The Top 5 Tax Deductions For Rental Property Owners

There are many landlords who pay more taxes than they should every year, usually because they aren’t familiar with the deductions they can claim. It takes a thorough understanding of tax law and strategic planning to take advantage of all available deductions. Here is a guide to the top five deductions you should claim.

1. Deducting Interest
Perhaps the most important deduction to take is on interest payments, which can represent a significant amount of money each year. This can cover many types of interest payments, including interest on mortgages and loans that were used to purchase or improve your rental property. These interest rate deductions also extend to credit card interest payments that were used to purchase goods or services in relation to your rental properties. Remember that this doesn’t apply to the principal that you initially paid for the property, only the interest accrued.

2. Repair Deductions
The cost of repairs can add up significantly over the year, but the good news is that these repair costs can be deducted from your taxes. Repairs to your property can take many forms:

  • Fixing leaks
  • Repainting
  • Patching a roof
  • Plumbing work
  • Replacing a broken door
  • Plastering a hole in a wall
  • Replacing a shattered window
  • and more

Be sure to keep receipts and records of all repairs you make. Also be aware that you can only deduct repair costs made the year you performed them, so be sure not to wait on this deduction until next year.

3. Travel Costs
Do you find yourself traveling constantly to repair property, pick up building supplies or meet with a tenant to discuss a problem or complaint? The great part about travel-related expenses is that they are all deductible. This even applies to overnight travel involving flights to other cities. For example, if you attend a real estate conference to help you understand how to improve your business, the plane ticket and hotel costs would also be deductible. At the same time, overnight travel is likely to be the most scrutinized by the IRS when you file your taxes, so it’s important to keep thorough records that can back up your deduction in case of an audit.

4. Depreciation Deductions
Depreciation is one deduction many landlords don’t quite understand; however, this can add up to big savings every year. The basic concept of real estate depreciation is that the IRS allows landlords to claim a “paper loss” on the value of their property. This is based on a model that stipulates that properties will lose value over 27 and a half years, which brings the value of their property from what they originally paid for it to the price of zero dollars.

Each year you can claim 2/55ths of the purchase price for 27 years. The formula for depreciation can be much more complicated and often requires an accountant for proper calculations. It’s worth the extra work, though, due to the amount of money that can deducted. Don’t forget to deduct the cost of using your accountant either, which is also permissible when it’s related to real estate activity.

5. Insurance Premiums
If you own a rental property, you’re probably paying quite a bit for insurance. This includes flood, fire, and theft insurance, as well as certain liability insurance expenses. You might even be paying for your employees’ workers compensation and health insurance. Thankfully, all of these insurance premiums are deductible.

As you can see, there are numerous deductibles available to landlords that you can use to maximize your savings. Include these five on your list of deductibles, and you’ll be doing your rental property taxes the right way.

 

Please note: These articles are for informational purposes and we advise you to consult an attorney for more specific information related to your situation.

What Is a Wrongful Eviction?

There are always going to be problematic tenants from a landlord’s perspective.

From the tenant’s perspective, there are always going to be problematic landlords.

A vast majority of tenants and landlords have a mutually beneficial relationship that works for both groups.

When that relationship turns sour or there is a lease violation, however, a wrongful eviction can easily happen.

What is a wrongful eviction?

It is when a property owner, a landlord, or an agent acting on behalf of either party forces a tenant out of a residence without legal authorization to do so.

There are a number of ways this might happen.

1. By changing the locks on the building in question after removing personal effects.

2. By shutting off the utilities to the building.

3. By bullying the tenant into leaving the property through abuse and intimidation.

Tenants often have a lot of leeway to correct the issues that they may have created.

Most landlord-tenant laws require that a property owner, landlord, or agent give that tenant every opportunity to rectify the situation.

That’s why a specific eviction procedure must always be followed.

Landlords Almost Never Have Authorization To Remove Tenants

Only in specific jurisdictions is there any authorization for a landlord to physically remove a problematic tenant.

Most of the time the tenant who is in violation of a leasing agreement must be notified that they are in violation in writing.

They will be given a specific time frame to rectify that violation so they can return to compliance.

The most common reason why a tenant falls out of compliance with a leasing agreement is because of a non-payment of rent.

Any violation of the lease can be grounds to send a violation letter, but landlord-tenant laws have a specific amount of time that ranges from 3-30 days to rectify the violation.

Only if the violation is not rectified by the deadline given on the notice can a landlord then proceed with a formal eviction.

