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Owners of rental properties should have a landlord insurance policy rather than a homeowners’ insurance policy. A landlord insurance policy will cover the rental property, including fixtures, but will not include the furnishings. It also includes liability insurance. The lease should require the tenant to have a renter’s insurance policy, which would provide coverage for the tenant’s personal property. If the owner is leaving any personal property in the rental, such as a television or other audio visual equipment, the owner may need a rider to the insurance policy for coverage.
Did you know... •
May 6, 2013
What happens when…
In the State of Washington, if a tenant is not complying with a term of the lease, the tenant can be served with a Ten Day Notice to Comply. This notice is given to a tenant who is violating a term of the lease, for example, to a tenant who has an unauthorized pet on the property. A specific clause of the lease must be referenced in the notice. However, it is often difficult to prove a Ten Day violation. Whether or not rent has been received is (typically) easily documented; whether or not the tenant is maintaining the yard is a matter of opinion.
Did you know... • Uncategorized •
April 30, 2013
single-family rental homes is the fastest growing housing option in America
A recent National Survey of Renters by the Opinion Research Corporation* found that single-family rental homes is the fastest growing housing option in America? The survey found that 52% of all rental buildings in America are single-family homes, housing 27% of all renters.
The survey also discovered that half of all renters (52%), including 60% of single family renters and 44% of apartment dwellers, said they anticipate becoming homeowners in the next five years.
“The near term interest in becoming homeowners among single family tenants reflects the new roles single family rentals are fulfilling as a stepping stone to homeownership for first-‐time buyers and as a sanctuary for large numbers of families displaced by foreclosures but who plan to buy again when they can afford to do so.
We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!
*http://www.kcmblog.com/2013/03/06/single-family-rentals-the-new-favorite-option/
Did you know... •
April 29, 2013
Keys to the rental property – BEWARE!
WHO SECURES THE KEYS?
The State of Washington just passed a change to the Landlord Tenant Act requiring that landlords, “Maintain and safeguard with reasonable care any master key or duplicate keys to the dwelling unit.” The change is the result of a criminal case where an onsite maintenance worker brutally attacked a woman after getting a copy of the key to her apartment. The law would also require that landlords and agents safeguard keys from theft.
TIP: Keys should be secured and identified by code rather than by address.
Did you know... •
April 15, 2013
Be Careful!
A rental property is sold subject to the terms of the lease. The terms of the lease cannot be changed until the lease term has been completed, unless all parties to the lease agree in writing to amend the existing agreement. If there is no written lease agreement, then the tenant is on a month-to-month rental agreement and a 20 day notice to vacate must be served (Washington State) prior to the first of the next lease period(month).
Be very careful, an occupant may be a tenant even if the occupant does not have a written agreement and isn’t paying rent. Don’t assume that an occupant can be quickly or easily removed.
Did you know... •
April 5, 2013
ACLU files suit on behalf of woman denied rental over 1995 drug conviction | Local News | The Seattle Times
Did you know... •
April 1, 2013
Renting v. Buying
Based on Zillow’s metric that calculates when buying or renting is more financially advantageous, renters have the edge in several major cities? The calculation compares the net costs of buying a house with the costs of renting the same home. Per Zillow’s “breakeven horizon metric” it takes 4.3 years on average to break even in Seattle. Of major metropolitan centers, only New York City took longer with five years to break even. In Parkland Zillow says it takes 2.3 years on average and in Yarrow Point they project it will take 5.8 years to break even.
http://www.zillowblog.com/2013-03-13/top-10-big-cities-where-renters-rule/
Uncategorized •
March 25, 2013
Section 8 – Kirkland, Washington
The city of Kirkland has passed a regulation making participation in the Section 8 program a protected class. The regulation is in effect as of March 25, 2013. Tenants in the Section 8 program cannot be denied housing just because they have a Housing Choice Voucher in the cities of Seattle, Bellevue, Kirkland, Renton, and unincorporated King County. This protection includes a prohibition against refusing to renew a lease just because the tenant uses a housing voucher.
Uncategorized •
March 18, 2013
Rental Homes – The new normal?
A recent National Survey of Renters by the Opinion Research Corporation* found that single-family rental homes is the fastest growing housing option in America? The survey found that 52% of all rental buildings in America are single-family homes, housing 27% of all renters.
The survey also discovered that half of all renters (52%), including 60% of single family renters and 44% of apartment dwellers, said they anticipate becoming homeowners in the next five years.
“The near term interest in becoming homeowners among single family tenants reflects the new roles single family rentals are fulfilling as a stepping stone to homeownership for first-‐time buyers and as a sanctuary for large numbers of families displaced by foreclosures but who plan to buy again when they can afford to do so.”
We are here to help you with all aspects of the rental market. Please contact us for further assistance!
*http://www.kcmblog.com/2013/03/06/single-family-rentals-the-new-favorite-option/
Rentals, the new normal
