December 12, 2022
The New York City Council is in the process of voting to end criminal background checks for potential tenants. Those who are in favor of the law claim that it provides poor New Yorkers with a second opportunity. Opponents propose there is a significant safety concern.
The Fair Chance For Housing Act prohibits landlords from asking about a tenant’s criminal background at any point in the application process. Two exclusions from the law exist. You may check the sex offender registry. Although, out-of-state sex offender registries are not addressed, so landlords are at risk of renting to individuals who committed sex crimes in other states under the bill’s present wording.
Two-family house landlords and landlords of rooms in owner-occupied housing are permitted to check a tenant’s criminal record. Tenant criminal behavior is not the responsibility of the landlord.
The proposed law has the support of 30 of the council’s 51 members, including Mayor Adams,
Many people have argued in favor of this bill. They say we must avoid stigmatizing those with criminal records. Once someone has completed their sentence, they shouldn’t continue to be punished.
Councilman Keith Powers is one of the people in support of this bill. He states that regardless of whether they have found a solid job or undergone self-rehabilitation, or whether they have a family, there is a barrier in the way when they come in to attempt to rent an apartment. People are being told that they cannot obtain an apartment in a housing market that is extremely competitive
He continues to say, “We want to strike a balance between public safety and solving the housing crisis, but it’s evident that background checks aren’t being used efficiently and that too many individuals are being denied homes because of an error in their history”.
People against the bill have argued that society has always believed in justice and second chances, but it’s not acceptable to take away one’s power to keep our people safe. You’re going to drive the middle class and working class out of New York City.
A person who has committed a violent crime should not live next door to one of our elderly neighbors, who may look like an easy target.
If we can’t guarantee safety and the knowledge of who lives next door to us in our own houses, people will go elsewhere to feel safe.
It is true that everyone deserves a second chance, but at what cost?
What happens if a portion of these people recommits crimes, particularly those that landlords weren’t aware of because of this law? Is it not a safety risk to those who live among the individuals?
Is it necessary to test that at all?
With crime on the rise in all five boroughs, is this a smart move for the council to make? People already don’t feel safe.
There must be a solution; might it be the Fair Chance for Housing Act?
To read the full breakdown of this act, go to the Fair Chance for Housing Act’s website.
NYC e bike safety has become increasingly important as lithium-ion battery fires continue affecting apartments, public housing, and delivery riders across the city.
What Are E-Bikes?
Electric bikes employ a motor to help the pedaling, reducing the strain of cycling. Some designs enable the bike to advance on the motor’s power
The market for e-bikes is currently experiencing a quite large surge.
They are fantastic modes of transportation for reducing global warming, and they are also highly safe if you only buy high-quality goods.
If the quality is bad; you get what you paid for. There is a far larger chance that buying batteries that are cheap and available only on the illicit market would end in disaster.
In the last two years alone, e-bikes fires, that are the result of badly maintained or broken lithium-ion batteries, have resulted throughout more than 200 injuries and 10 fatalities in the five boroughs.
During the pandemic, the number of e-bike-related fires increased along with the rise in riders utilizing battery-powered devices to transport takeout using apps like GrubHub and DoorDash. The Fire Department found that 44 fires in 2020 and 104 in 2021 were brought on by malfunctioning e-bike batteries. This year there have been 191 so far.
• Corona and Sunnyside in Queens
Sunset Park, Brownsville, and Bushwick in Brooklyn
• Williamsbridge and Morrisania in the Bronx
• Lower East Side in Manhattan
Since January 1, 2021, there have been 14 of these fires within one ZIP code in Corona, which is the most of any ZIP code in the city. An average of one occurs every six weeks.
The fires have severely damaged public housing. 31 e-bike-related fires have occurred in NYCHA homes during the past two years, mostly in Manhattan neighborhoods with several NYCHA housing projects.
• When gadgets are charging, never leave them alone, and never leave them charging overnight.
• Purchase products that have undergone testing at an accredited facility
• Use only the chargers and batteries that came with your e-bike from the manufacturer.
• Keep batteries away from anything combustible and at room temperature.
• Keep your bike away from exit-blocking doors and windows.
Learn more about our Landlord Management property management services.
Residents should follow battery safety guidance from New York City Fire Department.
December 10, 2022
December 5, 2022
New Yorkers deserve tidy neighborhoods, cozy homes, and proactive preparations for the winter.
We can all sense winter’s arrival because of the frigid temperatures.
