Landlord

Source: Wikipedia, the free encyclopedia.
For other uses, see Landlord (disambiguation).
"Landlady" redirects here. For other uses, see Landlady (disambiguation).
Eastern Han 25–220 CE. Hebei
, China
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A landlord is the owner of a

juristic person is in this position, the term landlord is used. Other terms include lessor, housing provider, and owner. The term landlady may be used for the female owners. The manager of a pub in the United Kingdom, strictly speaking a licensed victualler, is referred to as the landlord/landlady. In political economy it refers to the owner of natural resources alone (e.g., land, not buildings) from which an economic rent, a form of passive income,[1]
is the income received.

History

David Berry owned much of what is now known as his namesake town of Berry.

The concept of a landlord may be traced back to the

royal domain directly owned by a king, or in the Holy Roman Empire imperial villages directly subject to the emperor. The medieval system ultimately continues the system of villas and latifundia (peasant-worked broad farmsteads) of the Roman Empire.[2]

In modern times, "landlord" describes any individual, or entity such as a government body or an institution, who charges rent to a person living in a home they do not own.

Owner and tenant responsibilities

A rental agreement, or lease, is the contract defining such terms as the price paid, penalties for late payments, the length of the rental or lease, and the amount of notice required before either the homeowner or tenant cancels the agreement. In general, responsibilities are given as follows: the homeowner is responsible for making repairs and performing property maintenance, and the tenant is responsible for keeping the property clean and safe.

Many owners hire a property management company to take care of all the details of renting their property out to a tenant. This usually includes advertising the property and showing it to prospective tenants, negotiating and preparing the written leases or license agreements,[3][4] and then, once rented, collecting rent from the tenant and performing repairs as needed.

United States

In the

source-of-income anti-discrimination ordinances.[6][7] Tenants unions also affect housing policy when organized politically.[8]

Canada

In

implied warranty of habitability
, whereby a landlord must maintain safe, decent and habitable housing, meeting minimum safety requirements.

United Kingdom

See also: English land law § Leases and licences, and Scots property law

Residential rental market (tenancies)

Private sector renting is largely governed by many of the

Third Wilson ministry.[9]

Each house in multiple occupation, a unit the law does not regard it as a single household having more than three tenants, is subject to enhanced regulations including the Housing Act 2004. A council-issued licence to be a landlord of such a unit is always required in some local authorities (in others, limited to the larger statutory examples).

Residential leasehold

Tenancies above a couple of years are normally called leases and tend to be lengthy; if more than seven years a new leasehold estate must be registered.

Right to Manage
, and the right to buy the landlord's interest (to collectively enfranchise). It allows them individually to extend their leases for a new, smaller sum ("premium"), which if the tenants have enfranchised will not normally be demanded/recommended every 15–35 years. Notice requirements and forms tend to be strict. In smaller examples the tenant, depending on a simple mathematical division of the building, may be able to enfranchise individually. Statute of 1925 implies into nearly all leases (tenancies at low rent and at a premium (fine, initial large sum)) of property that they can be sold (by the lessee, assigned); reducing any restriction to one whereby the landlord may apply standard that is "reasonable" vetting, without causing major delay. This is often known as the "statutory qualified covenant on assignment/alienation".

In the overall diminishing domain of

social housing, exceptionally, lessees widely acquire over time the Right to Buy
for a fixed discount on the market price of the home.

Commercial (business) leases and tenancies

In commercial property much of the law, especially as to disputes and basic responsibilities, is based on freedom of contract of the

distress) has been banned.[12]

Criticism of landlords

Land ownership

The concept of

land ownership is not universal. Many Native American tribes did not view land as a commodity whereas many Europeans colonists did.[13] Ownership of land in the pre-colonial Americas varied from group to group, but many Native American societies had communal and individual land.[14]

Some European scholars were also skeptical of land ownership, such as Adam Smith and Henry George. Smith said about landlords, "As soon as the land of any country has all become private property, the landlords—like all other men—love to reap where they never sowed, and demand a rent even for their land’s natural product."[15] George believed land belonged to everyone and supported a public tax on economic rent, which he believed would be so profitable that all other taxes would be abolished.[16][17]

Monopolies

Another common criticism of landlords is the tendency for

company towns, where one corporation owns the vast majority of housing and businesses. Since these corporations employ most of the residents of the town, they are able to raise rent and lower wages during a recession.[20][21]

Slum landlord

Main article: Slumlord

Renters (tenants or other licensees) at the lowest end of the payment scale may be in social or economic difficulty and suffer significant social stigma as a consequence. Due to lack of alternative options, such renters are often the victims of unscrupulous owners of unsafe and decrepit properties who neglect their responsibility to maintain the property.

