Renting an investment property in Dallas can be difficult. With laws constantly changing, it can be difficult to keep up and remain compliant. Whether you’re a homeowner considering renting your property for the first time, or a seasoned professional with multiple long-term rental units, it is important to become acquainted with Dallas’ specific rules and regulations. In this post, we’ll discuss the five top things you should know about renting out investment properties in Dallas to hopefully make you feel more comfortable and confident!
Here are the top five things you need to know before renting your property in Dallas
Security Deposit Laws: Under Texas law, landlords can require tenants to pay a security deposit, but there are strict rules about how these deposits must be handled. For example, landlords must return the deposit within 30 days of the tenant moving out, and they must provide a written explanation for any deductions.
Fair Housing Act: The Fair Housing Act is a federal law that prohibits discrimination in housing based on certain protected characteristics, such as race, color, religion, national origin, sex, familial status, and disability. As a landlord, you must ensure that you are not violating any of these protections.
Texas Property Code: The Texas Property Code contains a number of provisions that govern the landlord-tenant relationship in Texas. For example, it sets out the rules for security deposits, evictions, and repairs. Ensuring you’re familiar with the code will decrease your chances of being out of compliance with any laws or regulations when renting your property.
Texas Eviction Laws: If a tenant fails to pay rent or violates the terms of the lease agreement, you may need to evict them. Texas has specific procedures and timelines for evictions, so it's important to follow the law to avoid any legal issues.
Texas Residential Tenancies Act: The Texas Residential Tenancies Act is a state law that outlines the rights and responsibilities of landlords and tenants in Texas. This includes rules about rent payments, lease agreements, and landlord access to the property.
Becoming a landlord can be a lucrative and rewarding experience, but it's important to approach it with caution and knowledge. By understanding these rules and regulations, we hope to provide you with the confidence to know you're protecting your property, your tenants, and your finances. Real estate laws are constantly changing, so it’s always best to check with your local ordinances to ensure you’re following the most current laws and regulations for your area.
Here at Nomad, we’re experts when it comes to pricing your property, finding a well-vetted tenant, and guaranteeing your rent for the duration of the lease you sign with your tenant. If you’re interested in learning more about these services and why over 6,000 owners love working with us, get started by requesting your free Guaranteed Rental Estimate!