To do so, an “unlawful detainer” must usually be filed in the local court system.

Did You Know Tenants Can Evict Themselves?

Landlords, property owners, or their agents can also be “evicted” by tenants for the same reasons.

If a landlord fails to live up to their obligations in a leasing agreement, a tenant is allowed to send notice of this violation in writing and be guaranteed protections against retribution for such an act.

If the property being rented does not meet basic needs in a specific time frame, often just 24 hours, a tenant may “evict” themselves from the lease without penalty.

Tenants who legally break a lease must still surrender the property in a condition that is equal or greater to the condition they received it.

A security deposit cannot be used in this situation to correct an issue that was reported as a violation of the lease by the tenant.

Otherwise all other applicable security deposit laws are generally enforceable during the separation process.

Why Can’t Self-Remedy Options Be Legal?

It would be a lot easier to be able to just evict some tenants without court intervention and legal fees, but the rights of a tenant cannot be overlooked.

It might be your property, but it is a tenant’s home.

The law protects this right.

You entering a home without permission or a legitimate emergency could be construed as breaking and entering and that means a tenant has a right to defend themselves and their property in many jurisdictions.

That’s why letting the court system and law enforcement handle a problematic is a good idea.

It keeps everyone safer and although it may be an added cost, it is generally a cost that is worth spending.

This process also eliminates any litigation costs that may come from accusations that a landlord stole or damaged personal property during the process.

Just like most tenants won’t need to ever be evicted, most tenants that receive a violation notice will rectify the situation.

For those that receive a court-ordered eviction, they will leave before law enforcement arrives.

Only a small minority of tenant will need to have a full eviction, just as a small minority of landlords break leases on their end as well.

What is a wrongful eviction?

It is any process that attempts to remove a tenant from a property without legal permission.

Make sure to follow the steps outlined in your local landlord-tenant law today so that you can stay in compliance.

How To Fix a Burst Pipe

When you have a pipe burst in your home, either because the weather turned cold or there was a failure in the craftsmanship of the pipe itself or its joints, then here’s some good news: you don’t need some serious plumbing skills to fix the problem.

You’ll just need a few tools, some solder that is lead free, and some replacement pipe and fittings.

The first step is to make sure that you’ve turned off your water supply.

Look for the main valve for your water in a heated area of your home.

Many times the water shut-off is located near the water heater, furnace, or primary electrical box.

Open up the lowest fixture you have to make sure your plumbing system completely drains.

 

1. Allow your pipes to thaw out.

If you have frozen pipes that have caused the burst, then you’ll need to make sure they’re completely thawed out before you begin the repair.

Wrap the pipe with insulation if necessary to make sure the ice begins to melt.

2. Cut out the damaged section of pipe.

When you’ve located where the pipe has burst, you’ll need to cut out that damaged section.

The easiest way is to use a pipe cutter.

Rotate the the cutter around the pipe and keep tightening it a little bit with every rotation until it cuts all the way through it.

You’ll likely have burrs on the cut.

You can clean these up with some steel wool.

Avoid using the kitchen steel wool pads, however, because the detergents can make the job more difficult.

3. Cut a new section of pipe to install.

You’ll need new pipe to replace the burst pipe.

Cut the new pipe to the appropriate size.

Because you’ll be connecting the new pipe to the undamaged plumbing, you’ll need to cut it a little shorter to accommodate the fittings that you’ll need for a water-tight seal.

Make sure you’ve got the same diameter of plumbing pipe as well.

Most homes have ½ inch pipes, but this isn’t always the case.

4. Clean the ends of the pipe.

You’ll need to take that steel wool and make sure all of your pipe and fittings are cleaned up on the edges so that they’ll be able to form an adequate seal.

Take your time during this part because clean fittings and pipe ends are essential for a good connection.

5. Begin the soldering process.

You’ll need to spread some soldering flux on the outside of the pipe end where you’ll be connecting it to your existing plumbing.

Then slide the valve fitting onto the end of the pipe and heat the valve fitting where it connects.

You can hold the flame right up to the pipe, but make sure you’re wearing safety glasses.

As the connection heats up, you’ll want to push some solder into the joint where the valve connects.

The solder melts from the heat and will seep into the connection, sealing it off.

6. Continue until repaired, then turn on the water to check for leaks.

Make sure that the solder has cooled and sealed every joint that needs to be repaired and then turn your water back on to check for leaks.

If you have leaks, you will need to start over from the beginning.

It takes some practice to get soldering down, so take a few minutes to practice your technique before attempting the repair.

