Tuesday, September 19, 2017

Ticketed! 25 Facts about the big business of parking tickets - including in Sacramento

It's happened to all of us – that little unassuming envelope is sitting on our windshield when we come back to our car. Paying parking tickets is a reality for motorists in any major city – including Sacramento more and more. But the revenue generated from parking tickets and citations is also big business.

Most cities don’t even make the data public when it comes to the parking citations they issue and fines they receive. There is little or no regulation in the industry, and the only information we have is from several independent surveys, and a few scattered journalism exposes.

Here are 25 parking ticket facts:

1. Every year, the average American spends 17 hours driving around and looking for a parking space.

2. Studies estimate that the combined cost of that wasted time, fuel, emissions, etc. adds up to a startling $73 billion every year!

3. While we’re not exactly certain how much revenue Sacramento generates from parking tickets, we can see an example in the city of Los Angeles, which brings in at least $160 million spread out over 2.65 million parking tickets in each fiscal year. (About 56,000 tickets are disputed and overturned in LA every year, negating the revenue.)

4. The motivations behind issuing parking tickets aren’t always lawful. For instance, in New York City, a study found that hundreds of drivers were issued tickets adding up to more than $2 million – even though they hadn’t parked illegally.

5. According to estimates, 99% percent of car trips in the U.S. begin and end in a free parking space – including our own driveways, garages, free lots at work, school or shopping, as well as free street parking.

6. The average automobile is in use only 5% of the time and parked the remaining 95%.

7. The availability of lots, free parking, or accessible street parking are a big boon for retailers, too. In fact, curbside parking meters were first used by an Oklahoma City department store owner 1935, as he wanted to insure turnover so his customers would always be able to find a space.

8. Parking policy experts suggest that store owners and developers add enough spaces to handle car traffic for the 30th busiest shopping hour for the entire year – the weekend before Christmas.

9. When it comes to free street parking, 40-60% of all parkers overstay the posted time limits.

Forget about Los Angeles, New York City, and Oklahoma – tell us about parking tickets in Sacramento!

10. Well, like many municipalities, Sacramento doesn’t make their data on parking tickets and fines readily available. But we do know that one of the advantages to Sacramento (you could find street parking in downtown and midtown A LOT easier than in other cities like San Francisco) took a turn for the worse with the new arena deal.

11. In fact, when the Sacramento City Council voted to approve the downtown arena deal, the city factored in raising their net parking revenues by as much as 50% over the next 7 years.

12. Part of the plan to pay for the arena financing deal (35-50% of the revenue for bond repayments) is through a steady increase in both meter and garage parking rates over the next several years.

13. This increase is expected to raise the cost for metered parking to $3 over the next four years and the cost of garage parking to $5.

14. That net increase should top out with an additional $7.5 million in revenues in 2021 alone!

15. Before the arena went up and widespread downtown redevelopment, Sacramento had about 4,300 parking meters. But they plan on adding new meters in midtown and downtown over the next few years until they have about 6,000 meters.

16. To gain additional parking (and parking citation) revenue, Sacramento is also extending regular meter hours past 6 p.m., taking advantage of people going out to dinner, ball games, concerts, and events downtown.

17. The city has also started to introduce 6,000 smart meters, which take credit cards as well as coins. These meters reset to zero time once the car pulls away, eliminating the opportunity for someone else to park there for free for the remaining time.

18. Sacramento even rolled out 11 new code enforcement vehicles that can you’re your vehicle digitally instead of having to manually chalk your tire. The parking vehicles are equipped with cameras, sensors, and on-board computers that can survey and mark cars on either side of the street simultaneously. The computer will even register if you have an outstanding warrant or tickets, making it easier to boot your car!

19. But not every dollar from your parking tickets has gone to the City of Sacramento. In 2010, the State of California added a $12.50 mandatory surcharge to each parking ticket on the state as part of the California State Budget Act.

20. But the City of Sacramento is just one of several entities that control and make money from parking. In fact, the city has rights to only 24% of all parking spots within a half-mile of the new arena.

21. Private companies, the state, other parking facilities, and even the Kings own the rest of the parking spots downtown. As part of the arena deal, the city had to turn over 3,900 of its downtown parking spots to the Kings, who demolished about 25% of them to make room for the arena.

22. Some would argue that parking regulations and citations are purposely complex to maximize profit from unsuspecting motorists.

23. Those allegations aside, you can find all of Sacramento’s parking enforcement stipulations under Title 10 and Title 12 of Sacramento City Code.

