In 2024, Nashville is what most experts (including us) would call a renter's market. That means that renters are under less pressure thanks to dipping prices and new housing options.
Many landlords are dealing with reduced lease renewals and longer vacancy periods as renters take their pick of units across the city. We've even seen some who are going easy on lease enforcement in the hopes that a relaxed attitude will encourage tenants to stay.
In any rental market, you need to practice consistent lease enforcement. Doing so protects your property and makes your rental community safer. Read on for top lease enforcement strategies.
Create Clear Lease Terms
The first step toward better lease enforcement is creating a lease that clearly outlines your rules. This should include your:
- Rental price
- Rent payment deadline
- Consequences for paying rent late
- Additional fines and deposits (including their amount, due date, and possibility for refunding)
- Rental rules
- Consequences for lease violations
Rental rules encompass anything you expect tenants to do or not do that isn't intuitive. For example, you don't need to put it in your lease that you expect tenants not to destroy your unit. You do need to put it in your lease that tenants aren't allowed to put holes in the walls.
Document Violations
The second you are made aware of a violation, document it. For example, if one tenant reports that another tenant committed a noise violation, get their statement in writing. If you conduct an inspection and discover that a tenant has put holes in your carpet, take photos and write a detailed report of the incident.
Use your documentation to issue swift warnings. Make sure tenants are aware of how many warnings they can receive before you take more drastic measures. Outline how long they have to remedy the issue if relevant.
Operate Within Nashville Rental Laws
No matter how frustrated you are with a tenant's behavior, you need to uphold tenant rights in Nashville. For example, you can't evict a tenant over personal issues. You also can't change the locks after a lease violation as a way to get rid of a tenant.
Consistent lease enforcement can help landlords cut down on evictions by creating clear expectations and giving tenants the chance to remedy violations. If a tenant is not resolving lease disputes, follow the eviction process as outlined by state and local laws. Failing to comply with eviction laws can expose you to legal liabilities which can result in hefty fines and reputational damage.
Get Lease Enforcement Support in Nashville
Though Nashville landlords are facing a renter's market, now is not the time to go easy on lease enforcement. Instead, it's time to adopt lease enforcement strategies that can improve your tenant relations and protect your property.
If you don't have the time or resources to employ better lease enforcement strategies, it's time to call in professional help. As full-service property managers, it's our job to take care of everything from tenant screening to property maintenance. Contact us to learn how you can turn your investment property into thriving passive income.