In doing so, you’ll be able to solve your own plumbing problems and know how to fix a burst pipe.

3 Ways to Cut Down on Time Spend Collecting Rent

You have solid tenants in your properties and you enjoy being a landlord. Although you had success filling up your properties, you don’t want to rest on your laurels. By seeking new ways to enhance your property management skills, you can help to set yourself up for further success and simultaneously improve your work-life balance that may have been neglected. No one wants to spend hours of their day traveling to their many properties in order to collect rent in person. With the modern family’s busy schedule, coordinating in-person payment times is a difficult prospect. Worst case scenario, you chase around payments and deal with more frustration than you need to. These three rent payment collection methods will save you great time and energy, allowing you to focus on other important aspects of your property management business.

 

1. Electronic payment

One of the easiest methods for collecting rent payments is accepting electronic payments. Most people these days don’t deal with checks on a regular basis, so keeping a checkbook around solely for rent is an inconvenience. Electronic payment systems cut down on problems such as checks getting lost in the mail and dealing with checks filled out incorrectly. With some electronic payment systems, tenants can use debit cards and credit cards to make their rent payments at their convenience. You pay a fee for the service, but you also save time not having to deposit checks. Some electronic payment services also allow your tenants to send electronic checks instead of physical checks.

 

2. Billpay

If you don’t want to utilize an electronic payment system, talk to your tenants about setting up bill pay through their banks. Many banks utilize a bill pay system that transfers money from the tenant’s account to your account. If you share a bank with the tenant, the bank may deposit it directly into your account. Otherwise, the bank cuts a check so you don’t have to worry about insufficient funds. Banks with reputable online banking features make it easy for tenants to set up bill payments. If you want to make it easier, talk to the bank to get yourself set up in their system as a payable company.

 

3. Recurring payment

Electronic payments and bill pay both feature the option to set up recurring payments. There are plenty of benefits that come from setting up recurring options. The major benefit is making sure that your tenant never misses a rental payment. Automatic recurring payments take the money directly out of the account without any outside intervention. If an automatic payment doesn’t process correctly, you know it within a few days of the automatic payment date, instead of wondering if the tenant forgot to send the rent payment.

 

Accepting rental payments is an integral part of being a landlord. When you increase the efficiency of your rental collection methods, you set up a foundation to also increase the quality of your business operations. When you have efficient processes, you decrease the amount of time you spend collecting rent, which allows you to have more of your time to enjoy for yourself. You’ll also be able to spend more time bettering your business and rental properties, which could boost your income higher than ever before.

 

Good Landlording: Addressing Prospective Tenants

With many potential tenants falsifying application forms, landlords need to get creative when screening tenants.

Ideally, an effective screening process can detect bad tenants before they sign the rental contract.

This guide helps landlords navigate all the necessary screening considerations and shows how to create lie-proof application forms and run background checks.

1. Be Proactive About Prescreening

At any given time, there could be hundreds, if not thousands of people looking for a new apartment or single-family home.

This constantly changing group consists of good and bad tenants alike. Fortunately, landlords can weed out most of the bad applicants before they even glance at a rental application, saving a great deal of time and money.

The first step in weeding through potential applicants is establishing standards and rules on the property advertisement.

At a basic level, these standards should include a minimum income requirement, pet policies, statements regarding previous evictions and criminal records, and any other policies the property managers may have.

By clearly stating these baselines, a majority of the bad applicants will look elsewhere.

When reaching out to potential applicants, landlords can easily gauge their character over the phone or in person.

Landlords should be sure to ask the right questions and always make property rules and standards clear whenever possible.

An ideal tenant should be financially secure, have a clean background, keep a tidy living space and have no eviction record.

These qualities, or a lack thereof, will make themselves apparent in the application process.

2. Create a Legally Airtight Tenant Application

The best tenant applications provide an accurate look into an applicant’s life and personality, asking all the right questions and avoiding the wrong ones.

At an absolute minimum, application forms should include the follow questions:

  • Basic information (name, date of birth, Social Security number, phone number, address)
  • Employment information and contacts (current and past employers, monthly salary)
  • Previous and current rental information and contacts
  • Eviction records (ask how many, not just if they’ve had an eviction)
  • Release of information signature

Asking the applicants other questions, such as how many people intend on living at the property or if they have any pets, can help develop a  better understanding of their situation and avoid future complications.

Some questions, however, are not allowed. According to Federal Fair Housing laws, these include any questions relating to race, sex, national origin, color, religion, familial status, and handicaps.

