How long should landlords keep records?
Prudent landlords usually keep old leases for six or seven years.
How long do property managers keep records?
What is the document retention requirement of a property management company for power of attorney and financial lease documents? For real estate professionals, the general rule of thumb is that you should retain copies of all expired leases for at least seven years.
What financial records are required by the landlord?
You should be familiar with your state’s requirements for how long you must keep financial records for your rental business which can include:
- Bank statements.
- Proof of Deposits/Bank Deposit Slips.
- General Ledger/Check Register.
- Copies of checks.
- Owner Ledgers.
- Tenant Ledgers.
- Personal Funds Ledger.
How long do apartments keep tenant records?
Generally, landlords should retain records until the tenant is out of time for making a legal claim, somewhere between four and seven years after the event.