Rental property management firms and owners across the nation are coping with new rules and regulatory changes as many state and local governments add to their property safety and rental management rules.
The alterations affect tenant rights, credit scores, rental fees and safety provisions, Investor's Business Daily reports. As a result, newcomers and old hands in the rental housing business have much to do.
New York passed a law that restricts the construction of walls in some apartments. While intended to make a space suitable for multiple tenants, the modifications apparently posed a significant fire hazard by impeding traffic.
Meanwhile, California has updated or instituted rules governing smoke and carbon monoxide detectors. At the same time, some neighborhoods are seeing disagreements as owners wish to rent, the source noted, while their neighbors want to limit the number of rental properties in the community.
Another significant change is an increasing number of rental inspections being mandated by local governments. These may be partly in response to diminished revenues from property taxes and fiscal strain, according to the news source.