The population of Las Vegas is approximately 650,000 and growing. People know of it as a world-renowned tourist city, but many people are also choosing to live here.
If you're interested in leasing an apartment in Sin City to tenants, you need to know more about the laws that residents are signing up for. Understanding the renewal process will help you know your rights as a landlord.
Here's what you should know about lease renewals in the city of Las Vegas.
Landlords Must Provide Notice to Increase Rent
Rent increases are commonplace during the renewal process. After a year or more, you might be dealing with cost of living increases, inflation, utility tariffs, and other matters that drive up the cost of your investment.
As part of the renewal and leasing process, you must provide tenants with enough notice to satisfy the law and give them enough time to decide what they want to do. For the renewal of a year lease, you must give your tenant 60 days' notice.
If the lease is month to month, you must provide the tenant with 30 days' notice. For a week-to-week lease, you need to give 7 days' notice.
Abide by this clock so you can stay within the letter of the law. Make sure that you get proper accounting of the rent paid throughout the years going into your lease renewal.
Make Sure the Written Lease Is Valid
Before you consider renewing a lease, know that the current agreement is valid. Many investors jump to rental property marketing, and tenant screening without taking care of the legal aspect.
Some of the points that you must include in the lease include:
- Provisions for maintenance, inspections, and servicing of utilities
- The amount of rent for the duration
- The amount of the security deposit
- An accurate description of the property
- The names of all parties involved in the contract
It's easier to handle the renewal correctly when you don't have mistakes or discrepancies that allow the tenant to render the lease null and void.
Tenants Must Give Notice to Terminate
When you have a tenant under a leasing contract, it automatically goes month to month if they don't give notice to terminate. The tenant must provide written notice to terminate the lease at least 30 days before the lease is set to end.
Many landlords and property managers allow tenants to provide this notice in tenant portals. This is the same portal that includes property accounting and other information.
Understand How Lease Renewals Work
The tips above explain how lease renewals work in the city of Las Vegas. If you are a property investor, inherited a property, or otherwise have a piece of Las Vegas real estate, make sure that you get to know the process of evictions, rent collection, and other matters.
Consider these tips when you're interested in rent laws, and check out our other articles to learn more about tenant and landlord rights. Avalon Realty and Oaktree Management can assist you when you need any further service or information. Send us a text or an online message, or call us at (702)648.1299.