We are seeing a significant increase in investor clients.  Renting as a lifestyle choice is becoming more popular, which is one of the factors investors site for buying a rental property now.

Some 2 million new renter-occupied households were added in 2014, according to a January 28 report from the U.S. Census Bureau.  The 2 million new occupied rental units include apartments, duplexes, triplexes, quadplexes and rented single-family homes.

Rental housing as a whole was 93% occupied in the fourth quarter of 2014, the report stated, the highest since 1993.

Renter-by-choice has been a common buzzword in apartment circles. Apartments’ increased popularity is partly a function of millennials delaying homeownership along with some empty-nesters downsizing.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

Washington State Law requires landlords to maintain the rental property.  HUD helps define what that means:

HUD  requires  that  the  site and neighborhood must be reasonably  free  from  disturbing  noises and  other  dangers  to  the  health, safety,  and  general  welfare  of  the occupants.  The  site  and neighborhood may not be subject to serious adverse  environmental  conditions, natural  or  manmade,  such  as  dangerous  walks  or  steps;  instability; flooding, poor drainage, septic tank  backups or sewage hazards; mudslides; abnormal air pollution, smoke or dust; excessive noise, vibration or vehicular traffic; excessive  accumulations  of  trash;  vermin  or rodent infestation; or fire hazards.

It is important to monitor these areas on the property and do preventative maintenance to eliminate these hazards before there is an injury or complaint.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

Under the Small Business Jobs Act, landlords are required to report to the IRS payments of $600 or more to a vendor or service provider in the course of the year. This is done by issuing a 1099-MISC form.  This requirement started in 2011 and includes payments to service providers such as plumbers, carpenters, yard service providers and repair people. The Form is provided to the IRS and to the service provider. This requirement applies to both residential and commercial property.

Landlords need to obtain the name, address and taxpayer identification number of the service provider, using Form W-9 or a similar form.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters

If the tenant doesn’t move in, the landlord may keep the holding deposit as long as doing so is in accordance with the statement of conditions given to the prospective tenant.  (RCW 59.18.253)

In other words, if the landlord wants the prospective tenant to pay any money prior to move in, a receipt and these disclosures must be provided.  There is no language in the MLS lease that fulfills this requirement!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters

WAIT A MINUTE!!!

Current Washington state law requires a 30 day notice to raise rent.  Within the Seattle City limits a 60 day notice is required for an increase of 10% or more.  Under proposed legislation the requirement state wide would be for a 90 day notice of any rent increase of more than 10%.  The goal of the legislation is to give tenants more time to find alternative housing if rent is raised substantially.

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

Unresolved disputes may result in a trip to small claims court.  Judges will want to see a lease with clauses that support the charges against the tenant’s deposit.  A complete move in/move out inspection report showing both the condition when the tenant took possession and at move out will be critical.  Copies of invoices documenting charges will be needed.  Judges will also check to see that the landlord complied with all aspects of the Residential Landlord Tenant Act, including mailing a “full and specific” deposit accounting within 14 days of the tenant vacating the property. (Washington State)  Judges tend to put the burden of proof on landlords so document everything!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

To  meet Fair Housing laws, accommodations may be required to assist disabled tenants as early as the application process.

For example:

• Tenants with vision disabilities – Read the application and/or lease aloud to the applicant.
• Tenants with cognitive disabilities – Write application, rental agreement and notices in clear and simple terms; explain rental agreement and tenancy rules.
• Psychiatric disabilities – Place an application back on the waiting list (if applicant missed intake interview or got paperwork in late due to the disability).
• Physical disabilities – Allow mail-in applications and/or meet at an accessible location.

*Information from the King County Office of Civil Rights

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.