Landlord and Tenant Laws in the Land of the Free

The United States is known for being a “free country.” However, each state has its own rules and regulations for plenty of things, including laws surrounding landlord and tenant rights and responsibilities.

Since each state has its own laws, Foliolens has put together a comprehensive list of each state and the respective regulations for landlords and tenants living there.

 

Landlord and Tenant Laws in Alabama

Alabama has laws for various situations, including eviction notices, abandoned property, and a tenant’s right to demand necessary repairs.

Landlord and Tenant Laws in Alaska

In Alaska, if you know the basics of the state residential laws, you should be able to work through most potential conflicts between landlord and tenant without legal help.

Landlord and Tenant Laws in Arizona

Arizona has laws surrounding security deposits, withholding rent for necessary repairs, late fees, and rights to enter rental property, among other issues.

Landlord and Tenant Laws in Arkansas

In Arkansas, there are laws about breaking leases and the eviction process.

Landlord and Tenant Laws in California

The laws in California are very kind toward tenants. It has rent control laws statewide as well as laws regarding tenant screening and landlord disclosures.

Landlord and Tenant Laws in Colorado

If you rent or rent out in Colorado, you’ll need to know the laws about abandoned property, the eviction process, and notices of non-payment.

Landlord and Tenant Laws in Connecticut

Connecticut has laws surrounding security deposits and month-to-month tenancies, among other things.

Landlord and Tenant Laws in Delaware

In Delaware, there are laws protecting tenants against retaliation, a landlord’s right to enter a property, and other procedures.

Landlord and Tenant Laws in D.C.

In the District of Colombia, there are legal specifications about security deposits, deadlines, and when the tenant has the right to break a lease.

Landlord and Tenant Laws in Florida

Florida has plentiful laws about landlords and tenants, such as rules surrounding mold, abandoned property, and the eviction process.

Landlord and Tenant Laws in Georgia

The state of Georgia allows tenants to withhold their rent if a landlord doesn’t make repairs, in addition to holding landlords responsible for a variety of other things.

Landlord and Tenant Laws in Hawai’i

All islands in Hawai’i use the same laws, including required notices of rent raises and small claims processes.

Landlord and Tenant Laws in Idaho

Idaho’s laws surrounding tenants and landlords include eviction processes and tenant protection against retaliation.

Landlord and Tenant Laws in Illinois

Illinois laws detail things such as termination for non-payment and mold.

Landlord and Tenant Laws in Indiana

Indiana landlords must follow procedures to disclose certain information, among other laws.

Landlord and Tenant Laws in Iowa

Iowa renters and landlords must follow laws regarding disclosures, security deposits, and small claims.

Landlord and Tenant Laws in Kansas

Kansas tenants can break their leases under certain legal circumstances, but so can the landlords.

Landlord and Tenant Laws in Kentucky

Kentucky landlords must give appropriate notice before raising rent, and tenants have the right to withhold rent for certain circumstances.

Landlord and Tenant Laws in Louisiana

Landlords and tenants in Louisiana must follow protocols regarding breaking leases, eviction, and other processes.

Landlord and Tenant Laws in Maine

Among the laws surrounding renting in Maine are specifications regarding tenant protection, eviction notices, and landlord access to the property.

Landlord and Tenant Laws in Maryland

Renters and landlords in Maryland need to be aware of laws about late fees, eviction, and mold, among other things.

Landlord and Tenant Laws in Massachusetts

Massachusetts has specific laws about landlord disclosures, security deposits, and small claims.

Landlord and Tenant Laws in Michigan

The state of Michigan follows laws about landlord disclosures and security deposits.

Landlord and Tenant Laws in Minnesota

Minnesota landlords and renters need to be aware of laws about eviction and lease-breaking.

Landlord and Tenant Laws in Mississippi

Mississippi governs its renters and landlords with specific rent laws.

Landlord and Tenant Laws in Missouri

If you live in Missouri and rent or rent out, you need to know the main legal requirements.

