“Progress is man’s ability to complicate simplicity.” Thor Heyerdahl  

For 2024 there is a new requirement for housing providers. “Personal micro-mobility devices” as they are called are defined as powered by the physical exertion of the rider or an electric motor and designed to transport one individual or one adult accompanied by up to three minors.

WHERE DO WE STORE THEM? Generally, the devices would be charged indoors. The possible exceptions would be based on battery type, the tenant’s insurance and whether there is adequate storage outside the unit. I personally have a tenant with such a device. She keeps it under a stairwell close to her unit. My concern with interior storage would be the battery and potential fire hazards.

ADEQUATE STORAGE A tenant can require that the devices be stored in compliance with the Office of the State Fire Marshall (Information bulletin 23-003) f the tenant provides “secure long-term storage, the landlord may require that the devices be stored there instead of inside the unit. There is a booklet available from the Apartment Owners Association which provides an agreement which may be used as an addendum to your rental agreement. Check with your AOA on that or with your real estate attorney to make sure you are in proper compliance.

WHAT TO DO? I think it is a good idea to check with all tenants to ascertain whether or not they are using these devices. You may have tenants that recently begun using them. If you have any such tenants, find out how they are currently storing the devices. You may want to call your current insurance provider as well to make sure the insurance the tenants have is adequate in case of any kind of mishap. You may also want to get them to sign an addendum if you have one, to cover their devices.

“Victory is having done your best. If you’ve done your best, you’ve won.” Billy Bowerman

What we at PRS PROPERTIES CAN DO. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparables in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.