That rent and a mortgage are different? Obviously you did. However, it is easy for investment owners to think that the monthly rent and the monthly mortgage amount are related, but they are not. A mortgage is an agreement with the bank based on the amount of the loan, the buyer’s credit history and the sales value of the property at the time of the loan. None of these are factors when determining rent; rent is entirely driven by local market competition and conditions – basically supply and demand. A mortgage and rent also buy different things – a mortgage pays for an investment, while rent pays for a roof for a specific period of time with none of the financial or tax benefits of home ownership.

That landlords can require that tenants have renter’s insurance? From my perspective, the primary purpose is to protect owners if a problem occurs which causes damage to the tenant’s belongings, such as a pipe break or roof leak. If the tenant thinks the owner is responsible for the repair or replacement of the tenant’s personal property, the clause requiring that the tenant have renter’s insurance may protect the owner.

That fair housing laws require that landlords permit, at the expense of the person with a disability, reasonable modifications of the rental property if necessary for the tenant’s full enjoyment of the premises? The landlord can require that the tenant restore the property to its original condition when the tenant vacates if the modification will interfere with the next tenant’s use and enjoyment of the rental. The addition of a wheelchair ramp, adding grab bars in the bathroom or modifying plumbing to accommodate dialysis equipment could all be considered reasonable modifications.

That the rental market is slowly improving? Per Dupre and Scott, “Rents peaked in late 2008 and bottomed out a year ago. Since then they have been rising, but rents are still below their peak level. In the past 12 months, rents climbed 2.5%.” Tenants are demanding high end finishes and rental value on new construction and fully remodeled units went up 6.1% in the same period. In order to get top rents, landlords will need to update their rentals.

That if notices are mailed to tenants, such as pay rent or vacate notices, they must be mailed from the same county as where the rental property is located?

RCW 59.12.040 – When a copy of notice is sent through the mail . . . service shall be deemed complete when such copy is deposited in the United States mail in the county in which the property is situated properly addressed with postage prepaid.

That if a tenant abandons a rental property, the landlord must store the tenant’s belongings for 45 days after learning of the abandonment? The courts have stated that there must be, “clear, unequivocal and decisive evidence” of “an absolute relinquishment of premises by a tenant.” The landlord must attempt to notify the tenant of the place where the property is being stored and how the tenant can claim the items. In a recent court case a tenant was awarded $76,275.55 when this process was not properly followed.*

*Dill v. Equity Residential Properties Management Corp., Washington Court of Appeals, No. 38063-3-II.

That if a tenant abandons a rental property, the landlord must store the tenant’s belongings for 45 days after learning of the abandonment? The courts have stated that there must be, “clear, unequivocal and decisive evidence” of “an absolute relinquishment of premises by a tenant.” The landlord must attempt to notify the tenant of the place where the property is being stored and how the tenant can claim the items. In a recent court case a tenant was awarded $76,275.55 when this process was not properly followed.*

*Dill v. Equity Residential Properties Management Corp., Washington Court of Appeals, No. 38063-3-II.

That when a property is sold with a tenant in place, the purchase and sale agreement needs to address how all deposits and pre-paid last month’s rent will be transferred to the buyer? The buyer will also need a copy of the original move in inspection report. Without one, the tenant cannot be charged for any damage done to the property. The new buyer is responsible for informing the tenants, in writing, of the Washington State bank and branch where the deposits will be held in trust. The new owner of the property will be responsible for refunding any deposit owed the tenant at move out, per the terms of the lease, even if funds aren’t transferred at closing!

That different cities have different codes regarding rentals?

For instance, the Seattle Municipal Code* includes requirements that there be deadbolts on entry doors, dead bolts or other approved locking devices on all sliding patio doors, that locks be re-keyed between tenants and the prohibition against double cylinder deadbolts. It also specifies the type of locks required on garage doors and on opening windows.

In order to reduce liability to the owner, it is a good idea to re-key locks between tenants even in municipalities that don’t require this action.