Roommate Considerations - Park City Property Management
For Park City property management roommates are a possible scenario any landlord could face. In fact a recent report by the Insurance Information Institute indicates that "One out of every eight homes in the U.S. is now inhabited by two or more people who are not related to each other—an increase of over 5 percent from 2000 to 2010, according to the U.S. Census Bureau. In other words, there has been a significant increase in the number of housemates/roommates, roomers or boarders, and unmarried partners living together." As a landlord you need to be prepared to handle this scenario and make sure your actions are in line with Utah property management law. I have previously written about similar circumstances in my post titled "Who Is On The Lease? Park City Property Management Tips" but today I would like to deal specifically with roommate considerations.
Who Signs The Lease?
This is somewhat of a trick question; you should have every individual who is over the age of 18 residing in the property sign the lease. You should also have a clear policy regarding people visiting the property. For example a landlord can require their pemission be obtained if a person stays in the property for more than 3 consecutive days or 5 days in a month. This can cut down on individuals residing the in the property who are not on the lease. You should also be aware of the term "tenant at will" when it comes to long term rentals in Park City. A tenant at will is essentially someone who is residing in the property without a current lease agreement with the landlord. A roommate who was invited by a tenant named on the lease but without the landlords permission is considered a tenant at will. If the named tenant decides to move out leaving the unnamed tenant behind this can result in a difficult situation for all three parties. If the lease is not expired the named tenant is still responsible, and the landlord and unnamed tenant do not have a lease agreement with one another. Requiring signatures from roommates can alleviate this problem in Park City property management.
Security Deposits
When it comes to roommates there are frequently two or more parties paying rent and two or more parties contributing to a deposit. My recommendation for Park City property management is that you insert language into your lease requiring that the property be completely vacated as one of the conditions for refunding a deposit. The lease I use is structured this way and it has protected me when roommates are parting on less than amicable terms. In previous instances I have instructed roommates to determine between themselves how much the remaining party will be reimbursing the vacating party. This way there is no need on the part of the landlord to perform an inspection (although you may want to), determine damage versus wear and tear, (for more information on that subject read "Damage Or Wear And Tear? Park City Property Management Info" and refund money to the departing tenant. If the tenants are in dispute this language can also protect you legally from being forced to return some of the deposit.
If you would like more information on roommate considerations, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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