24. A new parking app is helping Sacramento residents cope with all of this parking ticket madness. SacPark.org was launched by the city and helps people view available spaces and even reserve them before they arrive.

25. So if you’re thinking of taking your car out for a spin in Sacramento now and stopping at your favorite restaurant or store, here are just some of the more than 40 parking fines and citations that might snag you:

Posted No Parking
$ 40.00

No Parking Certain Hours
$ 40.00

Over Time (Posted time limits)
$ 35.00

Red Curb or Bus Zone
$ 40.00

Yellow Zone
$ 40.00

Passenger Loading Zone (White)
$ 40.00

Green Zone - 15 Min Maximum
$ 35.00

Blue Zone - Disabled Parking Only
$ 445.00

Temporary Construction Zones (Portable Signs)
$ 35.00

Taxi Stand
$ 35.00

Police Vehicles Only
$ 35.00

Parking in Alleys
$ 40.00

Over Lines in Parking Space
$ 35.00

Angle Parking, Marked Space
$ 35.00

Failure to Turn Handle
$ 25.00

Meter Expired
$ 30.00

Parking on Private Property Without Consent
$ 50.00

Parking on Vacant Property with For Sale Sign
$ 50.00

Parking on City Property
$ 35.00

Displaying Permit on Vehicle Other than Assigned
$ 250.00

Use of Visitor Permit for Commuter Parking
$ 250.00

Damage to Mall Surface (No Drip Pan)
$ 50.00

Displaying a Vehicle for Sale, Rent or Lease on Street
$ 50.00

Be careful where you park in Sacramento, folks! 

Thursday, September 14, 2017

25 Facts that may convince you to get flood insurance

In the aftermath of Hurricane Harvey in Houston and Hurricane Irma in Florida, we’ve seen damage to homes, businesses, and property on an epic scale – a large portion of it from flooding.

These natural disasters were so colossal that the fallout is expected to affect every person in the U.S. in some way, directly or indirectly, over the next year or two. In fact, even the real estate and mortgage industries are expecting a blow, as countless flood damaged and hurricane ravaged homes will go into default for one reason: the homeowners weren’t properly insured.

Here in Sacramento, we have our own ongoing flirtation with possible flooding, as we sit in a valley in the crux of two rivers with only a levee system to protect thousands of homes in some places.

Here are 25 facts and stats about flood insurance to convince you to call your insurance agent today:

The prevalence of flood insurance and claims:

According to the Insurance Information Institute, only 18% of Americans have flood insurance on their current property.

Even more alarming is that 1 in 5 homeowners don’t even realize that their normal home insurance doesn’t cover flood damage!

In fact, insurance claims for flood damage totaled about $3.5 billion in 2016, with the average claim reaching $66,295.

Every year, there are approximately 5.3 million flood insurance policies in the U.S.

If we take any home over a 30-year period (the time it takes to pay off the home with a 30-year loan), it has a 300% higher chance to get hit by a flood than a fire.

Where does flooding occur?

What's the number one natural disaster in the United States? Believe it or not, it's not fires, hurricanes, or earthquakes that cause the most damage every year, but flooding.

You may think that flooding is resigned to high-risk states like Texas, Florida, Louisiana, etc., but there have been floods in every state over just the last 5 years,

In fact, 25% - 30% of all insurance claims for residential flood damage are filed in moderate or low-risk areas.

That’s why flood insurance policies are spread out among 22,00 neighborhoods and communities across the country.

Does it take a major storm to cause dangerous flooding?

It doesn’t take a historic hurricane like Harvey or massive levee failures like what happened after Katrina to cause catastrophic flooding.

Even a few inches of water that enters homes or communities can cause millions of dollars of damage. In fact, a home can be rendered unlivable in just a matter of minutes when flooding occurs.

Flash flooding from heavy rain, runoff, or distressed dams and levees can create a wall of water as high as 10 to 15 feet high alarmingly fast.

Even a flood only two feet deep can quickly carry away motor vehicles – and anyone in them.

What causes flooding?

We often take notice of flooding when catastrophic weather events like Hurricane Harvey strike. But flooding is also caused by common storms, heavy rainfall, seasonal snowmelt, malfunctioning dams and levees, and also from man-made conditions.

In fact, development and housing construction can cause flooding because it disrupts or alters the natural path for water runoff and drainage.

How can flood insurance help?

