CT Real Estate Today - July 2022 Edition

In This Month’s Edition The Importance of a Lease Agreement When Renting a Property

Companion Pets vs. Service Animals vs. No Pets Allowed

Don’t Sweat It: Energy Efficient Home Humidity Tips

8 Things a Landlord in New Haven Should Know

July 2022

Published by:

Table of Contents Publisher’s Message A Message From Bob DeCosmo, President Of CTPOA

News And Views From The Capitol A Lack of Appetite for Zoning Reform Has Advocates, Legislators Regrouping

Realtor Report In One Town, 50 Offers for a House - But CT Real Estate Bidding Wars Finally Flattening

Insurance Insights As Home Prices Rise, So Does Insurance

Property Management Tips & Tricks 8 Things a Landlord in New Haven Should Know

Helping Property Owners Since 1994

Published by: CTPOA

CTPOA’s Mission:

Financially Speaking Mortgage Rates Are Increasing.

Here’s What That Means If You’re Buying a Home

Get Energy Efficient Don’t Sweat It: Energy Efficient Home Humidity Tips

The Legal Corner The Importance of a Lease Agreement When Renting a Property

Educate our members on the Best Practices.

Increase profitability.

Provide access to Core Services.

Advocate for Property Owner Rights.

Meet Our Team:

Vendor Spotlight Let Us Bear Your Junk!

Bob DeCosmo Carmine DeCosmo

Tenant Screening Tips & Tricks Companion Pets vs. Service Animals vs. No Pets Allowed

Melissa DeCosmo Paul Jenney

Chelsea Sayegh

PO Box 4795 Waterbury, CT 06704 800-369-6153 info@ctpoa.com

By Bob DeCosmo Advocate For Property Owner Rights Rewarding irresponsible behavior seems to be the norm today and respecting rules, regulations, law and order is no longer apparently fashionable.

This year we saw an effort in the Connecticut Legislature to pass “Just Cause

Evictions” that would have eliminated the Lapse of Time eviction option in larger buildings and removing from public view eviction records after just 12 months.

There were other proposals offered that would have seriously hurt the ability to provide safe and decent rental housing in our state, fortunately these Bills did not become law.

Rental Property ownership is difficult, and most people fail to realize that less than 9% of rent collected is profit. With today’s housing prices these profit

numbers are likely even smaller. There’s not a lot of profit in providing rental units, and being under attack by the policy makers only makes matters worse.

The fact is most of the affordable rental housing in this country is provided by small landlords that have pride of ownership. Ask yourself this question, did you ever see a public housing project that you wanted to move into? Probably not, because there is no real pride of ownership in public housing, its just a job for 04 / Publisher’s Message

the administrators and staff.

For years now landlords have sought to compile a list of their bad tenants who act irresponsibly and share it with other landlords, a “blacklist” of sorts to help prevent negligent tenants from victimizing the next landlord.

These blacklists would violate the Fair Credit Reporting Act as tenants would never know they were on the list to challenge the information about them.

Just one eviction can wipe out three years of profits for a landlord, so we need to protect the small landlords in Connecticut. To do so we need to have landlords organize themselves into a trade association and become active in the political and legislative arena as well as hold tenants accountable for their actions.

TenantTracks, has now created a way now for landlords to report irresponsible tenant activities directly to its database. This will warn future landlords about irresponsible tenant behavior including non-payment, lease violations and cash for keys among other activities.

TenantTracks has created a soft credentialing process that allows landlords to identify themselves first and then be able to report tenant activities. Most importantly, the process allows TenantTracks to follow up on tenant disputes, an essential part of the Fair Credit Reporting Act. It’s getting harder to maintain rental property at a profitable level with all the

costs of operating increasing but making tenants more accountable for the actions is a step in the right direction in cutting down on collection losses.

TenantTracks is sponsoring the Bristol CTPOA meeting at Marylin’s Place on July 21st starting at 5:30 and will explain more about direct tenant reporting.

For more information on the event please click here.

05 / Publisher’s Message

WARNING!

IF YOU ARE NOT USING

TENANTTRACKS, YOU ARE NOT RECEIVING CONNECTICUT CRIMINAL CONVICTIONS UNTIL AUGUST 22. (At the earliest).

Contact us at TenantTracks for more information!

888-610-4710

A Lack of Appetite for Zoning Reform Has Advocates, Legislators Regrouping By: Ginny Monk, with ctmirror.org Despite five years of advance notice that Connecticut towns would have to submit affordable housing plans by June 1, less than half of them made the deadline.

The deadline — established by a 2017 law that requires such plans every five years —marked an important date for affordable housing advocates in Connecticut.

As of Thursday, just 46% of the state’s towns had submitted plans to the Office of Policy and Management. Nineteen percent of the towns “proactively notified” the office that they wouldn’t meet the deadline and provided an anticipated date.