Landlord and Tenant Laws in Montana

Montana follows laws regarding the raising of rent and other situations.

Landlord and Tenant Laws in Nebraska

In Nebraska, renters and landlords must follow due process concerning small claims, disclosures, and security deposits.

Landlord and Tenant Laws in Nevada

Nevada residents have rights regarding deposits, non-payment, and lease-breaking.

Landlord and Tenant Laws in New Hampshire

New Hampshire has laws about small claims, security deposits, and raising rent.

Landlord and Tenant Laws in New Jersey

In New Jersey, landlords must disclose certain situations by law.

Landlord and Tenant Laws in New Mexico

Both New Mexico landlords and renters have laws that protect them.

Landlord and Tenant Laws in New York

In New York, there are laws about many things, such as deposits and rent control.

Landlord and Tenant Laws in North Carolina

In North Carolina, renters and landlords must follow laws regarding late fees, small claims, and disclosures.

Landlord and Tenant Laws in North Dakota

North Dakota has laws pursuant to security deposits and disclosures.

Landlord and Tenant Laws in Ohio

Ohio landowners must disclose certain things by law, and renters have responsibilities, too.

Landlord and Tenant Laws in Oklahoma

Oklahoma renters and landlords have laws about small claims, deposits, and late fees, among other things.

Landlord and Tenant Laws in Oregon

Landlords in Oregon have many situations that they are legally required to disclose.

Landlord and Tenant Laws in Pennsylvania

There are laws in Pennsylvania for both renters and landlords.

Landlord and Tenant Laws in Rhode Island

The laws in Rhode Island protect both landlords and renters.

Landlord and Tenant Laws in South Carolina

Both renters and landlords must follow legal requirements in South Carolina.

Landlord and Tenant Laws in South Dakota

South Dakota has rent rules and other laws that protect both parties.

Landlord and Tenant Laws in Tennessee

The state of Tennessee has laws in place for both tenants and their landlords.

Landlord and Tenant Laws in Texas

Texas has implemented laws about late fees, withholding rent, and small claims.

Landlord and Tenant Laws in Utah

In Utah, there are specific laws about deposits and disclosures.

Landlord and Tenant Laws in Vermont

Vermont has laws in place about raising rent, deposits, and small claims.

Landlord and Tenant Laws in Virginia

In Virginia, tenants and landlords should know about required disclosures, security deposits, and bounced check fees.

Landlord and Tenant Laws in Washington

Washingtonians who rent or rent out have rent rules, disclosure responsibilities, and other rights.

Landlord and Tenant Laws in West Virginia

In West Virginia, there are laws about security deposits, rent, and small claims.

Landlord and Tenant Laws in Wisconsin

The laws for landlords and renters in Wisconsin include unconditional quit notices and tenant rights to withhold rent.

Landlord and Tenant Laws in Wyoming

Wyoming renters have laws to protect them, as do landlords.

 

Before You Rent or Rent Out

If you are (or are thinking of becoming) a landlord or if you are a renter, it’s important to know what is expected of you and what you are responsible for. Educate yourself so that you don’t get into an unwanted situation or so that you know what to do if one comes up.

 

For other investment strategies and real estate tips visit the Foliolens Blog and sign up for our monthly newsletter

Inflation has become an increasingly hotter topic over the last couple of years and seems to be peaking in our current economic environment. Talks of another recession have been looming for months, and there’s no industry that’s not on high alert because of it.

Certain industries feel the effects much stronger than others, but what about the real estate sector? How does inflation directly affect the housing market, and what does this mean for your strategy?

In this article, we’ll answer those questions and more. Continue reading to understand how inflation could affect your next real estate move.

Rising Rates

Last October, inflation rates rose to 6.2%, which is the highest they’ve been since November of 1990. This is a drastic increase from the 2% that we’ve become accustomed to over the last five years.

When you think about this in terms of your everyday life, it means that you’re spending more money on just about everything imaginable. When you’re at the gas station, paying utility bills, and buying your food, the drain on your wallet seems like it becomes worse with each trip.

