SOUTHERN NEVADA CHAPTER OF National Association of Rental Property Managers®
SB218 will only hurt Nevada families:
– Landlords will be forced to charge higher rents (when have landlord’s cost gone up & rent not?)
– More lawsuits between tenants and landlords (who loves going to court?)
– Overall less housing as more property owners’ sell their rentals to buyers who will occupy the property (think it’s hard finding a rental now?)
If passed, SB218 could have dangerous consequences on our families and their ability to find sustainable housing. To protect Nevada’s housing market, REALTORS® need to take a stand and stop SB218. Here’s a few examples of what SB218 proposes:
The landlord would be prohibited from demanding or receiving:
– A security deposit, including the last month’s rent, whose total amount or value exceeds 3 months’ rent
– A cleaning deposit whose total amount exceeds 15% of the periodic rent
– It would prohibit a landlord from charging a prospective tenant a fee for the submission of a rental application.
– This measure would reduce the period for returning the security deposit from 30 days to 21 days after the termination of tenancy.
– It would set forth a rebuttable presumption that there was no damage to the premises other than normal wear and place the burden of proof on the landlord in disputes arising from the deductions of a security deposit for the repair of damage to the premises other than normal wear.
– It would require rental agreements to include a grace period not less than 3 days for the late payment of rent and would prohibit a landlord from charging a late fee until the expiration of the grace period.
This information is sourced from the Southern Nevada Chapter of NARPM. The bill is being presented as one in favor of tenants by those who either do not understand, or do not care about the effects on our community. When you look at the actual results it will bring, it is imperative that this legislation be blocked for the continued rental housing needs of our community in Las Vegas.