The state Office of Policy and Management plans to “determine appropriate next steps for reminding the delinquent municipalities of their responsibility,” spokesman Chris Collibee said.

But there didn’t seem to be much appetite for zoning reform during the recent legislative session, either — not a single bill aimed at solving the problems made it to the governor’s desk, and advocates are now planning their next steps.

Much of the opposition to zoning reform bills was centered on arguments that statewide reform would dilute local control. Opponents argued that towns were already working on their own plans and that legislators should wait to see the results before

passing laws to mandate reform.

So, the legislative session closed with no major zoning reform in a state that lacks tens of thousands of housing units that are needed to meet the demand from its lowest-income residents.

Advocates, legislators and analysts said zoning reform bills failed this session in part because of the short session, opposition based in local control arguments and a lack of understanding of what zoning reform would mean for Connecticut.

As legislators and advocates plan another push for land-use reform, education that attempts to address misconceptions around proposed bills, existing laws and types of housing developments will be a focus as they prepare for the next legislative session.

Legislators said they agree that the state needs more affordable housing.

“The fact of the matter to this day is we do not have enough housing in the state of Connecticut. Period,” said Rep. Quentin Williams, D-Middletown, co-chair of the housing committee.

The bills The bills — House Bills 5429 and 5204 — sought to tackle what experts have long said are restrictive local zoning laws. These laws make it harder for developers to build multifamily housing, particularly

08 / News & Views From The Capitol

in many of Connecticut’s suburban towns.

DesegregateCT, a group that pushed for transitoriented development, is a program of the Regional Plan Association. Transit-oriented development is a land use concept that encourages development near public transit stations.

already have single-family homes built near train stations, she said.

While she said she supports the idea of transitoriented development, Thomas said the bill didn’t account for the needs of individual municipalities and isn’t the way to introduce the concept to Connecticut.

During the legislative session, lawmakers considered a bill that would have required towns to allow denser housing — at least 15 units per acre — within a half mile of a passenger, commuter rail or bus rapid transit station. Certain types of land such as wetlands and steep slopes would have been exempt.

“I just feel so strongly that we cannot vote on a concept,” Thomas said. “We have to vote on the actual language. I am a huge proponent of affordable housing. I also am a huge proponent of transit-oriented development. I just don’t think the language of the bill is what makes sense.”

The bill died in committee.

Rep. Frank Smith, vice chair of the housing committee, said he thinks housing prices need to be contained through methods other than zoning reform. He said he supports bills such as one that passed during the session to establish more fair rent commissions in the state. The commissions receive rent complaints, conduct investigations and hold hearings, among other actions.

The other major piece of zoning reform legislation last session would have required the state’s Office of Policy and Management to assess the need for affordable housing regionally in Connecticut. Then, towns would share the responsibility to plan and zone for that need.

A town’s share would have been determined by its wealth, median income compared to nearby towns, percentage of housing stock that’s multifamily, and the poverty rate. That bill was voted out of committee but didn’t get a vote on the House or Senate floors.

In argument against both bills, opponents said the reforms would have hindered local control and imposed one-size-fits-all solutions on municipalities.

What happened Zoning reform met resistance, much of which stemmed from Fairfield County, said Rep. Joe Polletta, a Waterbury Republican and ranking member of the Housing Committee. There’s not enough support on either side of the aisle to pass such a bill, he said.

“The folks that have been opposed to the bill want to keep local control of zoning, and the bill has not given them that option,” said Polletta.

Opponents have cited local control and decried a one-size-fits-all solution to the state’s affordable housing problem.

“I always felt when it comes to housing, it’s always better to err on the side of local decision making,” said Smith, D-Milford.

Erin Boggs, executive director of Open Communities Alliance, said reform takes time. Her organization pushed for the fair share bill as a part of a coalition of groups called Growing Together Connecticut.

“Fair share is a big and meaningful proposal,” she said. “It’s transformative, and things like this don’t happen in one year, or two years.”

Pete Harrison, director of DesegregateCT, expressed a similar sentiment. He added that it’s often more difficult for major legislation to pass during a short session.

“That effort spring-boarded things,” Harrison said of the last session. “I feel like it’s a really similar trajectory for us, that we laid a really good foundation.”

Next session, the Regional Planning Association may look at other land use policies to support such as adjusting minimum lot sizes, said Melissa KaplanRep. Stephanie Thomas, D-Norwalk, said in a March Macey, Connecticut director at the association. interview that the transit-oriented development bill doesn’t work for all towns. For example, some areas

09 / News & Views From The Capitol

In One Town, 50 Offers for a House - But CT Real Estate Bidding Wars Finally Flattening By: Alexander Soule, with ctinsider.com As Connecticut’s spring real estate market nears the finish line, in some towns half of the houses sold in May went to contract in five days or less — and in a few select locales, in the span of a weekend.

3,856 properties and higher prices for those that are listed for sale. Over the first five months of the year, 16,733 houses and condos sold in Connecticut, down 15 percent from the same period in 2021.

