Continued from the previous post, we are highlighting basic questions and answers a potential landlord may have. Whether you're a new landlord or have interest in becoming one, there are no doubt questions that have come to mind! Here are a few you may want to know:
4. How often can rent be increased?
If a tenant has a month-to-month rental agreement, a landlord has the right to increase the rent with proper advance written notice at any time. If a tenant has a lease, rent increases cannot be made until the expiration of the lease if the increase is not indicated in the original agreement. A landlord must give at least 30 days advance written notice, be sure to check the current status of your state’s procedures surrounding this.
5. When can a landlord enter the rental unit?
A landlord must give advance notice in writing before entering the unit. They are only able to enter during normal business hours. In an emergency, and other specific circumstances, advance written notice is not required- keep up-to-date with NYS standards.
6. What happens to the refund of a security deposit after the sale of a building?
When a building is sold, the selling landlord must do one of two things with the tenants’ security deposit: (1) transfer the security deposits to the new landlord; or (2) return the security deposits to the tenants following the sale. If the ladder, the new landlord can collect new security deposits from the tenants.
If you have questions you want to be answered or would like to connect with other landlords, be sure to attend an upcoming Landlord Support Group! You can share concerns, questions or insights you might have.
Resources:
https://corporate.findlaw.com/business-operations/landlord-tenant-frequently-asked-questions.html
https://www.lawdepot.com/blog/3-frequently-asked-questions-about-subleasing-residential-property/
http://www.burbankca.gov/home/showdocument?id=250111
https://hpha.net/page.asp?urh=LandlordFAQs