The terms "slumlord", "slum landlord", or "ghetto landlord" is used to describe landlords of large numbers of such properties, often holding a virtual local monopoly. Public improvement or major private investment can improve such areas. In extreme situations, government

compulsory purchase powers in many countries enable slum clearance
to replace or renovate the worst of neighbourhoods.

Accidental landlord

The term 'accidental landlord' is used for landlords who do not initially intend to become a landlord but have a spare property (from inheriting it, moving in with a partner, or unable to sell when moving), and then choose to lease the property instead of selling it.[22][23]

Rental investment and basis

Rental properties can be paid for by the tenant on whatever basis is agreed upon between the landlord and the tenant (more frequently than weekly or less than yearly is almost unheard of), which is always included in the lease agreement (preferably for both sides in writing). It should be one of the primary factors a tenant considers before moving in.[citation needed]

Incentives and disincentives

The incentive is to obtain a good rental yield (profit) and prospect of property price inflation. The disincentives are the locally varying rights of tenants and duties of landlords in repair/maintenance and administration — and keynote risks (tenant disputes, damage, neglect, loss of rent, insurance inavailability/disputes, economic slump, increased rate of interest on any mortgage, and negative equity or loss of investment). Net income (yield) and capital growth from

letting (renting out) particularly in leveraged buy to let, is subject to idiosyncratic risk, which is considered objectively intensified for a highly leveraged investor limited to a small number of similar profile homes, of narrow rental market appeal in areas lacking economic resilience.[24]

Security for rent and extra fees

See also: Security deposit and Landlords' insurance

A landlord or their agent can decide to collect a security deposit (and/or in some jurisdictions such as parts of the US, a move-in/administration fee). A barrier if high and a relative attractive if low in many markets for a tenant, it is rarely debated in pre-tenancy term negotiations. In some jurisdictions either or both are banned in the original sense. Instead, a landlord's loss of rent/comprehensive damage insurance may be factored into the rent demanded and/or a special type of deposit, a regulated sum of money as a bond (protected security deposit) from the tenant held by a registered third party (such as certain realty agents) may be permissible. A deposit is normally by law to be offset against arrears (rent deficits) and damage by or failures to clean/repair by the tenant.

Licensed victualler

Main article: Pub

In the United Kingdom the owner and/or manager of a pub (public house) is usually called the "landlord/landlady" or "

tax farmer. In more formal situations, the term used is licensed victualler or simply "licensee".[25]

The

Licensed Victuallers' School
in Ascot provides discounted education prices for the children of landlords and others in the catering industry.

Landlord associations

There are significant associations of landlords in various countries. These associations/societies provide support for their members in facing a range of issues [27] by providing a means of mutual support, and also lobby relevant authorities and parliament with regard to the details and implementation of residential and some commercial tenancy legislation.

Australia

Numerous landlord associations exist in Australia. These associations should be distinguished from the class of property owner associations representing the 'big end of town' — the owners of major buildings and very large residential housing complexes, such as the Property Council of Australia.[28]

  • Property Owners Association of Australia (POAA)[29]
  • Property Owners Association of Victoria (POAVIC)[27]
  • POAQ – Property Owners Association of Queensland[30]
  • Property Owners Association of NSW[31]
  • Property Owners Association of Western Australia[32]
  • Landlords Association of South Australia[33]

United Kingdom

National Residential Landlords Association (NRLA) has now formed from a merger of the two following organisations as of 31/3/2020:

better source needed
]

  • Residential Landlords Association (RLA)
  • National Landlords Association (NLA)