Even compared to the super-heated market as families fled New York City a year into the COVID-19 pandemic, that was an accelerated pace for homes going under contract. Statewide in May, buyers bid 4.7 percent more on average than what sellers were seeking for their houses and condominiums, as computed by Berkshire Hathaway HomeServices New England Properties.

Stamford led the state with 143 sales in May, down only 5 percent from a year earlier despite 20 percent fewer listings hitting the market. But Stamford sales took far longer to get to closing than the state median, at just over three weeks.

The median Connecticut property sold for $350,000 last month, the Wallingford-based brokerage determined — up a full $30,000 from the May 2021 median sale, or 9.4 percent.

There are fewer houses for buyers to consider this year, contributing to a 14 percent decline in closed sales in May to

10 / Realtor Report

The market appears to have flattened in another aspect, according to CEO Candace Adams — the number of properties where sellers are getting more than a few offers, though some are still generating massive interest like a Woodbury house that unleashed a bidding war of 50 offers.

“We are starting to see if leveling off a little bit — the showings are a little bit down, the multiple offers are down,” Adams said Wednesday. “However, there are tons of buyers still out there and there are more

listings coming on the market, so I think percent from we’re going to have a phenomenal summer May 2021 to market.”

1,019 transactions, The National Association of Realtors has and for the yet to release sales figures for May. The first five Northeast had the sharpest decline in months of pending sales in April on NAR’s most the year the recent report, off 16 percent from the price of the month before. median Hartford County was a Connecticut home sold standout in May on the Berkshire was up only Hathaway study, with the median house slightly to 545,000. going under contract in just five days of just In a letter to clients reviewing May sales, over 900 sold last month. In Avon where however, William Pitt Sotheby’s CEO Paul 32 properties sold in May, the median Breunich said New York City buyers interval took just three days. In West continue to eyeball Connecticut towns for Hartford, Farmington, Wethersfield, getaway homes or outright moves. But with Granby, Newington, Burlington and stocks dropping and interest rates rising, it Suffield, the median home sold took just is an open question on how many are four days to get to closing. taking a pause to assess where the In its own May review, William Pitt economy is headed, particularly in a Sotheby’s International Realty calculated a window of runaway inflation.

16 percent increase from a year earlier in Adams said interest rates loom largest for the average price that Hartford-region buyers considering houses priced below houses were getting for each square foot, the median, with the stock market coming a metric that does not factor in the size of into play for those scouting the upperany lot. That was triple the increase seen middle market. She thinks the pandemic in Fairfield County. continues to influence Connecticut real In West Hartford, an East Maxwell Drive estate — particularly earners who are sale was completed last month at $1.15 being offered an extended stretch of million, 6 percent more than what the seller remote working. wanted — and half more than the “If you go back any year other than the last $765,000 that owner paid for the house in two years, and you say, ‘we’ve got two or March 2020 less than two weeks in three offers on our property in two days,’ advance of the declared public health you’d be saying that’s an amazing market,” emergency to slow the spread of the Adams said. “Now we’re saying it’s cooling COVID-19 virus. down, and it is — but it’s still an amazing Fairfield County sales were down 21

market.”

11 / Realtor Report

As Home Prices Rise, So Does Insurance By: Paul Nelson, with 2news.com Inflation is affecting every part of the

100% but says it is not necessary to

United States, including the housing

over-insure your home. There are

market. The median home sale price in some other things they can do to help Reno-Sparks has more than tripled since 2010 and construction costs are also rising. As that happens, homeowner's insurance has to keep pace with inflation. Those rates are typically adjusted every year, automatically.

"We have an inflation writer in the

policy that will increase," Christina Kantrud, State Farm Insurance Agent said. "It will look at the market rate index every year and it will increase."

themselves.

"It's really important, especially, right now, that homeowners are meeting with their insurance agent and doing an insurance and financial review or insurance checkup, once a year," Kantrud said.

Eric Beer and Tom Swan met with their

agent about 10 months before the Pinehaven Fire swept through their Caughlin Ranch neighborhood. Their home was one of five destroyed in the

Kantrud recommends that clients cover fire in November 2020. their home's replacement value at 12 / Insurance Insights

"When we left the house, we thought

Beer did not say who they buy

it was just smoke intensity, so we left

insurance from. Kantrud says that

the neighborhood, thinking we were

State Farm's goal is to replace homes

coming back that night or the next

to be as similar to the original as

morning," Beer said.

possible.

They are renting their neighbor's

"If you've flown in marble from a

house while theirs is being rebuilt. The different country, we want to make could move back in this fall if not

sure that

sooner. Dealing with their insurance

when we

company was a challenge though.

replace

"The insurance company said it was too much money, that they didn't want to put that kind of money into it," Beer said.

The company eventually paid to rebuild the $1.7 million home but the new house will be different. The original house was 4,500 square feet.

your home, we can add that same exact marble flooring that you had before," Kantrud said.