People commonly are required to get flood insurance when they bur or refinance a house and the lender mandates it. They would do so for two reasons why a mortgage lender will require a borrower to have flood insurance:

          The home or property is located in a designated high-risk flood zone or,
          The mortgage loan came from a federally regulated or insured lender (like FHA, VA, etc.)

What are flood zones and a flood zone map?

FEMA, or the Federal Emergency Management Agency, with the help of the Army Corp. of Engineers and local flood control authorities, designates where low, moderate, and high-risk flooding areas exist.

FEMA uses their data to maintain special Flood Insurance Rate Maps for every city, rural area, and community across the U.S.

FEMA pinpoints each home to be within a high, moderate, or low-risk zone for flooding.

How does flood insurance help homeowners?

It’s wise to get a flood insurance policy even if your lender doesn’t require it since the average flood insurance policy costs only $700 per year nationally. But that includes high-risk areas, so if your home is located in an area not commonly subject to floods, you may qualify for lower rates.

Check with your insurance agent for details, but the typical flood insurance policy will cover:

·      Structural property damage
·      Carpet repair or replacement
·      Wood flooring removal and replacement Damage to heating and air conditioning systems
·      Damage to electrical and plumbing systems
·      Drywall and framing water damage
·      Damage from mold or mildew growth
·      Removal of debris and trash

How about flooding in the Sacramento area?

Consistent with national data, significant 20% -25% of all flood insurance claims in Sacramento County are filed in low-risk areas.

Even if your lender doesn’t specifically require you to carry flood insurance, the City of Sacramento, Sacramento County, and FEMA suggest that Sacramento property owners who live near levees or in low areas to consider coverage.

Sacramento has done a lot to improve its flood management protection and lower our risk level recently. This hasn’t gone unnoticed by FEMA who upgraded Sacramento County to a “3” rating (the second highest for any California community and among the top 1% in the nation) as of May 2013.

Due to this focus on flood management infrastructure and planning, Sacramento County residents may be able to get up to 35% off their flood insurance premiums.

How do you get more information on flooding in Sacramento County, as well as flood insurance?

If your property is located within the City limits, please contact the City of Sacramento’s Floodplain Information line at (916) 808-5061. 

If your property is located in the unincorporated area of Sacramento County, please contact the County’s Flood Zone Information Hotline at (916) 874-7517.

If you have questions about levees or general questions about flood insurance, please contact Sacramento Area Flood Control Agency at (916) 874-7606.

Check out the National Flood Insurance Program’s website at www.floodsmart.gov.

Or contact your insurance agent for specifics.

Tuesday, September 5, 2017

25 Little-Known Facts About ZIP Codes

You see it every single day on the mail and packages you receive, and you even write it every time you send a letter or a bill, but you probably have never thought twice about ZIP codes. Today, we’re going to delve into the world of U.S. Postal ZIP codes with these 25 facts:

1. The "ZIP" in Zip Code is an acronym which stands for "Zone Improvement Plan."

2. How many zip codes are there? If someone offered you $1,000,000 if you got even within 50%, could you guess accurately? Me neither, as I had no idea before researching for this blog.

3. In fact, there are now about 42,000 ZIP codes in the United States! That may seem like a huge number, but consider that Canada has 861,094 postal codes (their version of zip codes!).

4. I say “about” that many because the number of ZIP codes we have changes each year – often dramatically. In fact, there are about 5,000 changes to ZIP codes every year, including getting rid of old ones and creating new ones.

5. Each ZIP code now has an average population of about 7,631 men, women, and children.

6. Before 1963, zip codes didn’t exist in their present form, and mailing addresses just consisted of your home number, street, city, and state.

7. In 1943 during World War II, most able bodied young mailmen and postal employees had to go serve overseas, so a two-digit coding system for each major city was introduced to help the new, inexperienced replacement workers.

8. But our modern ZIP code system is attributed to a postal inspector named Robert Moon, who developed the concept in 1963 to ease the flow of mail and improve organization in his Philadelphia mail center.

9. Moon's ZIP code system first had only three digits, which identified the region and even city where the mail was going making it far faster for postal workers to sort, and it was officially adopted by the USPS.

10. The ZIP code acronym and system were soon trademarked by the United States Postal Service. Interestingly, that trademark has now expired and they chose not to renew it, meaning that anyone can use "ZIP" without conflict.

So what do the numbers in your Zip Code represent?

