As a rental property owner in Oregon, you have certain duties (legal and moral obligations, actually!) towards your tenants. Because rental legislation is a complex domain, most rental real estate owners leave their rental property management to the pros. For example, delays in returning a security deposit upon ending of a rental agreement (you have 31 days to settle accounts) could leave you exposed to a suit in small claims court for damages of up to $10,000!
So, while a property management pro in Central Point, or anywhere across the state of Oregon, might know that little fact instinctively, a novice in dealing with rental issues might require assistance (Refer to Oregon Revised Statute section 90.300). Sometimes, property owners not familiar with the business of managing that property, learn the hard way. That’s why it pays to have a professional property manager on your side.
Annual Rent Increases
A major case in point is rent control. Whether you’re involved in property management in Medford, or whether you’re managing your own property in Grant Pass, OR – you must abide by State laws:
– With state-wide rent control in place, landlords can’t raise rents more than once in a 12-month period
– And, if you do decide it’s time to raise, make sure your tenant has due notice before the raise comes into effect
Sometimes, perhaps unintentionally, individuals who aren’t professional property managers might find themselves off-side to those laws. Regardless of which county in Oregon you own property, make sure you comply to the fullest with these state-wide rules. For instance, a Grants Pass property management pro will typically consult the Oregon Office of Economic Analysis website each September to check what the maximum allowable rental increase is – usually, it’s the rate of Consumer Price Index (CPI) published by the U.S. Bureau of Labor Statistics (BLS), plus 7% over the existing rent.
Charging Fees from Your Tenant
One particularly sensitive aspect, in the landlord-tenant relationship, centers around the financial transactions that occur between these parties. As a novice property manager (or someone whose day-job is anything but property management!), it’s tempting to warn your tenants about the financial penalties you’ll impose for any breach in discharging their obligations under the rental agreement. However, there are limits to what you can charge them for, and how much you can charge.
A professional in Property Management in Josephine County, for instance, might know that, typically, fees and penalties are limited to infractions such as:
– Late payment of rent and utility bills
– Writing a bounced check
– Not dealing with trash and garbage, including waste from pets
– Parking violations within property boundaries
– Non-adherence to smoking rules and bylaws
– Deliberate tampering with safety equipment, such as fire alarms, sprinklers, smoke detectors and CO2 sensors
Unintentionally extending your perceived scope of imposing fines and fees on tenants may leave you, as the landlord, exposed to Oregon’s statewide rental laws, as well as County-specific bylaws – where applicable. Before issuing a fine or fee, it would be wise to consult the appropriate section of the State Landlord-Tenant Laws (See Oregon Revised Statute section 90.300).
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