That is why she encourages annual meetings and for each homeowner to take inventory of their belongings.

The new one will be 4,000 square

"It's important that they also go

feet. Beer says they dealt with eight

through with a camera, write

different insurance adjusters and

everything down, so not only can we

there was a lot of back-and-forth

replace on the outside of the home

before the issues were resolved.

and the structure, but we can also

"We were quite satisfied with that conversation as far as upgrading the

replace what's on the inside," Kantrud said.

insurance needs for personal

She says doing that also speeds up

property, for replacement value, all

the process for clients if they do have

that," Beer said.

a situation where they have to rebuild.

13 / Insurance Insights

8 Things a Landlords in New Haven Should Know By: Matt Hughes, with newhavenlistings.com If you're a landlord in New Haven these points are

In Connecticut, you can only charge a tenant a

important to be familiar with

maximum of two months' rent as the security

Renters and landlords both have certain matters they can and cannot do. State rules and regulations help establish boundaries and protect the rights of the renter. The state of Connecticut has passed a set of rules aimed at protecting tenants and landlords. The goal of these rules is to define the roles of landlords and tenants. If you are a first-time landlord in New Haven knowing what you can and cannot do is extremely important. Here are the 8 things you must know:

Responsibilities It is your responsibility to provide a clean apartment

when the tenants move in. Landlords must ensure that common areas are clean. Entryways and

deposit. However, in the case of tenants over the age of 62, you can only charge a maximum of a month’s rent as the security deposit. You must place the deposit in an interest-bearing account in

Connecticut and the interest must be paid to the tenant annually. You must return the security deposit minus any relevant deductions within 30 days of the tenant moving out of your property.

Right to entry In Connecticut, there are rules in place for why and when landlords can enter the tenant’s property. In most states, the landlords are required to provide adequate notice to the tenants before entering their property. However, there are certain

hallways must be lit well, and that the heating and

circumstances under which a landlord can enter

plumbing systems are working properly. You must

the property without giving notice. These

adhere to the health, housing, and environmental

include emergencies such as serious leakages,

codes and regulations. You may read the complete

the landlord has a court order allowing them to

list of landlord responsibilities here.

enter, or when the tenant has abandoned the

Security deposit

apartment and moved out.

14 / Property Management Tools & Tips

Evictions and lockouts

Moving out

Unless you have a legal court order to evict the

You must return the security deposit to your tenant

tenants, you cannot ask them to move out. Even if within 30 days after they move out if they have not the bank is foreclosing on your property, the

caused any damage to the property. You must

tenant has the right to stay there. You cannot

return the security deposit amount plus interest.

change the locks on the property, keep your

However, in case there has been damage to the

belongings in the rental property, or do anything

property, you can use the security deposit to

else to keep the tenant out of the apartment. You

repair the damage and return the remaining

cannot lock out the tenant even if they owe you

amount. In this case, you will have to provide an

money.

itemized list of what the money has been spent on.

Rent increase If you have a written lease, you can increase the rent at the end of the lease term. In case there is no written lease, you can increase the rent at the beginning of any month.

These are just some of the things you must be aware of before renting your property. Being a landlord can be more demanding than you may think. The struggle begins with finding the right tenant for your property. It is best to have the

Termination of the lease agreement

experts do it for you.

Matthew Hughes is the broker/owner of Farm River Property Management LLC. lease agreement early under certain Matthew works with landlords and circumstances. They may do so if you fail to property owners to create value in today’s supply necessary services or violate building or competitive real estate market. His housing codes. They can also terminate the lease business provides full service property early if they are a victim of domestic violence, they management, brokerage and leasing are being harassed, or they are a member of the services He has personally marketed over 160 properties in Greater New Haven area. military and have received an active-duty notice.

His website is https:// Discrimination newhavenlistings.com/ The tenants are legally allowed to terminate the

As a landlord, you cannot discriminate on the basis of race, color, creed, ancestry, nationality, gender identity or expression, sex, age, familial status, lawful source of income, marital status, learning disability, sexual orientation, physical pr mental disability, or status as a veteran.

15 / Property Management Tools & Tips

Mortgage Rates Are Increasing. Here’s What That Means If You’re Buying A Home By: Laura Grace Tarpley, with businessinsider.com The US has been experiencing all-time low

to 4%. They were well below 3% in early 2021. This

mortgage rates for almost two years. But all of that

stark difference can make it seem like rates are

is changing.

high and you've missed the opportunity for a good

Low mortgage rates are usually reflective of a

mortgage rate.

struggling economy. Rates plummeted in 2020

However, data from Freddie Mac shows that

when the coronavirus pandemic began, people lost

mortgage rates are still relatively low. As recently as

jobs, businesses closed, and the Fed lowered

late 2018, 30-year rates were at almost 5%.

the federal funds rate to 0% to 0.25%. They stayed at record lows throughout 2020 and 2021.

