Answers to Frequently Asked Questions by Landlords.
You may love restoring and maintaining properties, but collecting that rent every month is likely the reason you got into the multifamily business in the first place. Below are a few questions we are asked frequently by landlords when it comes to rent.
Whether you’re a seasoned landlord with several apartment buildings, or a novice considering a multifamily property, understanding the rights and responsibilities of a landlord is a key factor in getting the most out of your investment.
There are four basic areas where landlords often get confused or tripped up:
In this Blog, we are going to focus on Leases, Rents and Fees:
Frequently Asked Questions about Collecting Rent by Landlords in Massachusetts
How Much Notice Do I Need to Give Before Raising the Rent?
Your lease agreement may stipulate otherwise, but the minimum notification period in MA is 30 Days.
What if a Tenant Bounces a Check?
Yes, you can charge them up to $30 per returned check.
Can I Charge them a Fee for Late Payment?
You’ll be glad to know that charging late fee is allowed in MA, but terms, fees etc., must be clearly spelled out in the lease.
Can a Tenant Withhold Rent for Any Reason?
Yes, they are legally allowed to withhold rent for failure to provide essential services (water, heat, etc.) HOWEVER, that money must be deposited with the clerk of the courts, so it can’t be used merely as an excuse not to pay the rent because they don’t have the money.
What if a Tenant Makes a Repair in the Unit?
Tenants can also deduct money for repairs, as long as they have given 14-days’ written notice to repair the defect. Deductions like this cannot equal more than 4 months’ rent over a 12-month period.
Want to Learn More about Being a Landlord?
These are just some of the many things covered in our EBook called “50 Things Every MA Landlord Should Know”. If you’d like a free copy, please fill out the form below or call us at 617.212.3251.
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DISCLAIMER: The data and information in our blog are merely our opinions and should not be construed as advice or counsel on financial or legal matters.
About the Author
Stephen Martin, Founder, and CEO of MultifamilyProperties.com, is a success-driven marketing entrepreneur with a diverse background ranging from real estate sales and mortgage financing to consulting and development to marketing and branding. Steve is the founder and former CEO of the b Positive Project Apparel Co. A socially responsible clothing line whose mission it was to raise funds for hundreds of non-profits throughout New England. Steve is always looking for creative ways to add value to his businesses. He has a genuine passion for helping others and making a positive impact.