11. The first digit of any ZIP code represents a state or group of states. For instance, “1” is for Deleware, New York, and Pennsylvania. As you go from the eastern states west, the codes for those states go up.

12. The first three numbers of any Zip Code earmark the code for that particular post office sectional center facility (called an SCF). 

13. The last two digits reference the location, usually zooming in on the particular area. But they can also be a holdover from the system of two-digit zip codes that each big city had before 1943.  For example, the 2-digit code for Minneapolis used to be 16, so the city’s modern zip code is 554-16.

14. You’ve probably also noticed a four-digit code that follows the regular 5-digit ZIP code. Added in 1983, the additional four-digit ZIP code is primarily used by businesses who ship high volumes. These businesses get a discount on the cost of mailing if they include the last four digits because it helps facilitate a faster and more efficient mail flow.

15. Most people also have no idea that ZIP codes do more than just help us sort the mail. In fact, the codes are also used by bankers and lenders in issuing credit card authorizations, as well as factoring heavily into assigning insurance ratings.

16. But all ZIP codes are not created equally; there are actually four classifications of ZIPs. These include ‘Unique’ codes (for high volume addresses), ‘PO Boxes’, ‘Military’ & ‘Standard’.

17. But once introduced, everyone didn’t take an instant shine to ZIP codes, and it took a while for them to become commonly used. In fact, The U.S. Post Office even promoted the use of their new codes in the 1960s and 70s by unveiling their own mascot, Mr. ZIP, also known as Zippy.

18. Even the National Forest Service’s Smokey Bear chipped into to promote the ZIP code system. In 1964, the character responsible for making "Only you can prevent forest fires" a household mantra got his own ZIP code, 20252.

19. In a strange partnership, Hollywood helped to promote the use of ZIP codes when TV icon Ethel Merman recorded a song to the melody of "Zip-a-dee-doo-dah” for the post office.

20. The White House has not only one, but two of its own ZIP codes; one for the POTUS and one for his family to receive personal mail (20500).

21. Here are some other areas with their own special postal codes:

The World Trade Center also had its own ZIP code before September 11,
The Empire State Building,
Saks Fifth Avenue in New York,
Dodgertown in California
Wal-Mart headquarters
General Electric in Schenectady, N.Y. (12345)
For two weeks every summer during the Burning Man Festival, the city of Black Rock City, NV, receives its own ZIP code (89412)

22. The most famous ZIP is 90210 in Beverly Hills, known worldwide thanks to the 90’s TV show.

23. But that’s not the wealthiest ZIP code in the U.S. That designation belongs to both 07620 - Alpine, N.J. - and 33109 - Fisher Island, Fla.

24. Other notable ZIP codes include:

32976 A mobile home park in Barefoot Bay, Florida is large enough to have its own code.
91210 As is the shopping mall in Glendale Galleria in Glendale, California.
17927 This ZIP code was assigned to a mine in Centralia, Pennsylvania. But since an underground fire has burned inside the mine for over 40 years, the USPS revoked their ZIP code in 1992.
77230 Was assigned to Hurricane Katrina victims taking shelter in the Houston Astrodome in 2005 and is still in service today as a P.O. box code.

25. Here are a few other fun ZIP codes:

10001 New York, NY (aka Empire State, NY)
90909 Not real, but featured on TV’s Veronica Mars
31415(Pi) Savannah, GA. Brilliant!
55555 Young America, MN

22222 Arlington, VA including Arlington Cemetery for U.S. veterans

Thursday, August 31, 2017

The 10 biggest natural disasters in U.S. history

Since the beginning of civilization, natural disasters have been the scourge of man and women kind. From fires to floods, hurricanes to earthquakes, Mother Nature is often unpredictable, unmerciful, and deadly. Unfortunately, we've seen that recently as Houston and Texas struggles in the aftermath of Hurricane Harvey.

Here are the 10 biggest natural disasters in U.S. history, both by death toll and financial impact, listed by date:

Johnstown Flood - 1889
The town of Johnstown was a thriving steel mill community in the late 19th century…until disaster struck on May 31, 1889. After days of torrential rains hit, their South Fork dam finally gave way and burst, unleashing 20 millions tons of water with a 14-mile head start on the town. The fast-moving wall of water hit the town with the force of Niagra Falls, crushing 1,600 homes and killing 2,209 people.

