It looks like the economics of being a landlord in Logan Utah will be a little less desirable. The local government has been trying for a while now to require landlords of properties in Logan Utah get licenses.
What is the definition of a Landlord and when will they need a licence?
According to LoganUtah.org:
Landlord means a person, persons, and/ or legal entity, or a landlord’s agent who rents to tenants one or more legally established dwelling units.
An agent of a landlord shall not perform services of a landlord unless the landlord is licensed in conformance with this Chapter.
A business license for landlords is not transferable. Any person holding a license shall give written notice within thirty (30) days to the business license official after having transferred or otherwise disposed of legal or equitable control of any rental dwelling. Such notice of transferred interest shall
include the name, address, and information regarding the person(s) or entity succeeding to the
ownership or control thereof. The new owner shall obtain a business license as required by this
Here is the latest from the Logan Herald Journal:
The licensing of landlords in Logan moved a step closer to reality Tuesday.
The Municipal Council at its regular meeting discussed a proposed ordinance requiring owners of rental property, or agents acting on their behalf, to be licensed. The next step is a public hearing scheduled for March 2.
The proposed cost of the license is $50 but landlords or agents could have the fee reduced to $10 — in the third year of being licensed — if they take part in a “Good Landlord” training session. The fee is levied per landlord, not per rental unit.
The Landlord licensing isn’t official yet, there is still a public hearing scheduled on March 2nd, where the movement could still be enough opposition, could pose some obstacles.
So what does this mean for Real Estate values of rental properties?
Essentially they will go down. The fact is, rents in Logan Utah are low. It is hard for property owners to make substantial income off of rentals in Logan. Many of the small time landlords like me, will just decide to sell their properties rather than bother with, and pay landlord fees. With an increase of rental properties for sale, prices will decline.