As the housing market continues to decline, there is a clear upside for landlords and property managers.

The U.S. Census Bureau reported at the end of January that the nation's homeownership rate fell to 66% in the fourth quarter, continuing a seven-year drop from a fourth-quarter peak of 69.2% in 2004.

At the same time, U.S. home prices fell 1.3% in November from October and were 3.7% below 2010 levels, the Standard & Poor's/Case-Shiller home price index indicates.

The drop in the homeownership rate pushed the share of households who rent up, from 33.6 percent at the beginning of 2011 to 34.0 percent in the fourth quarter. The ratio of homes in the rental sector that were vacant fell, to 9.4 percent.

What does this mean for landlords and property managers? Bad news for homeownership means good news for landlord earnings. Economists are expecting:

• More households in the rented sector and fewer properties lacking tenants.
  
• Rental value growth is to hit 3 percent this year and average rental yields to rise to around 5.5 percent.
• Home prices to continue to fall.

Sources: USA Today | DSNews.com

One of the fastest growing areas of construction and remodeling is "aging-in-place" services. A majority of people prefer to stay in their home safely, independently and comfortably throughout their lives. It means the pleasure of living in a familiar environment throughout your maturing years and the ability to enjoy the familiar daily rituals of your life. It means the reassurance of being able to call a house a "home" for a lifetime.

If you're like the majority of Americans over the age of 45, you want to continue living in a familiar environment throughout your maturing years. According to the AARP, older homeowners overwhelmingly prefer to age-in-place.

To age-in-place you will probably need to modify your house as you mature to increase access and maneuverability. These modifications range from the installation of bath and shower grab bars and adjustment of countertop heights to the creation of multifunctional first floor master suites and the installation of private elevators.

It's important for rental property owners to consider modifications for an aging population as well. Active, older baby boomers may prefer to down-size from their large homes to a smaller apartment or home, and may choose to rent rather than buy at this stage of life. A few things to think about with older residents would be:

• Is there easy access to public transportation?
• Is the neighborhood safe?
• Is there a lot of yard maintenance?
• Are there unecessary steps that could be turned into inclines?
• Are there amenities, activities, and social activities nearby?

“Check Overpayment” Scams

“Check overpayment” scams target consumers selling cars or other valuable items through classified ads or online auction sites. Unsuspecting sellers get stuck with a big loss when scammers pass off bogus cashier’s checks, corporate checks, or personal checks. The Federal Trade Commission has issued a new consumer alert, “Check Overpayment Scams: Seller Beware,” that explains this scam and offers consumers tips on how to protect themselves and their pocketbooks.

Do not accept cash or cashier checks greater than the amount you are asking for. A potential tenant may overpay you a large sum of money in the form of a cashier’s check, and ask for the difference back. Fake cashier checks and money orders are common, and banks will cash them and then hold you responsible when the fake is discovered weeks later.

If you have been a victim of check overpayments you can file a complaint with the FTC here.

Fraudulent Cashier’s Checks

Fraudulent cashier’s checks are not limited to Foreign Country scams (Nigeria, India, etc.), but are used in a variety of transactions. Victims of a cashier’s check scam should contact their local law enforcement agency. Victims of the Nigerian cashier’s check scam should also contact their local Secret Service Field Office by phone.

Dealing with Cashier’s Checks

• Never accept a cashier’s check for an amount greater than what you requested.
• Call the bank that issued the cashier’s check when you receive it. Do not rely on the phone number that the buyer gives you. Locate the bank’s number from a reliable source, such as a phone book.
• Verify information. When calling a bank, verify the check number, the name of the person to whom the check was issued, and the amount of the check. Be sure to wait until you can verify the authenticity of the check prior to taking any further steps. Sometimes scammers wait to give you a check on the weekend or when banks are closed so that the check cannot be verified right away.

Source: rentals.com

The landlord and tenant statutes are located in Title 32, Article 31 of the Indiana state code. There are 9 chapters that cover aspects of a landlord-tenant agreement, such as tenant obligations, landlord obligations, security deposits, and general provisions. Indiana code gives rights to landlords and tenants with regards to the residential rental unit, possession of the unit, and legal recourse. Indiana does not have an extensive landlord-tenant act like other states do, so some Indiana cities have their own housing codes.

Tenant Rights

A Indiana tenant has rights and protection under the Indiana code covering the landord-tenant relationship. A tenant has the right to a safe home, called an implied warranty of habitability. The rental unit must be up to housing code standards prior to a tenant moving in, or the habitability clause is breached. Securitydeposit laws give the tenant the right to receive the security deposit, minus any damages, within 45 days of leaving the rental unit.

Chapter 9 of Indiana code deals with tenant rights, when the tenant is a victim of a crime. The tenant is protected against retaliatory action from a landlord who might discriminate against a crime victim. The tenant also has the right to have locks changed and has the ability to terminate the rental agreement with 30-days notice.

Landlord Rights

A landlord has the right to enter the rental unit, although he cannot enter any time he wishes. The landlord first gives reasonable notice to visit at reasonable hours. Neither instance of reasonable is defined in the Indiana code, but most landlords give 24-hour notice and enter during normal business hours. The reasons of entry include requested repairs, inspection, maintenance, court order, abandonment, showing the apartment to prospective tenants, or emergencies. The landlord also has the right to terminate tenancy and pursue an eviction case for tenants who do not pay owed rent, or violate a lease term and do not quit the property when notice is delivered.