The Ever-Changing Landscape Of Property Management Law
We are continuing our dive into the many hats Housing Hub wears as a property management company! This month we are talking about our role as The Lawyer. Last week we discussed the legal ramifications of a lease, the standing it has in court, and how they are a crucial part of what Housing Hub does. This week, we are exploring property management law and why it is critically important to stay up to date on the latest policy changes.
There have been a lot of changes in the past year when it comes to property management here in the Twin Cities. With the COVID-19 pandemic and new rental laws and tenant protections, it can be a lot for property owners to take in. But that is what Housing Hub is here for! We wear many hats for a reason - we are experts at what we do. Understanding and navigating the ever-changing landlord landscape is part of our job!
Both Minneapolis and St. Paul are in the process of enacting, or have already enacted, new tenant protection laws. Minneapolis put new policies into place last year, and St. Paul will go into effect March 1st, 2021. The new city ordinance covers a wide variety of topics, including tenant rights and responsibilities, security deposits, tenant screening guidelines, just cause notice, and advance notice of sale. We will take a deeper dive into what these new rules mean next month.
Governor Tim Walz’s eviction moratorium has also had a big impact on property owners and management companies since it was put in place 6 months ago. Halting a majority of evictions caused significant financial strain for many landlords, and changed what action could be taken against delinquent tenants.
It’s important for us as a property management company to stay on top of the latest developments by educating tenants and property owners about the new policies, so they know what their rights are. We are not only here to educate, but to help guide owners through the ever-changing landscape of property management law.