The city has been working with The Department of Sanitation (DSNY) to develop and improve their snow map for the approaching winter. You should be familiar with who leads our city’s snow response, DSNY.
Visit this page for further information, including rules and deadlines: https://www1.nyc.gov/assets/dsny/site/services/snow-response.
When it comes to snow, there are numerous options available to New Yorkers, such as PlowNYC, which lets you follow the progress of DSNY snow removal.
It’s now officially heating season, and NYC Housing Preservation Development (HPD) provides information on heating laws and regulations for tenants, owners, and landlords. When daytime outdoor temperatures drop below 55 degrees, all residential building owners should keep inside temperatures at 68 degrees. Regardless of the outside temperature, indoor temperatures must be at least 62 degrees over the course of the night. In accordance with the law, building owners must provide hot water that is 120 degrees all year. You can learn more about HPD’s heat and hot water standards by visiting:
https://www.nyc.gov/site/hpd/services-and-information/heat-and-hot-water-information.page
December 1, 2022
1. The Property Has To Abide By Local Building And Health Codes
Ideally, this was taken care of before anyone moved in. If a renter complains about it, it will be your responsibility to make sure everything is up to code. You must make the necessary repairs right away if the property does not adhere to local building codes.
2. Detectable Mold
You are in charge of fixing and getting rid of any apparent mold that may have gotten into the area. It can be due to things like water damage or a leak. However, the tenant would certainly be liable if visible mold is discovered. It is evidently the result of carelessness or failure to keep the property clean on their part.
3. Pests
You must address any pest problems as soon as your tenant reports them. To remain on top of any possible insect issues, be sure to do routine preventative maintenance.
4. Lock-Changing
Most states require changing the locks when a new tenant signs a lease for your property. That way the new tenant knows they are the only one with the key to their space. It is your duty as the landlord to make this adjustment. A new renter has a legal right to ask you to replace the locks if you don’t already.
5. Hot And Cold Water, Heat, And Electricity
Providing heat in the winter and air conditioning in the summer (if your apartment has air conditioning). As well as hot and cold water, which are your duties as a landlord.
You will be in charge of restoring these systems to operation if they malfunction or break down. You must do these repairs within very strict time constraints in many areas. Always check your local landlord-tenant laws to make sure you’re following them.
When a request is received, you must first determine how urgent the problem is. The majority of states need a 24-hour response for situations that render the area uninhabitable. Examples of this include a significant leak or a malfunctioning heater.
Tenants must take care of a set number of maintenance-related obligations. Similarly, landlords should follow certain guidelines. The following are obligations every renter needs to uphold; your lease agreement should be consulted for specifics.
1. Frequently Disposing of Trash
This goes without saying but leaving trash out for an extended period of time attracts a lot of other issues. Garbage invites vermin, mold, and odors that you don’t want in your home.
Make it obvious where the trash should go. Let tenants know they are in charge of regularly bringing out the trash.
2. Damage Brought On By The Tenant or Visitors
Renters are responsible for repairing any damage they make to your property, such as a hole in the wall. In a perfect world, they would let you know about the issue so you could investigate it.
If the tenant offers to do the repairs, you should make sure they meet the requirements for your property.
3. Problems Resulting From Property Misuse As Per The Lease Agreement
The cost of correcting any damage caused by your tenants’ actions would be their responsibility. Anything involving painting, repairs, or additional cleaning.
Examples of this that are common include situations where people smoke inside a property and leave stains or odors. If your lease stipulates that dogs are not welcome, and the tenant has had a pet, the tenant would be liable for any cleaning expenses.
4. Prompt Reporting of Any Maintenance Problems
Tenants must inform the landlord of any maintenance issues as quickly as possible. Long-term neglect of a problem will only make it worse.
Repair costs should be paid by the landlord if they are accountable for performing the necessary repairs. Similarly, the tenant is accountable for the damage and must pay unless another arrangement is made.
Any uncertainties or queries pertaining to maintenance should be addressed in the leasing agreement. It is crucial that the lease agreement is detailed enough to cover maintenance and repairs. Both you and your tenant have access to the signed lease agreement.
Utility bill savings for apartments can make a noticeable difference in monthly housing costs. Small changes in water use and electricity consumption often lower bills without requiring expensive upgrades. Apartment residents, condo owners, and property managers all benefit when utility costs stay under control.
Water conservation is one of the easiest ways to reduce monthly expenses.
Here are practical ways to lower water bills:
Repair dripping faucets immediately because even a slow leak can waste large amounts of water each day.