Hurricane Galveston - 1900
The beautiful island community of Galveston – which was known as the “Jewel of Texas” – was the unfortunate target for a 1900 hurricane that turned out to be the single deadliest natural disaster in U.S. history. On September 8 that year, Not long after the city planners rejected a measure to build a sea wall to protect their city, a Category 4 hurricane swung into Galveston like a wrecking ball. With 145 mph winds and 15-foot waves, buildings and homes were pulverized, and the whole island was soon underwater, with 8,000 – 12,000 fatalities.

San Francisco Earthquake -- 1906
It only lasted less than 60 seconds, but then the San Andreas fault split during the middle of the night back in 1906, San Francisco was shaken to the ground and engulfed in flames. The 7.8 magnitude earthquake destroyed more than 80 percent of the city, but it was the ensuing fires that caused just as much damage. By the time the last ashes were doused, more than 500 city blocks had been burnt to the ground, 3,000 people had lost their lives, and 225,000 of the city's residents were left homeless.

Okeechobee Hurricane - 1928
When the newspapers and radio programs announced that a hurricane was set to descend upon Lake Okeechobee on September 16, residents of the Florida lake-front community evacuated their homes. But unfortunately, most people returned to their homes that evening when they thought the hurricane had passed – but it just was late arriving. They were beset by 140 mph winds and so much rain that the lake's dike broke, causing catastrophic flooding that wiped out 2,500 people, making it the second deadliest hurricane in U.S. history.

Dust Bowl - Early 1930's
Going way back to the midst of the Great Depression, a prolonged natural disaster was the last thing the U.S. people needed. But that’s exactly what they faced with the Dust Bowl – a decade-long drought that transformed the Great Plains from a lush, fertile farmland into a barren wasteland of dust and wind. The disaster was in-part due to man as well as nature, caused by farmers who severely over-plowed and mismanaged their crops, resulting in massive erosion that ruined the land.

When a ten-year drought ensued, the once rich topsoil was reduced to useless dust, and millions of people had to leave their homes and livelihoods to move elsewhere. Half a million people were left homeless, and a third of all farmers had to turn to government aid. The dust was so bad that windstorms sometimes blew the dust so far east that the skies darkened all the way on the Atlantic Coast.

Heat Wave of 1980
The death toll was just as high during a devilish heat wave during the summer of 1980, where the thermometer never went below 90 degrees for most of the summer. In all, 10,000 people died due to the heat factor, and the damage to the agriculture sector and other costs added up to $48 billion.

Heat Wave of 1988
It’s not just hurricanes, earthquakes, and flooding that cause disasters, as something as simple as high temperatures can turn deadly. In fact, heat waves have killed more people than any of the wind or rain-based weather events of the past 30 years in the U.S! Such was the case in the summer of 1988 when a record heat wave scorched about 45 percent of the nation, and rainfall levels were even lower than during the Dust Bowl era. Between heat stress, wildfire deaths, and other heat-related deaths, about 5,000 – 10,000 people lost their lives and the heat wave left $61 billion of damage to the agricultural economy.

Hurricane Katrina - 2005
The Category 1 hurricane that slammed south eastern United States ended up being the costliest natural disaster in U.S. history with a final tab of about $125 billion, including about $81 billion in property damage. But it was the unbelievable scenes of the levees breaking in New Orleans and the aftermath that affected us the most, as 80 percent of the city was underwater and countless people scrambling for survival. While that financial damage was unprecedented, it was the human toll of 1,836 lives lost that made it one of the worst American tragedies ever.

Hurricane Sandy - 2012
Seven years after Katrina hit New Orleans, Hurricane Sandy wreaked havoc in New York in 2012. Also known as Superstorm Sandy, the hurricane stretched an unnerving 1,100 miles across the Atlantic Coast. When it was all over, 44 people had lost their lives in New York and New Jersey and the financial damage – an estimated $70.2 billion - made it one of the most costly natural disasters in U.S. history.

Hurricane Harvey - 2017
Of course, news about Hurricane Harvey and the devastation it has caused in Texas is now worldwide. Starting as a Category 3 storm, Harvey increased in power into a Category 4 storm, with 52 inches of rain and winds up to 130 mph.

So far, 50,000 homes have been damaged or destroyed, there are scores of casualties, and 30,000 people are living in shelters. With at least 1/3 of the city of Houston completely underwater, early estimates account for up to $23 billion in damage.

Wednesday, August 23, 2017

Inside the world of landlords – attitudes, challenges, and fears of investment property owners

Currently, there are 111,532,119 renters in the U.S., with 2,654 new renters every day. But there are also 22,910,370 landlords or rental property owners in the U.S., which means 1 in every 14 or so people are landlords in America. 