It is illegal to discriminate against any of these qualities and doing so can result in a hefty lawsuit.

Individual states may also have variants and extensions of these characteristics, such as age or sexual orientation.

3. Run Background and Credit Checks

Background and credit checks are among the most accurate ways to gauge the reliability and character of a potential applicant.

Thanks to a number of tools and services, running both checks is usually an easy and inexpensive process.

Background checks include information such as the applicant’s criminal record and eviction history.

Checking these figures not only helps landlords assess whether an applicant will avoid criminal activity and be a good tenant, but doing so is also a good way to check the applicant’s honesty.

If the information on a criminal record and an application form don’t match up, it should serve as a massive red flag.

Credit checks help assess whether the applicant can pay consistently and responsibly.

A credit report usually includes information such as the applicant’s credit score and public financial records.

4. Get Creative With Screening Methods

While application forms and background checks usually provide most of the necessary information, it doesn’t hurt to go a little further.

This may include calling previous and current landlords and employers, as well as taking a look at social media accounts to gauge personality.

5. Know How to Deal with Approvals and Rejections

Approving an applicant is relatively straightforward.

A landlord contacts the new tenant with a message of congratulations and a list of next steps.

Rejecting an applicant, however, isn’t always as easy as saying “no.”

Landlords should document the reasons for the rejection and make these clear in a dismissal letter, which helps avoid any potential legal trouble down the road.

 

Time-Saving Financial Management Tips for Landlords

Being a landlord requires a significant amount of time and financial investment. One way to reduce the amount of time spent managing a rental property is to streamline how finances are handled. These financial tips can shave valuable hours from your weekly landlord duties.

 

Discuss Property Purchases with an Accountant

An accountant can offer useful financial suggestions regarding investment real estate purchases. While you may be an expert at management, your accountant is the expert at tax-friendly property financing, calculating property depreciation, the financial benefits and drawbacks of incorporating rental properties, and documentation for tax season. This expert advice can save you both time and money, and may prevent you from making costly mistakes. For example, people who are purchasing a sixth rental property may not be able to receive financing without incorporating their rental properties into a freestanding business. An accountant will be able to spot this problem and recommend an attorney to file any necessary paperwork.

 

Consider Accepting Online Rental Payments

Are you still accepting paper checks for rental payments? You aren’t alone. Paper checks are still a popular way of collecting rent, but this payment method is antiquated. Online rent payments are much quicker and can save a lot of time and potential hassle. With online payments, you can immediately see when a rent payment has been made, and you don’t have to worry if a check is lost in the mail. You can also send email reminders a few days before the rent is due.

Some landlords avoid online rental payments due to the cost of processing fees. While these fees are a reality, when you factor in the elimination of returned check fees and quicker payments, you may actually end up saving money by accepting online payments. In addition, offering online rental payments can be a selling point to young professionals who seldom write checks.

 

Try a Digital Financial Management System

By law, landlords must record their rental income, keep track of their rental expenditures, and produce documentation that supports their bookkeeping when requested. Each year, these record keeping requirements can yield hundreds of pages of documents that must be stored and examined during tax time. With a digital system, bank statements, rental payment records, and other documents can all be uploaded and stored within a single software program. Landlords can also scan paper receipts and store them digitally. Many programs automatically detect essential information from these financial records and use the data to create up-to-date spreadsheets. Digital records are also safer than paper records. For example, a fire can destroy paper records and computers, but digital files stored on the cloud (securely stored on the Internet) will remain safe.

 

Schedule Annual Property Inspections

Booking regular property inspections may seem like a waste of time, but they can uncover small problems that can quickly turn into expensive time-consuming projects. An annual roof inspection can detect a few missing shingles or a small leak before water damage and mold occur. Examining the bathroom can uncover deteriorating caulk, which can lead to expensive water damage. Recaulking a tub or patching a small leak may take a day to complete. Fixing water damage and mold from an overlooked problem could be an expensive two-week project.

To avoid wasting time while managing rental properties, it’s important that landlords establish a system that will help avoid unpleasant surprises and minimize bookkeeping. Learning new software or meeting with a property inspector will require a few extra hours of time, but these investments will easily yield dividends for years to come.

