly properties bring. Here are a few benefits to consider. (more…)

Continue ReadingPros and Cons of Offering Pet-Friendly Rentals

How to Avoid Online Rental Scams in Maryland

The internet makes many things easier, but using it to manage your life carries some safety and financial concerns. When you are looking for a new apartment to rent, an important safety rule for your online activity is to question everything. In particular, look out for common rental scams that target Maryland residents. 

Watch Out for Low Rental Rates

When it comes to protecting yourself from rental scams, understanding Maryland’s landlord-tenant laws will help. Additionally, react suspiciously to listings that seem too good to be true. A rental rate that’s considerably lower than the rates for similar properties in the area can serve as a warning.  (more…)

Continue ReadingHow to Avoid Online Rental Scams in Maryland

Is the Tenant or Landlord Responsible for Pest Control?

In an ideal situation, no landlord or tenant would ever have to deal with pests in or around a rental property. However, pest infestations are common, especially if landlords and tenants don’t take certain precautions. 

Understanding state laws is essential for landlords. If you own a rental property in Maryland, what are you responsible for when it comes to preventing pests or dealing with an infestation? 

Pest Control Responsibilities According to Maryland Law

In Maryland, landlords must provide a pest-free dwelling for any tenants moving in. Once the tenant is living on the property, it becomes their responsibility to keep the property clean and prevent pest infestations to the best of their ability.  (more…)

Continue ReadingIs the Tenant or Landlord Responsible for Pest Control?

Maryland Rent Control Laws

As a property owner, it’s important to be familiar with your state’s laws and regulations when it comes to renting out your home. If your tenant’s rights aren’t properly respected, you could end up paying costly penalties or even embroiled in legal trouble. 

One particularly important aspect of maintaining a property rental is whether your state has laws surrounding rent control. 

Can You Raise Rent in Maryland?

Maryland is one of several states in the country that does not legally enforce rent control. What that means is that Maryland has no formal restrictions on raising rent, and tenants are not entitled to specific rent control practices from their landlords.  (more…)

Continue ReadingMaryland Rent Control Laws