Silver Spring, MD Homes for Rent - 5 Important Reminders for Landlords

Renting your Silver Spring, MD Home - 5 Important Reminders

1. Don't forget your landlord's license!

When you convert your home into a rental property you are required to obtain a Rental Housing License, or landlord's license, through the Montgomery County Department of Housing and Community Affairs. The application needs to be accompanied by the annual registration fee: $56 for Condos and $98 for Detached Homes, Duplexes and Townhouses. The license year runs through June 30th, 2012. Regardless of the date on your application, the fee is due in full.

2. Moving out of State? Designate a "Legal Agent"

If you are moving out of Maryland (yes, that includes Washington DC and Northern Virginia) you must designate a "Legal Agent" who can accept documents on your behalf. You do not have to hire a property manager for that purpose and can designate a family member or friend as long as he/she resides within the State of Maryland. Your legal agent has to sign your rental application!

3. Security Deposit

The security deposit (1 month rent is considered "the norm", 2 months rent the max allowable amount) must be deposited into a designated account at a Maryland banking institution within 30 days of receipt. Interest on the security deposit is not voluntary and rates are set: since 2004 the interest is 3% annually (yes, even if that is more than your bank is paying you, you still have to pay the 3%!) The security deposit must be returned within 45 days after the tenant has vacated the property. It can only be withheld for actual damages (itemized list must be provided) and unpaid rent. Ordinary wear & tear is not considered a "damage"!

The Montgomery County Department of Housing and Community Affairs has published a number of helpful handbooks to assist landlords and tenants alike (this should be required reading): Landlord-Tenant Handbook, Ordinary Wear and Tear Booklet, Security Deposit Information among others.

4. Lead Poisoning Prevention

If your property was built prior to January 1st, 1950 you are required to register it with the Maryland Department of Environment. Your registration must be renewed annually and costs $15. You will also have to get a lead inspection done and provide a copy of your certification with your Landlord License application! If your house does not pass inspection, the specific lead hazard reduction treatments must be performed and a verification inspection by an accredited inspector must be completed.

5. Home Sweet Home

Every rental property should be in compliance with building codes, safe and sanitary with all major systems and appliances in working condition. However, these are just the basic requirements. Most renters are looking for more than just shelter, they are looking for a home! Renters appreciate bright spaces, upgrades and a touch of personality, too.

A bland space that lacks personality will not attract the same interest, neither will outdated houses. Consider having the walls painted in neutral colors vs. just white, changing out the vertical blinds for some modern shades, replacing the worn carpet vs. hoping it will last one more tenant and upgrading appliances, counters, flooring etc. when they need replacing anyway.

A happy and comfortable tenant will be more likely to maintain the property and be more inclined to renew the lease.

Renting out your Silver Spring, MD Home - 5 Important Reminders is not all-inclusive. More information can be found via Montgomery County Department of Housing and Community Affairs.

Please give me a call if you have any questions or are looking for a Realtor® to list your Silver Spring, MD home for rent.