Did you know that the average Portlander must earn over $101,000 yearly to afford rent?
Aside from rent, rental property application fees in Portland, Oregon, vary depending on diverse factors.
A few things are worth considering when charging tenants for rental property application fees. Keep reading to learn what these fees entail and how much they can cost for Portland renters.
Application Fees Versus Security Deposits
In Portland, rental property application fees are charges imposed on prospective tenants who wish to apply for a rental property. These fees cover the costs associated with the application process, such as applicant screening and administrative tasks.
It's essential to note that these fees are separate from the security deposit. The deposit serves as financial protection for landlords in case of damage or non-payment.
City Limit on Application Fees
The amount of rental property application fees in Portland can vary. However, it's worth mentioning that the city of Portland has implemented regulations regarding these fees to protect tenants from excessive charges.
The city ordinance limited the maximum amount landlords could charge for application fees. This amount is set at $30 per adult applicant. City residents have been considering a ban on application fees, but no legislation has been passed.
Rental Registration Fee
Aside from application fees, there is another fee that landlords may charge in Portland. It's known as the rental registration fee.
The city requires this fee. This covers the cost of registering the rental property.
The rental registration fee is often a one-time charge. It's separate from application fees.
Remember to Screen Every Applicant
The applicant screening process is a fundamental part of the rental property application. Landlords in Portland may conduct background and credit checks on prospective tenants. This is the best way to evaluate their suitability.
These screenings ensure tenants have an excellent rental history. You'll also know if they can meet their financial obligations.
However, it is essential for landlords to comply with fair housing laws and treat all applicants fairly.
Written Receipts and Other Rules
Portland renters should be aware of their rights regarding rental property application fees. The city ordinance mentioned also requires landlords to give a written receipt.
Was the tenant not approved for a rental property? If so, landlords must refund any unused portion of the application fees. The same is true if the property gets taken off the market.
Everyone involved must understand the regulations surrounding rental property application fees. Landlords should be especially mindful of the limits the city ordinance sets. Don't forget to ensure transparency in the application process.
Are You Ready to Charge Lawful Application Fees?
Now that you've learned about Portland application fees, you can ensure you don't breach any rules or regulations.
Do you need property management services? We're proud to serve the Portland and Gresham areas. We can screen tenants, collect fees and rent, and much more.
Contact Kerr Properties, Inc. now for more information.
