Are You Licensed To Own A Minneapolis Duplex?

said on April 16th, 2012 categorized under: Buying A Duplex

Application for duplex rental licenseWhen you buy a Minneapolis duplex, one of the expenses you need to plan for is a rental license.

The cost of the rental license itself is reasonable; $69 for the first unit and $19 for each additional unit. And, if you close on your Minneapolis duplex after April 1, that fee is reduced by half.

However, when a licensed rental property changes hands, you must also budget for a change of ownership inspection and the fee that goes with it, which is $450.00.

The city inspection is done to ensure the property is in compliance with minimum housing standards.

All single family properties previously used as rentals, duplex, triplex and rental properties containing up to four units are required to have rental licenses.

This is true even if the duplex’s owner lives in one of the units.

Exceptions to a change of ownership inspection include condominium and townhouse properties with more than 6 units, properties that have had a rental license inspection within the last six months, or single family dwellings that are homesteaded by a relative.

Remember, operating a rental without a license can result in a fine of $500, as well as any other inspection, license fees, and fines for not posting a 311 poster ($200.00 if not displayed in a common area for tenants to see).