Mortgage rates have started rising in the beginning of 2022, though. Yes, the US economy is still working its way back from the damage caused by the pandemic. But it's also successfully added more jobs, more people are joining the workforce,

and inflation has soared.

These trends can be good for the economy, but potential homebuyers may be upset that they can't get a rate under 3% anymore, like McClinton did.

How high are rates going to get, and what does this mean for buying a home?

Thirty-year fixed mortgage rates are getting closer

16 / Financially Speaking

Will mortgage rates go up in 2022?

Mortgage rates have already gone up this year, and it's possible they will continue to increase. The Fed expects to raise the federal funds rate multiple times in 2022 in response to inflation, which could be a sign that mortgage rates will also increase.

There are plenty of other factors to consider, though. If there's a new wave of the coronavirus, or the Russia-Ukraine conflict heavily impacts the US, economic growth could slow and the rise in mortgage rates might stall.

Rates are likely to continue to rise throughout 2022, just not as rapidly as they did in January and February.

"They could go up as high as 4.5%," said Nicole Rueth,

prefer the lower interest rate — but your monthly

producing branch manager at The Rueth Team

payment goes up by less than $100.

of Fairway Mortgage. "Then I think they'll come back down as we go into some sort of recession where the economy slows down, inflation slows down, and then that 30-year fixed rate comes down as a result."

But while rates could decrease later in 2022, Rueth doesn't necessarily expect them to fall back below 3% like they were last year.

How rates should factor into the homebuying process

"Homeownership is a major milestone goal for most people in our country, so I think people are going to buy homes no matter what interest rates are," Banosian said.

First-time homebuyers face greater obstacles than rising rates Joel Kan, the associate vice president of economic and industry forecasting for the Mortgage Bankers Association, sees rates continuing to increase — up to, potentially, 4.25% toward the end of 2022. But again,

There are a number of factors that homebuyers should

Kan said, there's no need to worry: Even rates above 4%

consider when buying a home — and mortgage rates, of

rates are still low.

course, are one of them.

While the low rates we've grown accustomed to over the last two years have gotten most of the attention, a decision about whether or not to purchase a home ultimately should not come down to interest rates.

"You shouldn't make your buying decisions of a home based on where interest rates are," said Shant Banosian, the executive vice president of sales at Guaranteed Rate.

Banosian, the firm's No. 1 loan originator in the US,

However, he added, other economic factors have emerged as more decisive roadblocks for homebuyers.

"You're combining a higher mortgage rate with home prices that have been increasing at 17% and 18% yearover-year for the country," Kan said.

Indeed, skyrocketing home prices and severely low inventory, or too few homes on the market, are the main

reasons it's hard to buy a home.

How to cope with rising interest rates

believes that now is as good a time as any to purchase a

The best advice to navigate the rising interest rates,

home. Rates are increasing from the historical lows of

according to Guaranteed Rate Senior Vice President of

2020 and 2021, but are still, generally, at a reasonable

Mortgage Lending Jennifer Beeston, is to regularly check

rate. He said there's no need to panic just yet.

in with your lender.

Although a higher interest rate will increase your monthly

"The best thing you can do is make sure you are keeping

payment, the change might not be as drastic as you'd

good tight contact," Beeston said. "Because if you are

expect.

pre-approved in October or November and you haven't

For example, a few months ago, you may have been

checked in, you may not qualify now."

able to lock in a 3.5% rate on a 30-year mortgage for

Beeston also suggests that prospective buyers ask to be

$300,000. Your monthly payment on the principal and

a second, or even third, option when applying for a home

interest would have been $1,347.13.

in case the first buyer's purchase falls through. As rates

Let's say you apply for a mortgage for the same amount now, but you lock in a 4% rate instead. With the higher rate, that monthly payment is $1,432.25. Yes, you'd

increase, some people may realize they can no longer afford the same home they could just weeks before.

"Everyone wants to time the market," Beeston said, "but the market is impossible to time."

17 / Financially Speaking

Don’t Sweat It: Energy Efficient Home Humidity Tips By: Plymouth Energy Unrelenting summer heat can bring out the complainer in all of us. The only thing worse is a friend who replies, “It’s not the heat, it’s the humidity.”

No matter how much you might not want to admit it, chances are they’re not wrong.

Sure, long summer days full of direct sunlight don’t help, but on those mercilessly agonizing, sweat-pouring-downyour-forehead days, humidity is the one to blame.

wasting power on things that won’t work?

What is humidity?

Perhaps you already have a basic understanding of humidity, or the amount of moisture in the air. However, do you know why a humid day feels much worse than a regular sunny summer day? The Massachusetts Institute of Technology says it’s because high humidity levels stop your body’s sweat system from working properly.

