Landlord
A property owner who rents or leases real estate to tenants in exchange for periodic rent payments, assuming legal responsibilities for the property.
What is Landlord?
A landlord (also called a lessor or property owner) is an individual or entity that owns real property and rents or leases it to tenants (lessees) in exchange for periodic rent payments. Landlords are responsible for providing and maintaining a habitable dwelling, complying with local housing codes and safety regulations, and returning security deposits as required by state law. The landlord-tenant relationship is governed by the lease agreement and the residential landlord-tenant laws of the jurisdiction where the property is located. Landlords must follow specific procedures for entering the rental unit (advance notice, typically 24–48 hours), handling security deposits (holding in separate accounts, itemized accounting at move-out), and evicting tenants (proper legal notice periods and court proceedings). Landlords who own multiple properties often hire property management companies to handle day-to-day operations. From an investment perspective, being a landlord provides rental income, mortgage principal paydown by tenants, potential tax benefits via depreciation deductions, and long-term appreciation.
Example
A landlord owns a duplex and rents each unit for $1,200/month ($2,400 total). Under state law, they must provide 24 hours' written notice before entering any unit, hold security deposits in a separate account, and return deposits within 30 days of move-out with an itemized statement of deductions. When a tenant's HVAC fails in July, the landlord is legally required to repair it within a reasonable time (typically 48–72 hours for habitability issues) or risk the tenant withholding rent. The landlord's compliance with local codes protects both their investment and legal standing.
Source: Consumer Financial Protection Bureau — Renting a Home