Landlord

What is a landlord?

A landlord is a person who owns a piece of residential or commercial property and leases it to tenants in exchange for rental income. Landlords are responsible for keeping their properties habitable and up to code and are expected to do due diligence to ensure the property is maintained properly. If the rental property isn’t properly maintained, they could be held liable for any injuries or accidents that occur on the property as a result of their negligence.

Rental agreement laws can vary by state, but generally speaking, landlord responsibilities include:

• Screening prospective tenants and collecting rental payments
• Providing heat, water, and electricity
• Complying with all health and building codes, both at the state and local level
• Ensuring that living spaces are hazard free, weather protected, pest free, and reasonably peaceful and quiet
• Collecting rent and returning security deposits according to the terms outlined in the lease agreement
• Giving the proper notice for lease renewals, evictions, changes to existing lease agreements, and any time a rental unit must be entered by someone other than the tenant
• Paying property taxes
• Understanding and adhering to fair housing laws and your state's relevant landlord-tenant laws

FAQs

What is proof of ownership for a landlord?

Like all property owners, landlords hold legal documents that confirm their rights to their property, including deeds, homeowners insurance agreements, property tax records, and mortgage paperwork. 

What rights do landlords have?

Landlords have the right to collect rent as outlined in the lease agreements they have with their tenants, as well as to enter units for specified reasons—such as making necessary repairs—when giving proper notice. As the property owner, they also have the right to evict tenants for reasons such as unpaid rent or lease violations. The exact scope of a landlord’s rights can vary according to state and local laws, so property owners should ensure they fully understand what rights they have over their rental property before leasing it out. 

Can anyone become a landlord?

Anyone who owns property can become a landlord. But while the idea of generating a passive rental income may be appealing, it’s important to make sure that you understand the responsibilities that come with owning and maintaining rental property. 

Is a landlord different from a property manager?

Landlords and property managers are both responsible for maintaining the rental property, but they aren't always the same person. A landlord may opt to act as their own property manager, or they may choose to hire another person to oversee the maintenance for them. Some landlords may even choose to hire a property management company to help them keep up their rental properties, especially if they own multiple buildings or a single building with many rental units.