Understanding Landlord Liabilities: Rules and Regulations for Rental Property Management
Owning a rental property is a great opportunity to collect income. The responsibilities and obligations that go along with being a landlord are numerous, with the violation of some potentially resulting in legal action. The following is an overview of some of the rules that you must follow when operating a rental property.
Anti-Discrimination Laws
Some red flags, such as poor credit histories, can be grounds for rejecting an applicant. However, according to Colorado law, you may not discriminate against a tenant or family. The Fair Housing Act prohibits discrimination against race, religion, sex, national origin, and mental or physical disabilities.
State Rent Rules
When landlords want to make an increase in rent, they must follow the rent rules of their state. For instance, in Colorado, landlords must provide a minimum of 10 days notice prior to raising rent for month-to-month leases. If an eviction occurs due to a failure to pay rent, landlords must provide at least three days notice.
Security Deposit Limits and Return Rules
Security deposits seem like a given when it comes to rental properties. They provide some coverage and insurance, in a sense, that your tenant will take good care of your property. There is currently no limit in terms of how much a landlord can charge for a security deposit. Most often, the security deposit is equal to one month’s rent. Landlords must refund the security deposit within one month. However, if it stipulated in the lease, the landlord has up to 60 days to return a security deposit.
Habitable Housing
As a landlord, it is your responsibility to provide a safe and livable property. Under the Implied Warranty of Habitability, tenants have the right to live in well-maintained properties. For instance, if a water heater breaks during the terms of the lease, prompt repairs must be made. If repairs are not made in a timely manner, the tenant can withhold rent until the issue is remedied.
Lead Paint Disclosure
In view of the dangers, residential lead-based paint has been outlawed since 1978. Despite this, there is still a chance that your rental property may have this potential source of lead poisoning. Landlords are required to disclose the presence of any lead paint on the rental property. Under the Residential Lead-Based Paint Hazard Reduction Act, any property built prior to 1978 needs to be identified as either free from lead-based paint or disclose to tenants in the lease that there might be lead-based paint in the rental property. Landlords must furnish tenants with EPA-approved material about how to protect themselves from the dangers of lead-based paint.
Conclusion
As you can see, there are several important responsibilities that go along with owning and operating a rental property. Landlords need to stay on top of any changes or updates to the laws that govern rental property management. Such a task can be daunting for both new and veteran rental property owners. The specialists over at The Property Manager are well-versed in Colorado’s laws as they apply to housing safety and other rental property management responsibilities. With this in mind, let The Property Manager handle your day-to-day, as well as tenant turnover responsibilities.
References
Most Commonly Misunderstood Tenant-Landlord Laws
Real Estate Disclosures about Potential Lead Hazards
Top 9 Landlord Legal Responsibilities in Colorado
