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In Maryland, unlike some other states, there are no statewide restrictions on rent increases. This might seem like good news for landlords, but it's not quite that simple. Here's what you need to know: Balancing Market Rates and Tenant Retention: While you can technically raise rent at lease renewal or expiration, setting a fair market price is crucial. Excessive increases can backfire, making it harder to attract and retain tenants. Aim for an increase that reflects rising costs like maintenance, utilities, and property taxes, but keeps your p…

Eviction is a complex legal process that can be challenging for landlords, especially in Maryland where the laws are specific and constantly changing. Making a mistake during an eviction process can be costly and time-consuming, so it's important for landlords to know what to avoid. Here are some common eviction mistakes that landlords make: 1. Failing to Provide Proper Notice: Maryland landlords must provide written notice to the tenant before starting an eviction process. The type of notice required and the timeframe for providing it can var…

Imagine the sinking feeling: you entrust your property to a professional management company, only to discover they've been lining their pockets instead of fixing your leaky roof. Unfortunately, this isn't just a nightmare – it's a harsh reality some landlords face. It was recently in the news that a property manager embezzled $10,000 meant for repairs leaving the owner with several maintenance issues that needed to be dealt with. So, how can you ensure your hard-earned maintenance dollars are actually being used to maintain your investment? Tra…

New regulations in the Tenant Safety Act of 2024 could significantly impact Maryland landlords. See below how the law simplifies rent escrow actions for tenants, strengthens their rights, and potentially increases landlord’s legal fees. Previously, individual tenants might have had to file separate petitions. Now, multiple tenants facing similar issues like mold, flooding, or rodent infestations can join as co-plaintiffs in a single Rent Escrow Petition. Significantly, the changes in the law also place the burden on the landlord to prove that …

The right of first refusal (ROFR) is a powerful tool used in real estate transactions, granting a specific party the initial chance to purchase a property before it's offered to the general market. This clause can be included in various situations, including: Seller and Existing Tenant: A landlord might offer a tenant the right of first refusal if they decide to sell the property. Co-Owners: Co-owners selling their share of a property might grant the remaining owner(s) the right of first refusal. Estate Planning: An inheritance might be s…

The Renters’ Rights and Stabilization Act protects Maryland renters who are experiencing housing instability. This bill establishes the Office of Tenant and Landlord Affairs to provide renters with information about their rights, creates the Maryland Tenants Bill of Rights, increases the eviction filing fee to address the high eviction filing rate across the county, saves renters money by reducing required security deposits and creates new pathways to homeownership by providing tenants the opportunity to purchase their homes. HB 693 will reduc…

The smell of hot dogs is in the air, and the anticipation of fireworks is crackling! It's almost the Fourth of July, and whether you're a seasoned Maryland resident or a newcomer ready to experience your first Charm City summer celebration, we've got you covered. In this blog, we've compiled a comprehensive guide to parades, fireworks displays, and local events happening across multiple counties, so, grab your lawn chairs, spark up the grill, and get ready for a star-spangled summer celebration! BALTIMORE CITY - INNER HARBOR CELEBRATION Come ce…

Investing in a tenant-occupied property can be a smart move, offering immediate rental income and potential for appreciation. But before you jump in, how do you know if this property will turn a profit? How do you know if the tenant is paying regularly? This blog will equip you with the essential questions to ask when buying a tenant-occupied property. We'll delve into reviewing the lease agreement, understanding what you’ll be required to continue for the tenant, assessing the quality of the current tenant, and uncovering the property's condi…

The dream of rental income as a passive income is a tempting siren song for many. Steady stream of cash flowing in, a little nest egg growing with each passing month. But being a landlord isn't quite the sunshine and rainbows some may paint. Here are 5 realities seasoned landlords wish they'd known before diving in: 1. Tenants Make or Break You (Stats Don't Lie): A National Apartment Association study found a whopping 11.6% of renters pay rent late at least once a year. That's a significant chunk of your income potentially up in the air. Fin…

Let's face it, being a landlord can be a rollercoaster. Finding great tenants, dealing with maintenance headaches, and staying on top of legalities can feel like a full-time job. That's where property management companies come in – superheroes swooping in to save the day (or at least your sanity). Before you hand over the keys to your kingdom (or investment property), you need to make sure you're choosing the right partner. The wrong property management company can leave you feeling like you've invested in a headache, not a rental property. Her…