Turn off running water while brushing your teeth or shaving.
Only run dishwashers and washing machines with full loads.
Water plants only when necessary, preferably early morning or late afternoon.
Choose appliances with the ENERGY STAR label when replacing old units.
Water is a valuable resource, and reducing waste helps both residents and building operations.
Electricity costs continue to rise, making efficient habits more important.
Residents can reduce electric bills by:
switching off lights when leaving rooms
unplugging unused electronics
using LED bulbs
adjusting thermostats carefully
limiting heavy appliance use during peak hours
Property managers often support lower utility costs by recommending efficient appliances, leak inspections, and lighting upgrades.
For more energy guidance, building owners can review resources from U.S. Department of Energy.
Over time, small efficiency habits can create meaningful savings across an entire building.
Lower utility costs also improve operating budgets for owners and residents.
Learn more about our Landlord Management property management services.
November 29, 2022
NYC apartment rental fees can surprise many renters because costs often go far beyond monthly rent. Before signing a lease, it helps to understand every fee that may appear during move-in and throughout your tenancy in New York City.
Broker Fee
One month’s rent is known as the minimum broker fee
A rental broker’s fee normally ranges from one month’s rent to 12 to 15 percent of the total year cost. Even though it hurts, a broker who works hard for you isn’t doing it for nothing.
Ask your agent, if you are using one, if a landlord has paid them any fees for finding tenants, and request that the landlord remove that sum from your broker fee. Additionally, keep in mind that the broker fee is a one-time cost and is not repeated if you extend your lease or add a roommate.
Application fee:
$20 is the maximum allowed by rent legislation.
The application cost for a rental was capped at $20 as a result of changes to the rent rules in 2019. The price of a background or credit check is covered by this fee, which is separate from the broker fee. The only fee a landlord may charge a tenant is this one. The law mandates that this charge must be waived if you submit up-to-date copies of a background or credit check. Housing Stability and Tenant Protection Act of 2019 limits most rental application fees to $20.
…except if you are renting in a co-op or condo
For renting out their apartments, some co-op or condo boards charge an apartment owner a fee, which may include a higher application cost. The reason for this is that there will be restrictions on subletting under the co-proprietary op’s lease because the structure isn’t primarily intended for rental purposes. The costs might be based on the apartment’s share allocation, or they might be determined as a percentage of the monthly maintenance fees. The charge may also cover moving expenses, such as a morning’s worth of elevator use to install your furniture. These sublease fees may be passed on to the tenant by the owner. New York State Department of State explains that co-op and condo boards may charge move-related fees differently from landlords.
3) Pet rent: Can be $50 to as much as $200 a month
Pet rent can range from:
$50 monthly
$200 monthly depending on building policy
You should not be required to pay more than a month’s security if you are moving into a pet-friendly apartment with your dog or cat. In order to avoid this, landlords frequently include the pet fee—which can range from $50 per month for a dog to $200—in the rent payment.
4) Guarantor fee: 65 to 85% of the rent for one month.
Rental opportunities for students, foreign nationals, and people without U.S. credit histories are becoming increasingly difficult to come by, according to leasing agents and brokers who have spoken with Brick Underground. In the past, they might have had to provide a bigger security deposit, but since that is no longer an option, owners will now require a guarantor—someone who agrees to uphold the lease if the renter is unable to—instead
5) Rental insurance fee: About $125 a year
Some buildings require renters to obtain renter’s insurance. When signing your lease, you will be required to bring the required documentation. Renter’s insurance is not expensive. It typically costs between $100 and $150 annually—but it is still an expense that you must factor into your budget.
6) Amenity charge: $500 to $1,000 per year
In newer, more upscale rental homes, tenants could anticipate paying for amenities. To have the base rent more reasonable, some management organizations, for instance, will segregate the charges of a gym. Amenity fees have been seen to range from $500 to $1,000 per year, with some charging $100 per month.
Depending on the building, amenity fees may be applied to the balance of all new tenants’ rent charges. Regardless of whether they choose to utilize the amenities the building provides, be charged monthly, upfront, or annually.
7) Move-in fee.
When you are bringing in your furniture on move-in day, the large residential rentals in the past might have levied a move-in fee or a cost to use the elevator. A move-in charge would only be acceptable if it was a fee paid to a co-op or condo board, according to the new rent legislation and a Department of State letter. Late rent fee: $50 or 5 percent of the monthly rent
8.Late Fee
Once your lease has started, you cannot be penalized for making a late payment unless you are five days overdue. If you are charged, the amount cannot exceed $50 or 5% of the monthly rent, whichever is smaller.
