U.S. home-building giant Lennar Corp. is extending its reach into rental housing, the Wall Street Journal reported this week. Lennar Multifamily Investors has projects worth in excess of $1 billion slated for the next three years, including 6,500 apartments, the Journal says. “There will consistently be a large group of people who simply can’t buy a home, and won’t buy a home, and are looking for rentals,” Chief Executive Stuart Miller said, according to the newspaper. In terms of sales, Lennar is the No. 3 home builder in the United States.
By Heidi Palutke, Esq. CAA research counsel Owners have a new option for compliance with the 21-day deadline for accounting for a tenant’s security deposit. CAA-sponsored AB 1679, which took effect Jan. 1, allows an owner to provide the accounting by email and electronically return any remaining deposit into the renter’s bank account. Specifically, AB 1679, introduced by Assemblywoman Susan A. Bonilla, now provides that after either the owner or resident has given notice of termination, they may agree to have the owner: Deposit any remaining portion of the security deposit electronically to a bank account or other financial institution… Read More
If you’re a chronic procrastinator, preparing for a natural disaster has likely fallen off your to-do list. Well, it’s time to add it back. This article on residentscreeningblog.com points to four areas property managers should focus on while crafting an emergency plan.
Renting out properties as vacation homes can make plenty of money for owners. An article by the Orange County Register tells the lucrative tale of real estate broker Barbara O’Hara Hamilton. Hamilton rents out a duplex in the Newport Beach area on a weekly basis, the article says, and can rake in nearly $7,000 monthly — roughly four times the monthly income when the unit rented annually. The article also offers tips on preparing a unit for vacation rental, from getting the proper license to stocking the shelves.
By Ted Kimball, Esq. Question: A tenant wants to use the last month’s rent, which was paid at the time of the lease signing, for this month’s unpaid rent. If he is not moving out, can he do so? Answer: Not unless your rental agreement provides that the tenant can use the last month’s rent deposit at any time, which it should not do. Question: Can we use a recent Section 8 inspection report as a standard of habitability in an eviction case? Answer: The court will allow any relevant evidence that tends to prove the condition of the premises… Read More
An audit to test whether landlords are abiding by fair housing laws shows a decline in discrimination but room for improvement in customer service. The 2011-2012 audit by ECHO Housing involved Latinos and non-Latinos calling landlords in several East Bay cities, according to this article in The Alamedan. The idea: To see whether callers with certain accents got calls back from landlords. “The 2011-2012 national origin audit testing represented the lowest amount of discrimination in ECHO’s history of conducting audits,” the 12-page audit said, according to The Alamedan. While the “tester’s” accents had little influence over whether landlords called people… Read More
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