Pores secrete sweat to naturally cool down a

Heat and humidity might be sisters, but they

person’s skin as the liquid evaporates into

aren’t twins; Because they operate

the air. But if the air around that person is

differently, counteracting them requires

already chock full of moisture, there’s

separate approaches. What works for one

nothing for the sweat to vaporize into.

might not work for the other, but both can be Humidity prevents perspiration from energy-intensive if you don’t know what

performing the only thing it’s intended to do,

you’re doing. How can energy-efficient

leaving people damp, uncomfortable and

homeowners keep humidity outdoors without incapable of cooling down.

18 / Get Energy Efficient

While people could suffer heatstroke from

moisture leaves the

humidity, increased moisture around the

premises, inside and

house could lead to trouble if left

out. Start with the

unattended to. If you want to avoid

two spots in your

structural damage, you may need to think

home that generate

outside of the box when it comes to

the most moisture: the kitchen and the

energy consumption.

bathroom. Every time you take a shower

Why the AC won’t do the trick

or defrost a package of frozen chicken wings, you’re filling the air with extra

Even though air conditioners soak up a lot moisture. Consider installing a ventilation of energy in the summer, they’re system for these places. necessary evils when the weather turns past tepid and into torturous. However, unless you happen to have a top-of-theline HVAC system already installed, your air conditioner probably can’t control temperature and humidity independently,

according to the American Society of

Large fans in windows might help in a pinch, but homeowners could accidentally let in more humid weather than they plan on expelling. Additionally, patch up any minor leaks to keep condensation to a minimum.

Heating, Refrigeration and Air-

Next, perform a perimeter check and

Conditioning Engineers.

inspect all moisture exhaust systems.

Running the air conditioner might cure the immediate symptoms, but it won’t stop the underlying issues. Something is stopping your home from getting rid of excess moisture. A little bit of temporary comfort will cost you big on your next utility bill, and it could distract you from taking action against the real problem.

Clogs in these drainage ducts could trap humidity in the home’s infrastructure, resulting in rot and mold in the walls and floors. Energy Star believes the worst perpetrators are clothes dryer ducts as

well as any and all gutters and downspouts around your home or underneath the foundation. You may have to dislodge an industrial-sized ball of lint

So what can be done about fixing

with your hands, but a few seconds of

humidity for good?

discomfort could save your home from a

To curb home humidity, address how

costly renovation.

19 / Get Energy Efficient

The Important of a Lease Agreement When Leasing a Property By: Bostonapartments.com Signing a lease is one of the most important steps in renting out a property. This protects you from any financial burden that may occur. If you fail to have a proper lease agreement, you may even end up as far as giving up your rental investment. Thus, as a landlord, you have to protect yourself and your property by having a lease agreement.

Renting has a specified length of time. A lease agreement determines this time as well as the terms of the lease the tenant and the landlords have agreed upon. The lease agreement also

1. Determine Rent Details Stating the rental fee explicitly will avoid confusion and helps the tenant determine if the property is within the range of their budget or

not. It's also good to have a specific time for due dates on rentals, so there will be no delays in payment, and the tenant will have properly prepared their finances for each monthly term.

If you have difficulty drafting an agreement, online resources, like iPropertyManagement, can help you.

helps set who's going to be responsible for

2. Clarify Who's Responsible For Repairs

certain events and answers many questions

Repairs of the house may happen. If a lightbulb

during the rental term. It's always a good idea

is busted, usually, it'll be the tenant who'll take

to review the lease agreement with tenants so

care of it. However, for major issues, like

they won't have to come back to you if they

broken doors and windows, which is already

have questions.

part of the physical property, it should be

The following are just some of the importance

specifically stated who'll do the maintenance of

of a lease agreement when leasing a property:

major repairs.

20 / The Legal Corner

Most landlords would be responsible for the

will be staying in a property. This gives them a

functional systems of a rental property, such

clear idea that they have to fulfill the contract.

as plumbing, electricity, heat, and airconditioning, but there has to be a process in place in case tenant needs their assistance.

Some lease agreements will state that a tenant has to stay in a property for two years.

Tenants will know if this fits their needs

For example, will the tenant take care of these because some tenants will only stay in a place major repairs and have the money paid back by the landlord, or will the landlord be responsible for the repairs themselves? The lease should also include the time frame when the repairs should start.

for six months.

Tenants can also encounter personal issues

and may have to move out earlier than stipulated in the agreement. In this case, it should be determined what the penalties are

These terms are important because a tenant

and if the tenant will be agreeing to be

cannot live in a house with repair issues.

responsible for it.

Repairs must be done immediately because it can get uncomfortable living in the property or even dangerous.

3. Determine Which Utilities Are Covered Utilities are almost always the responsibility of the tenant. However, there are some lease agreements that include utilities with the monthly rent.

5. Terms of The Security Deposit A security deposit, or a damage deposit, protect the landlord. This is a deposit that's

paid for by the tenant once the lease starts.