If you have more questions on any fees listed above, ask your agent or search online to find an answer.
Learn more about our Landlord Management property management services.
Use trusted sources:
November 20, 2022
November 17, 2022
Tenant screening tips help landlords choose reliable renters, reduce payment risks, and protect long-term property value. Finding a suitable property and obtaining good mortgage rates are both important for your success, but if you rent your apartment to a tenant who will eventually be evicted, all of your hard work will be for nothing. In the end, you want a tenant you can rely on to look after your house and pay the rent on time. This is more difficult to do than it may seem, especially since most candidates prefer to perform at their peak just during the screening phase.
Here are some concrete steps you may take to ensure a successful, error-proof tenant screening procedure.
Simply pre-screening your potential tenants can save you a lot of time. Why invite folks who don’t even fit your requirements, after all? The information about your property and the kinds of tenants who are interested in the unit should both be included in a thorough listing that you generate. You need to take a number of things into account while creating your criteria, including the property’s location, advantages, refurbishment history, valuation, and more. You might want to stage the property if you want to draw in higher-earning individuals in order to do so.
Of course, if you don’t even know who your ideal tenant should be, pre-screening tenants won’t be effective. As a result, it would be advisable to spend a few minutes outlining the qualities you seek in a potential tenant. While we all aspire to be wealthy, successful professionals who are too busy to even remain at home yet still manage to make their rent payments on time each and every time, it may be too idealistic. With such requirements, you might have few or no opportunities at all. Instead, think about your assets and determine who will profit from them the most.
Here are some factors you might want to think about:
However, because not all properties are created equal, the rule is not infallible. You must consider the lifestyle that comes with living in an expensive neighborhood if your rental property is there. You might need to raise the ratio in this situation to 3.5 times or higher. On the other hand, you could want to think about dropping your ratio to 2.8 times or lower if your home is situated in a neighborhood that is experiencing financial difficulty in order to allow more applications.
The majority of landlords believe it is essential to investigate a tenant’s rental history since it is a reliable indicator of their capacity to pay. This could not always be the case, particularly if your house is located in an area with a high immigrant population. The same applies if your property is close to a college or university. Although many first-year students won’t have any rental history you can check, this does not rule them out as potential tenants. In order to ensure that you are advertising to the proper people, you must be flexible when it comes to screening tenants.
Asking the incorrect questions, particularly ones that may be offensive, may have legal repercussions. The Human Rights Acts address difficult topics such as “do you plan to have more children” and “are you married.” Tenant screening on the basis of race, religion, ancestry, nationality, gender, marital status, handicap, age, and other factors is prohibited.
A privacy violation also occurs when credit information on a tenant is obtained unlawfully. In severe circumstances, you can even end up in jail. The same rules apply for obtaining a tenant’s social security number (SIN).
Tenant screening doesn’t have to be a difficult procedure. In order to assist them in finding the ideal renters for their New York City properties. Landlord Management works directly with landlords and property owners.
Get in touch with one of our representatives at LLM to schedule a consultation with us to see how we can help.
October 26, 2022
New York City has gotten more expensive. No one can deny that. With rising inflation, the cost of living has increased. Food is more expensive. Gas prices are outrageous. Rent in the city continues to rise.
Many people are starting to leave New York due to the reasons lists above. For those who have stayed, one must ask; how can I afford to continue living in the city?
That is a tricky question. It depends on your situation.
Are you in a relationship and live with your significant other? Live alone? Do you have kids? Are you working multiple jobs? Do you live with your parents? Are you renting an apartment, or do you own a condo? All these details matter.
Calculating Your Budget
According to Renthop, there is an easy way to calculate what you can afford. The rent to income ratio is the amount to which your annual income is 40 times what you pay in rent. Simply divide your yearly income by 40. You will now be able to accurately answer the question, “How much rent can I afford?”.
If you can’t afford to live on your own, consider getting a roommate—or several. This will help split costs and help you save. Look at your best options before giving up.
Living in New York is said to require a person to be making $40K-$100K(Movingapt). Depending on someone’s situation (kids, job, bills), this number can vary.
Ways to Save Money
The best advice is to save as much money as possible. This can mean a number of things:
Within a few months of changing the way you spend money; you will easily see a higher amount in your savings.
Everyone wants to live in their dream space, but if that dream is no longer reachable, it’s time to think of a new plan.
