As the owner of rental property, there is a long list of rules and regulations that you need to be aware of (and follow) – one of the most important being the Fair Housing Act, which is a federal law that prohibits discrimination in home rentals, sales, and financing.
Each year, there are millions of Fair Housing law violations – and if your tenants (or even the applicants for your rental properties) feel that they have been discriminated against in some way, you could be at risk of a lawsuit.
According to HUD (the U.S. Department of Housing and Urban Development) – which handles complaints regarding housing discrimination, bad landlords, and many other related issues – the Fair Housing laws prohibit discrimination based on an individual’s race, color, national origin, religion, sex, family status (including children under the age of 18 who are living with parents or legal custodians, pregnant women, and people securing custody of children who are under the age of 18), or disability.
Although knowing about what is or isn’t a violation of these housing rules can take some time, it can be well worth it – especially if understanding and following Fair Housing laws keeps you and your properties in compliance…and out of court.
While it is essential that rental property owners are knowledgeable about the Fair Housing laws, it is not necessary that you take on all of the time-consuming duties with regard to managing and maintaining your investments. In fact, in order to free up your time – while still profiting from your rental units – you could consider partnering with an experienced property manager.
If you own rental property in Orlando and / or in and around the Central Florida area, and you would like additional information about the benefits of working with a property manager, then give us a call today.