You've always wanted to get into real estate and rent out properties to other families in South Carolina. Now, you own the perfect property to rent out!
A recent survey found that almost 30 percent of residents in South Carolina rent their homes. So, there's plenty of families looking to rent properties like yours!
But, to ensure your success as a landlord, you'll need to know the tenant laws. Keep reading to learn everything you need to know before you start advertising your rental property.
When Is a Rental Agreement Needed?
A rental agreement sets the expectations for you as a landlord and the other party as your tenant. While you're only required to have a lease agreement for leases lasting 12 months or longer, you should have your tenants sign a written agreement no matter the term's length.
Do You Need a Receipt for Deposit or Rent Payments?
In South Carolina, landlords don't need to supply tenants with receipts when they receive money for rent, deposit, or other fees. But, for record-keeping purposes, it's recommended to both give the tenant a receipt and keep a copy for your own records.
A good property management company knows how to keep these receipts in order and often offers convenient payment methods for the tenants. Make sure to ask your property manager about the tenant services they offer.
Tenant Laws About Pets
The adage says that dogs are man's best friend. So, it makes sense that around 85 million families in America own pets.
South Carolina landlord-tenant laws state that you should put in the lease whether you allow pets in the unit and the pet deposit amount (if you choose to charge one). Keep in mind that the Americans with Disabilities Act (ADA) says any person with a disability can still have their service animal regardless of your policy on pets.
Can You Access the Property Whenever You Want?
According to the Residential Landlord and Tenant Act, says that a tenant has the right of "private, peaceful possession of the dwelling". In South Carolina, that means you need to give the tenant notice at least 24 hours before your entry and only enter during reasonable times of the day.
But, there are some cases where this 24-hour notice gets waived. If the tenant asks you to enter, there is an emergency on the property, move-out inspections, you do not need to provide notice before entering the property.
Real Estate Is One of the Safest Investments To Make
It's no secret that most millionaires in America made their money in the real estate market. Real estate is the kind of investment that no one can steal and you can't misplace.
Before you start renting properties in South Carolina, knowing the laws that pertain to your tenants and property makes a huge difference in your potential success as a landlord.
We hope you enjoyed reading this article and that you learned all about the tenant laws in South Carolina. If you have any questions about this article, or if you're looking for property management services in Columbia, contact us today!
