It is very important that Landlords’s check their Residential Leases regularly. Most leases are on a 1 term and automatically become month to month , thereafter. A Landlord should prepare and submit to each residential Tenant a new Lease each year. In this fashion, a Landlord can make sure that all the information and rental increases and other Landlord protections are current.
Many towns have rent control laws, wherein, you can only increase the rent annually based upon a limited percentage. If you fail to do this for several years, you cannot go back and apply those increases retroactively. By preparing new Leases every year, you can make sure you always get the necessary increases. Another benefit of updating leases annually is to review and specifically cite the number and names of individuals permitted to reside in the apartment.
Additionally, Residential Leases should set forth that legal fees, late fees, and any other Landlord expenses are deemed as additional rent. This will allow the Landlord to include these amounts in non-payment cases.
Lastly, it is very important for the Landlord’s to keep the Tenant Security Deposit properly deposited. If a Tenant has not been notified of the proper disposition of their Security Deposit, the Tenant can utilize said sum toward the payment of rent and leave the Landlord without any security deposit.