Selling A Rental Property With Tenants

Selling a rental property with tenants may be very straightforward; having a tenant in place can make for an unpleasant selling experience. Most real estate professionals will recommend allowing a lease to expire before selling a home. That isn’t always a possibility, so it is important to make sure that local landlord-tenant laws, which vary by jurisdiction, are taken into consideration. Some tenants have the right of first refusal. Others have this right when an offer comes in. A smart tenant can hold up the sale of a rental property for at least 12 months. This has a negative impact on the sales price, so getting the tenants on board with the sale is incredibly important. You get the advantage of selling the property. Your tenants need some advantages too. Here are some ideas to help get them on board so they house stays clean.

1. Offer a Rental Discount

If you know that the property is going to be on the market for at least a month, then give them a break on their rent for that month. Most tenants will laugh at a 10% discount or less. Think bigger – like 50% – to make an impression on them. You might take a small loss that month, but maybe you’ll get a sale on the property that will make up the difference.

2. Tenants Don’t Always Need to Vacate a Home

If the house is going on the market, landlord-tenant laws are often very specific about the lease you have signed. Your tenants may not need to vacate the premises at all because they have a business contract to occupy the property. Having a tenant home during an open house is a bad idea, so try offering a free hotel room or other incentive that will make life easier for them.

3. The Lease May Not Expire Upon a Sale

Many jurisdictions have the new owner taking over the business contract for the property. This means that an eviction does not automatically take place upon the sale of a property. If there is 9 months left in the lease and the new owner wants to live in the house, then some tenants may stay the full amount of time. Offering to subsidize a new rental deposit, the cost of rent for a month or two, or a straight cash payment might change their mind.

4. It is the Tenant’s Home

Many landlords see a rental property as an investment or business commodity, but tenants see it as their home. Their belongings are there and they’ve build memories there. Offering them a gift certificate to go have a nice dinner somewhere isn’t going to alleviate any concerns they have for their family heirlooms. You’ll likely need to put something into writing that will give them a legal guarantee that you and your real estate professional will protect their things.

5. Give Notice in Writing

Most jurisdictions require at least 24 hours in a written notice for a showing or an open house. If you do not provide this notice, then a tenant may not be required to let you, the real estate agent, or anyone else into the home.

5 Time Management Tools to Help Busy Landlords

You enjoy the experience of being a landlord, especially the income generating part of it.

However, if you don’t have the time to enjoy the money, what’s the point?

Your property management duties take up a lot of time, especially when you’re starting out.

You’ve got technology on hand to help you work smarter and more efficiently, such as accounting software, work order management, and electronic document signing.

1. Accounting Software
Filling out your taxes with income generating properties is quite a different experience from filling out a 1040-EZ.

If you come from a wage earner’s background, getting help with bookkeeping and taxes is a must.

QuickBooks is a common accounting software that is loaded with features and grows with your business.

If you prefer app-based software with a lower learning curve, try Expensify.

It automatically uploads pictures of receipts (taken with your phone) and syncs that expense amount with the app and supported accounting software.

2. Cloud-Based To-Do List
Is your property to-do list scribbled down on a piece of paper you lost in your car?

Step into the modern era by using a cloud-based to-do list, such as Wunderlist.

Cloud-based solutions are hosted on third party servers, so you can access them from any device with a web browser.

You write your to-do list once and it’s available and synced on your smartphone, desktop, and tablet.

Wunderlist allows you to create multiple to-do lists, so you can sort your tasks by category, property, or another organizational system.

3. Work Order Management Software
 Work order management software, such as LandlordStation’s tenant portal, allows tenants to send maintenance requests online or via mobile.

Work order management software streamlines the process on getting tenant problems handled, since you don’t have to check your voice mail for requests or keep paper copies of which property is having issues.

In addition, if it’s easy for the tenants to report problems, they’re more likely to let you know when something is wrong instead of ignoring it.

4. Electronic Document Signing
You found the perfect tenant, but their work schedule isn’t working with your availability when it comes to document signing and drop off.

Electronic document signing takes care of this issue by allowing the tenant to sign it online.

You use an electronic document signing service to upload your lease agreement and add marks that show where the tenant needs to sign through their software.

Once that’s squared away, you can send the document to the tenant’s email and they are directed to the electronic document for their digital signature and completion of the lease agreement signing.

If you already have your lease agreement typed up as a document, the only extra work you need to do is sending it through the electronic document signing system.

5. Automatic Backup Software
You deal with valuable documents as part of doing business as a landlord.

If you store everything on your local computer, keeping everything backed up is essential.

You don’t want to leave data redundancy up to chance, so use an automatic backup software so you always have your data available.

Some backup software also saves the data off-site, so you are safe even if your computer is damaged or destroyed in an accident.

