By Mark Lemmons I April 6, 2022
Landlord and tenant laws depend largely on the state and county. It’s important to understand the different factors at play and how they could affect your investment. Here are things that determine whether or not an area is landlord friendly.
Now that we understand the key factors contributing to a successful rental property investment, let’s look at the top 6 landlord-friendly states 2022.
This should come as no surprise. Texas has long been known for its real estate industry, and that isn’t changing anytime soon. The real estate market in Texas is vast and affordable. Texas tends to favor landlords and is less tolerant of lease violations. Landlords almost always get the upper hand if a lease is breached by the tenant. Texas makes it easy for you to get compensated and repossess the property if your tenant has violated your agreement.
Georgia, like Texas, favors landlords when it comes to issues like unpaid rent. Georgia has no limits on rental fees or security deposits, allowing landlords to charge whatever they deem necessary. Their law also requires tenants to pay rent within 7 days of receiving an eviction notice. This is a fairly aggressive law, giving landlords the power to deal with any issues very quickly.
Next on our list is Kentucky. With lenient eviction laws, landlords have a lot of security in their investment. There are no laws around limiting late fees, so landlords can charge as much as they want for a late payment. Their property tax rate is also low, at only 0.86%. In addition, Kentucky allows landlords to give a 15 day notice for lease violations. If the issue is not resolved within 15 days, the landlord can lawfully evict the
Arizona is another state that is very friendly to real estate investors. Their property tax is one of the lowest in the US at only 0.72%, making Arizona a great option for investing. They also have an aggressive eviction process, allowing landlords to issue 5 to 10 day notices (depending on the issue), and move forward with eviction if the issue is not resolved within that time.
Florida has one of the highest populations of renters in the country for a reason. Their laws regarding evictions and leases highly favor landlords. For example, they do not limit how much a landlord can charge for a security deposit. Like every other state on this list, they also do not implement rent control, and their average property tax rate is only 0.98%.
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