While some may think that being a landlord is all sitting back and collecting profit, the reality couldn’t be further from that perception. In fact, landlords exercise a tremendous amount of time, risk, work, their own money, and even legal exposure.

But when done correctly, they ensure the win-win scenario of making a good investment AND providing a safe, comfortable, and nice home for deserving renters.

You’ll find hundreds of blogs about renters and the rental market, so today, we wanted to bring you a profile of landlords, including their attitudes, fears, and challenges with being property owners. I break these down into the categories of Tenant screening, Repairs & maintenance, Landlord stressors, problems, & fears, Profit!, The dreaded “E” word (eviction), and the Damage Deposit.

Landlord stressors, problems, & fears:
The #1 concern for landlords is non-payment of rent.

Only 51% of landlords say that being a landlord is more attractive or lucrative than it was a year ago, a shockingly pessimistic stat.

Even worse, 33% say that it’s less attractive or lucrative to be a landlord now compared to a year ago.

According to surveys, this is what stresses out landlords the most:

22% Loss of income
22% Troublesome tenants
16% Maintenance
13% Tenant evictions
12% Tenant turnover
10% General stress of the role
5% Staying on the right side of the law

A second survey yields similar landlord stressors:

18% High turnover of tenants
12% Tenants not paying rent
10% Keeping up to date with safety checks and
8% Keeping up to date with changes in legislation
5% Finding good tenants
5% Property maintenance
3% Time consuming

But when asked if they’ve ever had to deal with a problem tenant, 51% of landlords surveyed said “yes,” while only 49% had not.

88% of property managers were able to increase rental prices in the last year.

In fact, rental properties now generate 31% of the average landlord’s annual income!

Homeownership rates are at a 50-year low, but at the same time, rental inventory is at a 20-year low, causing the average renter to spend 10.4 weeks looking for a new home or apartment!

California is ranked #4 (behind D.C., New York, and Hawaii) for states with the highest percentage of renters. In fact, 43% of California residents now rent.
88% of the property managers they surveyed increased their rental rates over the past year.

Tenant screening:
36% of landlords just “trust their gut” when screening renters, and not all run eviction reports or criminal background checks.

38% didn’t screen a particular potential tenant because they “didn’t raise any red flags.”

13% didn’t want to spend the money to screen tenants properly, and an astounding 21% of landlords just weren’t aware that they could screen tenants online.

But more than 95% of landlords say that tenant screening is beneficial – they just aren’t doing it or doing it right.

When screening prospective tenants, 59% of landlords felt that a steady income was more important than a solid credit history.

Another shocking revelation is that 66% of landlords would overlook a relevant criminal history when accepting a renter.

But only 56% of landlords would take a tenant if their credit was bad!

These days only 38.6% of renters have a credit score of 660 or above.

Unfortunately, many landlords set up their tenants to fail because they accept applications they shouldn’t (costing themselves a lot of money and aggravation in the process.)

For instance, 40% of potential tenants are cost burdened, which means they would be paying more than 50% of their income in rent, which magnifies the risk of late and missed payments.

Repairs & maintenance:
According to data, the most common (and costly!) maintenance problems for landlords include:
·      Smoke detectors
·      Water heaters
·      Getting keys organized
·      Pests like termites, ants, roaches, etc.
·      Furnaces and flues
·      Clogged sink drains and toilets
·      Electrical systems

When it comes to their opinion or renting a tenant with pets, landlords are just about split down the middle, as a pet can cause a lot of damage.

 In fact, 53% of landlords said that they would rent to a tenant with pets compared to 47% would not.

The dreaded “E” word (eviction):
The average eviction now costs landlords $3,500 and takes at least 3-4 weeks (past the month(s) of non-payment. However, if not handled correctly the first time or in extenuating circumstances, there have been cases where evictions cost the landlord up to $10,000!

Interestingly, new eviction filings spike in the summer months, specifically July, August and September every year.

The damage deposit:
54% of rentals have tenant turnover every year.

Landlords commonly have to withhold a tenant’s deposit because of maintenance issues, damage to the property, or other conditions. The common reasons include:

49% State of the garden/lawn/landscaping
15% Damage to fixtures and fittings
13% Cleaning
12% Rent in arrears
1% Damage to furniture
9% Other damage

If you have any questions about purchasing a rental property, being a landlord, or even how  a property management firm can help you, feel free to contact us.