Some backup software options include Carbonite, Seagate Backup Plus, and Microsoft Backup and Restore.

 

How to Verify Military Service

Claiming military service is an easy way to try to get benefits, discounts, and other perks.

Many will simply take a person’s word on their military service and issue the appropriate discount.

In some industries, such as real estate or employment, the claim of military service must be verified.

Here’s how you can do it.

 

1. Request an Official Record.

You can obtain the dates of service, a person’s rank, and even their duty assignments and status just be officially requesting them.

This request is made through the National Archives and is available through the Freedom of Information Act.

Make sure to include the reason why the information is necessary.

National Guard records can be obtained through the National Personnel Records Center.

2. Ask for Their Class Number.

Smart folks know that there are some bits of information that are classified, even from public information requests.

They’ll claim to be a Navy Seal or an undercover operative.

Every Navy Seal is issued a class number, so just ask the person for this information.

It’s a treasured number and will be instantly repeated.

If not, then you’ve just verified that they probably didn’t serve.

3. International Service Can Also be Verified.

Several nations keep thorough rolls of their military service members that have information that is sent with a simple request.

Just contact the nation’s version of the US National Archives, state the reason for verification, and then wait for the answer.

Most records date back to World War II.

4. Check the POW Network.

One of the more unique claims of military service is that someone was a prisoner of war and that their records may have been wiped clean for political purposes.

There is an independent database keeps track of the POWs that were known from wars since Vietnam called the POW Network.

It lists all those who were declared MIA or POW since 1952.

Finding military service information can be difficult at times not because of classified materials, but because of fake claims.

These options will help you be able to sort out the facts from the fiction.

5 Ways Landlords Save Money By Making Homes Eco-Friendly

Many individuals, landlords included, are opting to “go green.”

By making a property more eco-friendly, a landlord reduces the environmental impact of that home, but in addition to this benefit, there are a variety of ways it can also save them money.

1. Utilities Savings
While some landlords leave it to their tenants to have all utilities turned on, many also offer certain utilities, such as water and gas, as part of the rental agreement.

By installing water-saving technologies, such as low-flow shower heads and toilets, landlords can greatly reduce their water costs.
Similarly, investing in better insulation and new furnaces can reduce natural gas costs.

These are only a few options, as there are numerous home energy audits a landlord can perform to reduce a property’s environmental impact.

2. Tax Breaks
Although tenants are the ones who will inhabit a property, they’re not the ones who will have to pay taxes on it.

Because of this, it’s important for landlords to try to reduce their tax burden in any way possible, and fortunately, it’s easy to do this by simply going green.

The Database of State Incentives for Renewables and Efficiency (DSIRE) offers a resource that lists federal, state, and local tax incentives for home upgrades that are more environmentally sustainable.

3. Reduced Supplies Costs
Even seemingly minor costs can quickly add up for landlords who maintain more than one property. Paper waste, for instance, can quickly add up over the years.

Fortunately, a fair amount of this waste can be eliminated by simply using property management software that allows tenants to pay their rent online and landlords to perform background checks right over the internet.

4. Lower Repair Costs
Making a few eco-friendly changes around a property can also greatly reduce the repair costs that landlords see during a typical rental agreement.

Installing efficient insulation, for instance, will provide a home with better temperature regulation.

By doing this, HVAC systems will experience less strain from trying to maintain a comfortable temperature in a home.

Reduced HVAC running time equates to less wear and tear, and in the end, this means longer periods of time between necessary repairs and replacements.

5. Savings on Waste Removal
It’s also possible for landlords in certain areas to save money by reducing the amount of waste generated in their rental properties.

Many cities and counties, for instance, actually charge for waste removal based on the weight or volume of what’s removed from the property.

This means that, by simply eliminating some of the garbage created by tenants, landlords who cover waste removal can save money.

Unfortunately, it’s not easy, or sometimes even possible, to force tenants to reduce the amount of waste they produce.

It is possible, however, to increase the likelihood that they’ll do their fair share.

By providing composting areas for tenants, for instance, it’s possible to eliminate some of the waste generated in the average home by 25 percent.

Additionally, providing recycle bins can reduce waste even further.

In the end, these measures can result in substantial cost savings for landlords who pay for garbage collection by weight or volume.

There are countless environmental benefits of going green, but that’s not where the benefits end.

Whether a landlord is focused on saving money or saving the world, taking eco-friendly measures in their properties will help them succeed in their goal.