Since January 2022, the average rent price is up 7% in South Carolina. Now is a great time for property owners to invest and make money on rentals, but there are a lot of things to know before getting started.
One of your fears as a rental investor might be generating income when tenants refuse to pay rent. How can you make money or combat the issue?
Lease enforcement protects landlords from tenants that try to take advantage of the situation. Keep reading to learn three important things about lease enforcement.
1. Lease Enforcement Definition
The first thing you should know about lease enforcement is its definition. Lease enforcement refers to taking action against tenants that haven't fulfilled the obligations outlined in their lease agreement.
Every lease contains obligations that both parties must adhere to. If one party fails to meet the commitments, enforcing a lease can pressure them into leaving the space.
For example, landlords can issue a notice to tenants who have failed to pay rent. The notice will give the tenant a certain amount of time to pay what they owe or move out of the space.
If the tenant still doesn't comply, a landlord might have grounds for eviction.
2. When to Use Lease Enforcement
Lease enforcement should only be utilized for serious lease violations. Examples of major lease violations include:
- Violating a lease provision
- Violating a rental agreement provision
- Not paying rent on time
- Disorderly conduct affecting the property or other tenants
- Failure to maintain property livability
- Failure to provide timely notice to vacate the property
As you can see, tenants can also enforce lease agreements with landlords or property owners that aren't following the terms.
Rental property owners have a responsibility to tenants to keep their property livable and in good condition. If landlords fail to do this, a tenant has legal rights that protect them.
Lease enforcement comes in many forms, but it's commonly used for nonpayment of rent.
3. Tenant Rights and Protections
In Columbia, SC, and other states, there are certain rights and protections that tenants have. They can assert their position as a tenant to have repairs done and use common areas on the property.
Landlords must keep their property free from hazards. All units must have working smoke detectors and carbon monoxide detectors.
If a tenant feels that their rights are violated, they can utilize legal options.
Tenants should enter maintenance reports and requests to protect their rights throughout their tenancy. These requests should be brought to the landlord's attention right away.
For both parties, this helps ensure that there is no loss of services suffered from maintenance issues.
Lease Enforcement in Columbia, SC
Effective lease enforcement is key to generating a healthy cash flow and staying compliant as a landlord.
Both the landlord and tenants have certain responsibilities they need to uphold as stated in a lease. Promoting good habits, like collecting tenant rent on time, can prevent future issues from occurring.
If you are a landlord that doesn't want to deal with lease enforcement, you don't have to. Work with a property management company that can take on this task and more. Contact us today to get started.