Having a ‘rock solid’ lease is one of the keys to success with owning a rental property in Portland Oregon, or elsewhere across the United States because a lease defines what a tenant can and cannot do when they live in the rental property.
Although a lease is essential, the reality is that not every landlord takes the time to create a lease that provides their tenant with the framework that they need to have a successful landlord-tenant relationship.
In this article, we will provide more information on the terms that every lease should define so that regardless if you already have a pre-written lease, or are just getting started with your first investment property, you will know what terms should be in your lease.
Rental Property In Portland Oregon – Items To Add To Your Lease
Terms of tenancy – Your lease should be clear on if it’s self-renewing when it starts/ends and what the term of the lease is.
Rules for rent payments – This is essential. Your rules for rent payments should include when rent is due, how it should be paid, and what penalties tenants will have to pay when rent is late.
Deposit and fees – Clearly define what the deposit is, fee, how the deposit can be used, and what the landlord can/can’t use the deposit for.
Tenants’ Names – Each tenant that’s living in the Rental Property In Portland Oregon should be listed, but most important of all are the tenants who will be paying rent because they are accountable for making sure that rent is paid on time each month.
Occupancy limits – Tenants must know that the only legal tenants are those whose names are listed on the lease agreement.
Some of the additional things that must be clarified on the lease include landlords’ access rights, who is responsible for maintenance duties, rules for pet owners, etc.
Contact Rent Portland Homes
At Rent Portland Homes, we specialize in full-service local Rental Property In Portland Oregon management.
You can count on us for sourcing, acquiring, and managing your local investment property.
To learn more about the services that we can offer you please contact us today by clicking here.