2020 brings with it new laws and regulations surrounding rental ownership. It is imperative that landlords stay on top of all legal requirements at a local, state and federal level. Especially in the unprecedented times of COVID-19, we are seeing rapid changes being made.
Knowing the laws is essential in helping you ensure you are remaining compliant. We always recommend seeking professional legal help when needed.
One change includes the addition of source of income to protected classes under Fair Housing guidelines. Learn more about fair housing law, here. For example, landlords are now required to accept Section 8 vouchers. Landlords are still able to look at an applicant's credit score and landlord references. It is imperative to do a thorough job throughout the leasing process.
Violating fair housing law can be extremely costly. Ensuring compliance should always be a priority for landlords.
Another change is that if a landlord wants to increase their rent over 10%, they are now required to provide the tenant with a 90-day notice. It was previously a 60-day notice that was required.
Staying on top of legal updates is incredibly important for all rental owners. Even if a landlord is unaware they were not compliant, they are still held responsible for the violation. Lawsuits can be extremely time-consuming and costly.
At Rincon Property Management, we consult with legal experts to ensure compliance at all times.