The bottom line is our money isn’t going nearly as far as it used to. So how does this specifically affect the housing industry?

It shouldn’t surprise you that inflation is hitting the real estate market hard, as well.

According to most investors, residential real estate has always been a safe investment during heavy inflation. During the 1970s (another period of heavy inflation), prices of homes increased relative to the size of our economy. This was a good thing for homeowners because it meant that rising values in homes worked to offset increases everywhere else.

However, if you were looking for a new home, this presented major challenges, which is true of today’s market.

What causes Inflation, and How Does It Happen?

Inflation is when the prices of goods and services rise, which decreases the purchasing power of the money you hold in your wallet. Currently, several things are influencing inflation, specifically the government aid during the COVID pandemic.

When the government helped American homeowners and extended financial assistance, this gave consumers more purchasing power. However, the intention of the assistance was to put money back into the economy and various work-related businesses, and this didn’t happen as planned.

These companies had to charge more for goods and services because people were working remotely and didn’t need to spend on things like takeout lunches, commuting, dry cleaning, and other work-related expenses. Sometimes having fewer customers leaves you no other choice.

When the number of transactions drops, business owners are forced to increase prices to stay in the black.

Another large factor contributing to inflation is the supply chain issues occurring in multiple countries. Manufacturing and other services became disrupted because of restrictions, and sickness and lockdowns drastically slowed business. This creates significant problems with the needed goods making it into ports.

When the items did finally arrive, trucking them across the United States became challenging because there were lower numbers of people with CDLs available to drive the big rigs to haul these goods. During times of worker shortage, companies raise wages to fix that, but it also brings subsequent price increases.

When you have a kitchen table that might normally sell for $200, but you have to pay workers and drivers more, the price might rise to $250 or $300 to soften the blow for a company.

How does inflation data specifically affect the real estate industry?

Inflation and Real Estate

There’s no question that strong inflation periods affect the budgets of homebuyers. The great majority of consumers will finance a home they purchase, meaning there’s a need for a down payment, then the application for a mortgage.

Let’s assume they have money for the down payment. In this case, the price of the mortgage payment will be the main influence in determining what they can and can’t afford. Unfortunately, mortgage rates seem to move in tandem with inflation rates, which causes the former to increase.

Back in November, Freddie Mac rates went up to 3.10%, which means that average buyers of a median-priced home will spend an additional $160 more on their mortgage payment. This is far from a slight increase and has a noticeable impact on your budget.

When you’re talking home sellers, the tight market can be the perfect time to net a large profit. However, this is assuming that post-sale, they’re able to find an affordable place to move if they don’t already have one in mind. When the house you bought for $150,000 is now worth $225,000, that’s great.

But if you want to sell and remain in the same area, what has inflation done for your spending power? Did you really get ahead at all in this scenario?

These are important questions you need to ask yourself.

How Long Will Inflation Last?

While inflation steadily eats away at the spending power of homebuyers, many are left wondering: Is there any end in sight?

Most areas will probably continue to see higher prices for housing until the supply chain issues are resolved. Trends in consumption are being untangled from up to 50 years in the past.

Individuals were shifting from spending on goods to instead spending on experiences. They want to go to the gym, eat out, go on a vacation. COVID-19 totally decimated those plans. Who wants to be around a lot of people during a pandemic crisis?

Mortgage rates will play a role as well. 30-year rates could rise as high as 3.7% by the end of this year. Many buyers would no longer be able to qualify for mortgages because of this. They’ll either have to take their spending down a bit or sit on the sidelines for a while until the housing market becomes less expensive.

If things shift and we begin spending more on services, that will help correct supply chain challenges. The demand for goods will be less at the current bottlenecked ports that exist, and things will have an opportunity to level out and return to some form of normalcy.

 

For other investment strategies and real estate tips visit the Foliolens Blog and sign up for our monthly newsletter