New Year’s Eve in the United States is one big social holiday. People from all parts of the country gather together in their homes, celebrate at private soirees, or party at big public events to offer a tender farewell to the old year and embrace the new. Your Prosper tenants, too, will likely host a social gathering of some kind to celebrate New Year’s Eve. For this reason, on the issue of your renters throwing parties, it’s essential to know what solutions are available to you to keep these parties in check and reduce the risk to your rental home. You can use a proactive approach: from the language in your lease documents to proper enforcement of its terms.
Putting up safeguards so that your tenants’ New Year’s Eve celebrations don’t become over-crowded parties that increase the risk of damage and liability can prove to be difficult. For instance, how many people would be considered too many when hosting a party on your property? Is it okay for tenants to drink as many alcoholic beverages as they want, or can you put up some restrictions? Suppose your tenants want to welcome the new year by setting off fireworks or noisemakers at midnight?
Questions like these can all be taken up in your lease documents. The wording in your lease should explicitly set the allowable number of people permitted on the property at any given time, with bigger numbers needing the property owners’ expressed permission. The specific number can vary, but “no more than 10 for fewer than four hours” is a popular option.
While it isn’t legal to place prohibitions on the alcohol consumption of your renters and their guests, you can stipulate using specific language in your lease that addresses illegal activities, and make it abundantly clear by writing down the specific consequences of approving such action on your rental property in Prosper. You could also consider prohibiting overly huge groups of people, extremely loud noise, or a large number of vehicles. Fireworks must be banned at all of your rental homes, and you might consider inserting a few statements that specifically point out certain holiday-related activities. For example, the playing of loud music or the use of noisemakers can be part of that list as it creates a public nuisance that disturbs the rest of the neighborhood.
Another thing you can do is to require renters insurance (including renters legal liability) from your tenants. Because, if there happens to be a large party on your property, the risk for damage and injury increases considerably. If there really is damage or injury, you could be held accountable unless your tenants have their own insurance coverage.
Finally, protecting yourself and your rental home requires diligence in enforcing the terms of the lease agreement. If a party gets chaotic, and loud, destructive, or illegal activity is taking place, it’s vital that you act fast and be adamant that you hold your renters accountable.
The good news is that there is help available for you so you wouldn’t have to do all of this on your own. At Real Property Management Optimum, we will ensure that your lease documents include specific and binding language while monitoring activity, watching for those things that may not comply. Don’t hesitate to contact us online or give us a ring at 612-730-8293 to know more about what we can do for you.