See also

Related occupations

References

  1. ^ Dagher, Veronica (19 December 2022). "For Landlords, Rising Housing Costs Make It Harder to Earn Passive Income". Wall Street Journal. Retrieved 2023-03-13.
  2. ^ "Feudalism". faculty.history.wisc.edu. Archived from the original on 5 April 2017. Retrieved 14 March 2018.
  3. ^ Friedman on Leases (Sixth Edition) by Andrew R. Berman, Chapter 37: Leases, Licenses, and Easements Compared—Parking Rights, Department Store Concessions, Lodgers, Etc.
  4. ^ "Using a License Agreement Instead of a Lease". LawJournalNewsletters.com.
  5. ISBN 0-7172-4500-4
    .
  6. ^ "SOURCE OF INCOME LAWS BY STATE, COUNTY AND CITY" (PDF).
  7. ^ "Phoenix passes ordinance to ban income source discrimination in housing". KJZZ. 2023-03-02. Retrieved 2023-07-04.
  8. ^ "MSN". www.msn.com. Retrieved 2023-07-04.
  9. ^ "Regulated Tenancies" (PDF). Archived (PDF) from the original on 2018-04-13. Retrieved 2018-04-12.
  10. LRA 2002
    , Sch.3
  11. ^ HM Land Registry (2020). "Practice guide 26: leases – determination". Gov.uk. sec. 8.
  12. ^ Bailiffs Archived 2018-04-13 at the Wayback Machine Lorraine Conway and Jack Dent. House of Commons Library: Briefing Paper Number 04103, 9 June 2017
  13. ^ "Different Views of Land | Native New York". nmai.si.edu. Retrieved 2023-03-13.
  14. ^ Gershon, Livia (2019-03-04). "Yes, Americans Owned Land Before Columbus". JSTOR Daily. Retrieved 2023-03-13.
  15. ^ Smith, Adam (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. p. 19.
  16. ^ "Henry George summary | Britannica". www.britannica.com. Retrieved 2023-03-13.
  17. ^ George, Henry (1879). Progress and Poverty. pp. 405–406.
  18. ^ Semuels, Alana (2019-02-13). "When Wall Street Is Your Landlord". The Atlantic. Retrieved 2023-03-13.
  19. ISSN 0362-4331
    . Retrieved 2023-03-13.
  20. ^ Magazine, Smithsonian; Hirsch, Michele Lent. "America's Company Towns, Then and Now". Smithsonian Magazine. Retrieved 2023-03-13.
  21. ^ Nix, Elizabeth (23 August 2018). "5 Famous Company Towns". History.
  22. ^ Callegari, Marco (2021-04-09). "Accidental landlords – don't get caught out by the income tax trap". PropertyWire. Retrieved 2023-02-14.
  23. ^ Childers, Annabelle (2022-11-03). "'Accidental Landlords,' the new phenomenon hitting the Colorado Springs housing market". KRDO. Retrieved 2023-02-14.
  24. ^ Tara Siegel Barnard (March 29, 2013). "Rental Investment May Seem Safer Than It Really Is". The New York Times. Archived from the original on March 30, 2013. Retrieved March 30, 2013.
  25. ^ "Dictionary.com". Archived from the original on 2009-03-03. Retrieved 2008-07-19.
  26. ^ "Society of Licensed Victuallers, registered charity no. 230011". Charity Commission for England and Wales.
  27. ^ a b Victoria, Property Owners Association of. "Property Owners Association Victoria". www.poavic.org. Archived from the original on 11 May 2018. Retrieved 14 March 2018.
  28. ^ "Home". Archived from the original on 2016-05-03. Retrieved 2016-05-10.
  29. ^ "Home". www.poaa.asn.au. Retrieved 14 March 2018.
  30. ^ "Property Owners Association of Queensland". www.poaa.asn.au. Archived from the original on 12 March 2018. Retrieved 14 March 2018.
  31. ^ "POA NSW Inc". Archived from the original on 2016-08-16. Retrieved 2016-07-22.
  32. ^ "POAWA - Property Owners Association of WA". Property Owners Association of Westerns Australia. Archived from the original on 15 March 2018. Retrieved 14 March 2018.
  33. ^ "Landlords' Association (S.A.) Incorporated". www.landlords.org.au. Archived from the original on 2016-09-29.
  34. ^ "National Residential Landlords Association | National Support For Landlords". www.nrla.org.uk. Retrieved 2020-04-11.

External links

Look up landlord in Wiktionary, the free dictionary.
  • Media related to Landlords at Wikimedia Commons
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