New Jersey saw about 10,000 eviction filings per month in 2023.
No decent landlord tries to evict a tenant without good reason. It's an unfortunate aspect of being a landlord, but when your investment is being put at risk, you must take action. Fortunately, there are measures you can put in place to prevent the need for eviction in the first place.
Today, we'll explain how eviction protection plans work and how they can make your life easier as a landlord. Keep reading and keep passive income flowing into your bank account.
Eviction Laws in New Jersey
To put an effective eviction protection plan in place, it's important to understand eviction laws in New Jersey. Here, you can evict a tenant for several reasons. The most common are nonpayment of rent, property damage, and other lease violations.
Each violation must be served with the correct eviction notice. Nonpayment of rent and lease violations are served with 30-day notices, while things like illegal activity and major property damage are served with 3-day notices.
Under no circumstances should you attempt to evict a tenant outside the bounds of the law. It will result in severe fines and penalties.
Tenant Screening
The first step of eviction protection is prevention. Tenant screening will ensure you find the best tenant out of those available.
When screening tenants, you'll perform criminal background checks, credit checks, and talk to references. Background checks tell you if an applicant has any concerning criminal history, such as violent offenses that might put neighbors and other tenants at risk.
Credit checks give you a clear picture of an applicant's financial history. If they have poor credit, there's a chance they may struggle to pay rent. That said, poor credit doesn't necessarily mean that they can't afford rent now.
Talking to character references will help you figure out if a tenant is a good fit for your rental. Previous landlords and employers are the best references because you can ask pointed questions about what they're like as a tenant and whether they're gainfully employed.
Inspections and Deposits
Another aspect of eviction protection is deterrence. Always start a tenancy by collecting a security deposit from your tenant.
Security deposits act as insurance against poor tenant behavior and missed rent payments. If the tenant fails to pay rent or damages your rental property, you can pay yourself back with their security deposit.
During the tenancy, you should conduct regular property inspections. Doing these every few months will help you spot lease violations, such as unauthorized pets and roommates or property damage.
How Property Management Can Help
Eviction protection is essential for avoiding vacancies due to evictions, which can really affect your rental income. Creating a plan can be a lot of work, so if you're not able to do it yourself, hiring a property manager is the best move.
PMI Garden State is the top property management company in New Jersey. Not only can we handle everything mentioned here, but we also offer eviction protection to cover you financially when an eviction must happen. To learn more about our services, contact us today.
