Many of the wealthiest people in Reno, Nevada are real estate investors. This wouldn’t shock many as real estate has produced more millionaires than any other industry in the history of time.
That said, owning a rental property comes with a lot of responsibilities. It’s not just about collecting the rent from your tenant at the end of the month.
Your tenant expects you to do a number of things for them. For example, to provide safe and habitable housing, giving them advance notice of your entry, and ensuring the property is in good state of repair.
It goes without saying that you can only be a successful landlord after you have carried out your responsibilities effectively. So, which responsibilities do you have under the Nevada landlord-tenant law?
The following are some of the key aspects you should focus on to increase your chances of becoming a successful landlord.
1. Provide a safe and habitable property.
No tenant would want to live in a property that is not safe and doesn’t meet habitability standards.
How do you ensure your property is safe and habitable for your Reno tenants?
One way to do this is by making sure the property complies with all building and safety codes.
The following are some of the things you can do to make your property compliant in this regard:
- Interior and exterior doors must function properly to prevent possible fire evacuation hazards and criminal intrusions.
- Floors and walls must be structurally sound. Floors that appear uneven or sloping, for example, may point to foundation damage.
- Lights should function properly. A delay to turn on and off may signal faulty wiring and could possibly spark a fire.
- Plumbing should also work properly. There shouldn’t be water damage from improper damage, mold contamination, and leaks.
- The landscaping should also be neat. Overgrown bushes and foliage can be a fire hazard. It can also be a hideaway for criminals.
2. Give your tenant adequate notice before entering the property.
Yes, it’s still your property. However, once you and your tenant have signed the lease, it becomes their property for the entire period written on the lease.
This means that you cannot enter the property as you please. If you need to access the property for a certain reason, the statewide landlord-tenant law requires that you notify your tenant first.
In Nevada, unless there is an emergency, you must give your tenant at least 24 hours notice. The reason for the entry must also be lawful. Some of the common reasons landlords give to tenants include:
- To make property repairs and inspections
- Pursuant to a court order
- To show the property to potential renters
- If you have reasons to believe your tenant has abandoned the property
- In case of an emergency, such as a fire outbreak or water leakage
In addition, the entry times must also be within working hours.
3. Maintain the property.
You also have a responsibility to ensure that your property is in good condition at all times. Many landlords in Reno usually conduct four inspections during a rental term.
That is, when a tenant is first moving in, during seasonal changes, when driving by, and when the tenant moves out.
Here are some property maintenance tasks that you should make routine:
- Clean the gutters. Clogged gutters can cause leaks at your property.
- Flush the water heater. This may help reduce sediment that may reduce your water heater’s efficiency.
- Change the filters in your forced air systems. Dirty filters can increase your tenant’s utility bill.
- Test all smoke and carbon monoxide detectors regularly. These devices save lives.
- Examine shower caulking and grout between tiles. Caulk loosens over time. As a result, water damage can occur and damage the floor below or the surrounding walls.
- Check for water damage and leaks. Ongoing leaks can cause massive damage to ceilings, walls, and even your tenant’s possessions.
If you fail to make repairs after multiple requests from your tenant, several consequences can occur. Your tenant could leave and can do so without facing any repercussions.
Secondly, your tenant has the option to fix the issue and deduct the costs from the rent.
Thirdly, your tenant has an option of reporting you to the various agencies. To avoid this, always ensure that your property is in good condition at all times.
Not only will your Reno tenant be happy, but you’ll also be helping protect your property’s value.
4. Notify your tenant of a rent increase.
Thinking of increasing rent come end of the lease is something smart to consider. The goal of any landlord is to maximize their rental income. After all, that is the goal of investing in an income property.
That said, you need to do it right.
In Nevada, you must give your tenant adequate notice of your intentions to raise rent. The statewide landlord-tenant law requires landlords to give at least 45 days’ notice to tenants to raise rent.
5. Return security deposits promptly.
Security deposits help cushion landlords from a tenant who may cause property damage because of their negligence or carelessness.
If a tenant causes excessive property damage, then you’ll have a right to deduct the appropriate costs from the tenant’s security deposit. Examples of excessive property damage include using unapproved paint colors or causing water damage on the wall from hanging plants.
You can’t, however, penalize a tenant for normal wear and tear. Good examples include dirty grout, loose door handles, or a couple of small stains on a carpet.
6. Follow the legal eviction process.
You cannot intimidate the tenant to leave by doing things like changing their locks or turning off their utilities.
The only way you can run a successful rental business in Reno, NV is by being responsible to your tenants. Luckily, these 6 simple tips can help guide you to get started.