Portland landlords need to have a strong lease agreement in place to provide the necessary protections and expectations. Today, we’re sharing some advice about what you want to include in the lease that’s written for your Portland rental property.
Investing in Portland: Up to Date LanguageThe essential thing to remember is that you need the most up to date language in your lease agreement. This year alone, we’ve had over 12 legal changes to our rental agreements. This is critical, especially in the city of Portland, which has the most regulations for rentals. Your lease agreement must include current, legal forms. Get them from a professional service provider who uses documentation drafted by attorneys and reviewed by courts.
Property Management Portland: Lease Break FeesYour rental agreement should include a lease break fee. Make it clear to your tenants that if they need to break the lease and leave the property before the end of the lease term, there will be consequences. We require a lease break fee that’s equal to one and a half times the monthly rent.
Subleasing and RoommatesYour rental agreement should prohibit subleasing, and we recommend including a roommate addendum. Our lease allows changes to the household, but only through our strict screening and application process. Then, a new roommate is added and held accountable to the same standards and expectations as the others who moved in originally.
Accountability and ExpectationsAnother clause Portland investors must include in their lease agreements is one that refers to accountability and expectations. What do you expect for cleanliness levels and yard care? What is the consequence if those things are not maintained to the levels you expect? We like to let our tenants know ahead of time that we expect regular cleaning and care, and we want the property left in the same condition as they received it at the time of move-in. Our lease agreement highlights these requirements.
These are a few things you should have in your lease agreement. We can tell you more about how to put together a strong lease. Contact us at Fox Management, and we’d be happy to help you with Portland property management.