Many landlords will ask for this deposit, and it should be made clear to the tenant when the money will be returned to them and under what conditions. Usually, landlords will only

The tenant will have the chance to know

return the deposit once they've fully inspected

which utilities they have to pay for and which

a property and have seen that it's damage

ones will get covered with their monthly rent.

free. Some landlords, on the other hand, will

It's important to state clearly the utilities that'll be covered. This way, the tenant will know which utility they will have to pay separately for.

4. Specify The Lease Term The lease term is the length of time a tenant

only return the deposit if the rental space has already been cleaned thoroughly.

6. Notification of Events A tenant has responsibilities to the landlord's property, and this should be stipulated. Every action of the tenant affects the property value and insurance of the property.

21 / The Legal Corner

For example, if the tenant goes on vacation, it should be stated that they should inform the landlord. You may also find that you'll have a

percentage which the rent will rise.

8. Know What Types of Pets

guest or non-tenant stay with you for an extended Some tenants will have pets, and it's important for period of time. The landlord should be informed. If a landlord to state explicitly which kinds of pets the rental property is unattended, the landlord

are allowed in the property. For example, can a

should know because it can affect insurance

tenant keep large breeds of dogs? If possible, the

policies in case something happens.

lease agreement should state the type of breeds

Tenants also have a responsibility to the upkeep

allowed.

of the rental property, and it's within the landlord's Pets affect the property due to the noise, smell, and mess they make. Pets also potentially bring best interests to be immediately informed if there's any damage to the functional system of

in allergies, so a landlord should have a

the house, such as plumbing and electricity.

stipulation for pets because it affects the living

These issues should be repaired quickly because conditions of the other tenants as well as the cleanliness of the property. the damage will spread if it's left untouched.

The tenant should know in the lease agreement if Final Thoughts they should inform the landlord if any such issues A property is an investment, and you want to happen. make your property earn money for you.

7. Conditions For Rent Increases If a tenant is only going to stay in a property for a short period of time, rent increases won't be an issue. But, renting for a longer period of time can increase the price of the rent.

The lease agreement should specify the

22 / The Legal Corner

However, renting a property can cause you to lose money if you have tenants that are not aware of lease agreements and do things that are counter to it.

It's important to review the lease agreement with them, so there should be a clear expectation for each party.

Register at CTPOA.com/events

For More Information Visit Our Website: landlordcollections.net Give Us A Call: (800)-369-6153

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From: Rob Paradis, Owner of Junk Bear Hello, My name is Rob Paradis. I am the owner of a local Junk Removal company here in Southington, CT. I wanted to reach out to let you know about our services. If your company is looking for a reliable vendor with a great customer service track record.

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Companion Pets vs. Service Animals vs. No Pets Allowed By: Paul A. Jenney, Compliance Officer With TenantTracks When your applicant mentions they have a dog or ADA; you cannot ask the nature of the disability, cat what is the first word in a landlord’s

but you can ask what task the animal has been

vocabulary? No, with a slew of good reasons

trained to do. You cannot charge pet fees, extra

from damage to insurance carriers who

deposits, extra rent, pet rent, pet security or

discriminate on the breed of the dog to the cost of anything else.

cleanup.

Connecticut law requires public accommodations All of these are very good reasons for being

to permit people who are blind, deaf, or mobility

hesitant to have animals at a rental property, but

impaired to use service dogs to help them. The

at the same time, you might be leaving money on

ADA has similar provisions but covers a wider

the table and/or running afoul of various Fair

range of disabilities, including mental and

Housing and Americans with Disability Act issues

psychiatric disabilities.

regarding service animals or emotional support animals (ESAs). Under the FHA and ADA,

ESA's and service animals are not considered pets.

Most requests though will come from people who have an ESA. An ESA, unlike a service animal, provides emotional support for individuals who have been diagnosed with a psychological

First off is service animals. A service animal is a

disability or condition. Although ESAs can be

dog trained to preform a specific task. Hearing

used as part of a treatment plan, they are not

ear dogs, seeing eye dogs, and even dogs that

considered service animals under Title II and Title

can sense an impeding epileptic seizure are

III of the ADA. Instead, emotional support animals

prime examples. They are clearly covered by the are protected under the Fair Housing Act and the

28 / Tenant Screening Tips & Tricks

Air Carrier Access Act so that they may live

animals but initiatives like Michaelson’s Found

and travel with their owners.

Animals Foundation is working with the National Apartment Association to change

ESAs are distinguished by their close, emotional, and supportive bond with their owner to treat problems of anxiety, depression, or other psychological disabilities.

those views. Many property management companies are setting themselves apart by offering pet salons, automated dog washing stations, pet friendly walking trails with waste

ESAs are generally accompanied by letter from the applicant’s doctor, therapist, or other mental health professional. There are far too many companies out there to make a quick buck selling bogus ESA registrations or even Service Animal registrations and vests and patches and other nonsense, but most of what they do are unethical and borderline criminal

disposal units, rooftop dog parks, and more to attract that population.