October 23, 2022
The economy is currently experiencing a period of high inflation–and this is affecting everything in the economy. Why? The price of everything is going up. Ranging from food, gas, rent, and even travel expenses. Goods are costing double or triple what it used to be before the pandemic.
What is Inflation?
Inflation is defined as the increased cost for goods and services over a period of time, which happens when demand for goods is higher than what the supply chains can handle. Too much inflation is bad for the economy. Many economists can agree that an ideal rate that wouldn’t harm the economy is about 2% per year. The current inflation rate as of now is 8.20. That is 4 times the normal amount.
There are Three Types of Inflation:
Demand-pull inflation: There are not enough goods or services being produced to keep up with consumer demand, causing prices to rise
Cost-push inflation: The cost of producing goods and services rises, which makes businesses have no choice but to raise their prices.
Built-in inflation: Workers want higher wages to meet the rise in living costs. Businesses have to raise prices in order to counteract rising wages, leading to a self-reinforcing loop of wage and price increases.
The U.S is currently dealing with all three types of inflation but mainly the issue is the demand–pull inflation.
Americans have money saved and want to spend it, but companies cannot keep up with the amount of product.
What Does This Have to do With Property Owners?
One issue happening with inflation is that rising prices are causing people to move out of state. Many people cannot keep up with the rise in rent or cost of living, so they move elsewhere. Meaning less money is coming in for properties.
Higher costs and wait times may happen for any repairs needed to be made.
Supply chains are running out of goods faster than normal. When you go to the store, and look at the shelves, there’s a chance a lot of products are missing or there’s a limit to how much of something can be sold.
Prices of goods can fluctuate from month to month. Higher costs mean the need to save more for future projects. If an emergency repair needs to be made, there needs to be enough money saved in order to pay for that. With materials costing more than normal, the labor cost will most likely also rise.
Don’t be surprised if prices continue to go up.
It is unknown how long this period of inflation will last.
To maintain the pace of things, we must swiftly adapt to the current economy.
October 19, 2022
The success of a condominium complex primarily relies on each individual owner paying their share of the monthly maintenance fees, which go to the building association. These fees pay for the upkeep and repair of communal facilities in condo buildings.
Landscape maintenance, grounds upkeep, snow removal, garbage pickup, exterior wall repair and maintenance, roof maintenance, and other similar services are frequently covered by condo fees. If there are amenities like swimming pools, gyms, and parking lots; condo fees may also cover their upkeep and repairs. Maintenance fees can include paying for insurance for the association, but condo owners are still required to purchase separate homeowner’s insurance from the association’s insurance.
There is no assurance that the maintenance charge will remain constant over time. Depending on how the association’s needs change from year to year, these costs may alter.
The board of directors (BOD) first creates an annual budget before determining condo fees.
The association factors in all anticipated costs, including those for utilities, payroll, property taxes, maintenance and repair, and insurance. Associations must also keep a reserve fund, which functions as a kind of savings account for significant replacements and repairs of the property. The board totals all expenses and divides the total by the number of owners of each unit. While some organizations split the funds equally, others use a percentage breakdown of shares.
The BOD’s will need to find another way to cover the loss if an owner refuses to pay their maintenance costs. Frequently, this entails applying special assessments.
The board may require extra cash to cover expenses that aren’t covered by regular condo fees. For the purpose of covering the associated additional costs, they may impose a one-time or temporary special assessment.
Special assessments should only be used to pay for unforeseen fees that weren’t predicted in the corporation’s budget or reserve fund.
The board should, if possible, schedule a special meeting before approving a special assessment. This will give the board members time to explain their choice and give homeowners a chance to offer suggestions and offer input.
The actual cost of a personalized assessment varies depending on the specific repairs or maintenance.
For instance, if your building’s roof needs repairs that would cost $40,000, and there are 40 people living there, you may expect to pay around $1,000 each. The larger your property is within the unit, the greater your share of the special assessment will generally be.
The BOD cannot carry out its duties if members don’t pay their dues.
Consequently, the common areas of the condo complex will deteriorate. Poor common space care is something you as an owner should be concerned about because it can lower the value of your unit.
The association may opt to add late fees to your unpaid balance if you fail to pay your condo fees. You can even have your privileges suspended, which would prevent you from using the amenities at your discretion. Associations frequently have the power to lien your unit, which would allow them to possibly foreclose on it.
If you have any concerns about your maintenance fees, reach out to the board of directors in your building. It’s best to know the do’s and don’ts before making a mistake that can later harm your condo.
