Should We Raise Rents to Cover Inspection Costs?
For those that don't know, the city of Omaha recently passed a rental registration and inspection ordinance that starts January 1, 2020. All rental properties in the city will have to be registered within 90 days. I am of course going to wait until the last minute to register mine. All rental properties in the city will have to be inspected and there will be a $125 fee per unit for the inspection.
I am not at all thrilled about this and it puts a burden on small landlords such as myself. Keeping that in mind, I am considering increasing rents on my two single family rentals in the Omaha city limits by $15 a month once the leases come up for renewal to cover the cost. I already got hit by higher property taxes on my properties, and now this.
What are your plans for this situation?
Fortunately my third rental in the Omaha area is in Gretna.