So that is taking a part of the population with dogs who can also afford those rents out of the applicant pool. While small property owners cannot offer all or even any of those amenities, just a pet friendly housing policy may drive more and better traffic to your vacancies.

depending what sort of fake registration they

Here is a report from that group with some of

are providing.

their findings:

Like anything to do with ADA or Fair Housing,

https://www.foundanimals.org/pets-and-

the requests must be reasonable. A pair of

housing/2021-pet-inclusive-housing-report/

dogs or cats is one thing, a full on zoo is another. So long as you treat every request as

Author’s Note:

individual and evaluate it based on your criteria, require the same documentation from each applicant and document everything like you would from any other applicant you should be fine. As always, please consult your

None of the above should be construed as legal advice. Please consult your housing attorney before changing or implementing any policy.

attorney for specific legal advice.

Paul is also a board member of Kane’s Finally, there is the consideration of does

Krusade, a 501c3 dedicated to supporting

accepting animals make sense from a financial surrender prevention. Our Pet Family Advocacy standpoint? Many renters sought out pets and is an innovative movement keeping pet families adopted in droves in 2020 during the pandemic together. You can view our programs at lockdowns and are loathe to give up their pets. www.kaneskrusade.org.

Frankly, its hard to find housing who will take

29 / Tenant Screening Tips & Tricks

What’s Happening Near You? The Statewide Events and Meetings calendar is a resource for local landlords and property owners to meet up, network and grow your real estate opportunities.

Get Involved, Stay Informed.

July 2022 Sun

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28 Real Estate Meet-Up

Events & Meetings & Networking

Connecticut Real Connecticut Real Estate Investors Estate Investors Association Association (CTREIA) (CTREIA)

Connecticu Property Own Alliance (CTPOA)

Next Meeting: July 18th

Next Meeting: July 19th

Next Meeting: July 21s

Time: 5:45 PM - 9:00 PM

Time: 5:45 PM - 9:00 PM

Time: 5:30 PM

Where: Sheraton Rocky Hill 100 Capital Blvd.

Rocky Hill, CT 06067

Where: Keller Williams Prestige 2777 Summer St, Suite 7000 Stamford, CT 06905

Where: Marilyn’s Pub 388 Broad Street Bristol, CT 06010

Contact: 860-265-4414 About: America’s leading Residential Assisted Living Expert, Isabelle GuarinoSmith is coming to share with us her RAL Formula for turning single family homes into extra-ordinary cash flow.

More information here!

Contact: 800-369-615

Contact: 860-265-4414

About: Join us for a nig networking, a legislative About: America’s leading Residential Assisted Living update on lead paint po levels & what it means Expert, Isabelle Guarinolandlords, as well as a Smith is coming to share with us her RAL Formula for presentation by Chris turning single family homes Corcoran, Manage of H Homes at CT Children’s into extra-ordinary cash Hospital, on available fu flow.

More information here!

Register here!

ut ners

st

Real Estate Networking Event (R.E.N.E)

Mid-State Association of Realtors (MSAR)

Wallingford CT Monthly Real Estate Meetup a

Next Meeting: July 26th

Next Meeting: July 26th

Next Meeting: July 28th

Time: 7:00 PM - 9:00 PM

Time: 5:00 PM - 8:00 PM

Time: 6:30 PM - 9:00 PM

Where: Pinstripes 100 N Water St Suite 3300 Norwalk, CT 06854

Where: Kinsmen Brewing 409 Canal Street Milldale, CT 06467

Where: Sliders Bar & Grill 50 Yale Ave Wallingford, CT 06492

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Contact: Bogdan Stefanide Contact: 860-793-9414

Contact: Warren Juall

ght of e oison for

About: We invite you to come mingle & make deals!

Don’t be afraid to share this invite with your family & friends, we welcome everyone!

About: Monthly real estate meetup in Wallingford CT at Sliders Bar & Grill. Enjoy an evening of networking & good food!

Healthy Register here! s unding.

About: Join us for an evening of fun, networking, good food and even better company!

Register here!

P. (800)369-6153

F. (888)900-9773

E. info@ctpoa.com

www.ctpoa.com

CT Real Estate Today allows you to hit your target audience for all things real estate.

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ecticut Property Owners Alliance is of experienced property managers, S and landlords working together to usiness conditions for rental property owners.

ow CTPOA: https://www.facebook.com/CTPOA/

About Us Advocates For Property Owners The Connecticut Property Owners Alliance is composed of experienced property managers, realtors and landlords working together to improve the business conditions for rental property owners. The Alliance saves its members money on essential real estate services, reviews and testifies on pending legislation & law changes and offers its members workshops and meetings on topics that impact landlords.

Why The Property Owners Alliance Was Formed The Alliance strives to ensure your success in real estate by: •

Saving you money on essential real estate services

•

Informing you of law changes impacting your business

•

Providing workshops and meetings to help you become a better educated and prosperous rental property owner.