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.
NYC affordability has become a major concern as the cost of living continues to rise. Rent prices are increasing, groceries cost more, and everyday expenses are higher than ever.
Because of this, many residents are leaving the city. However, if you plan on staying, understanding NYC affordability is essential to maintaining financial stability.
Your ability to afford living in New York depends on your personal situation—whether you live alone, share expenses, have children, or manage multiple income streams.
To understand NYC affordability, you need to calculate what rent you can realistically afford.
A common guideline is the 40x rent rule:
Example:
This formula helps you stay financially safe and avoid overspending.
If NYC affordability is tight, consider:
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.
Improving NYC affordability comes down to making smarter financial decisions.
Dining out frequently can quickly drain your budget.
Subways and buses are far cheaper than driving or rideshares.
Smaller apartments or shared housing reduce rent costs.
Switch to cheaper phone plans, cancel unused subscriptions, and lower utility costs.
Knowing where your money goes helps improve NYC affordability long term.
NYC affordability is challenging, but not impossible. With proper budgeting and lifestyle adjustments, you can still live comfortably in the city.
If your current situation feels unsustainable, it may be time to rethink your financial strategy and housing choices.
NYC affordability refers to how manageable the cost of living is in New York City based on your income, expenses, and lifestyle.
A common rule is the 40x rule:
Most people need between $40,000 and $100,000 per year, depending on lifestyle, housing, and financial obligations.
You can improve NYC affordability by:
Understanding NYC affordability is important for both tenants and landlords — explore our Property Management Services.
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.
October 16, 2022
The New York eviction process requires landlords to follow legal notice periods, court filings, and hearing procedures before a tenant can be removed. There are numerous reasons why landlords may choose to evict tenants.
However, landlords must follow the right procedures in order to evict a tenant, or it won’t go through. As required by state and local law, the process begins with providing the tenant with a written notice. If the tenant doesn’t leave or return the property by the termination date, the landlord may proceed to file a summary proceeding in the county where the property is situated.
After the written notice has been issued, the eviction procedure can start. Before starting the eviction process, the landlord must give some time to the tenant.
The procedure for eviction is as follows:
• Head to the city’s justice court nearest to the rental property.
• Submit copies of the following with your petition and notice of petition: Notice to Quit, the rental or lease agreement, and any evidence or paperwork in support of the petition
• Pay fees to the court
The type of eviction proceeding, the location of the rental property, and the justice court where the petition and notice of petition were filed will all affect the fees.
Depending on the basis for eviction and the terms of the lease, it might take anywhere between 14 and 90 days from the time the Notice to Vacate is issued.
Depending on the sort of eviction being started, different procedures and notices are needed. It’s also important to keep in mind that in NYC, the procedures and regulations that apply to an eviction vary depending on whether the property is an interim multiple dwelling, a free-market, a rent-stabilized unit, or a rent-controlled unit.
Landlords must give the renter a notice to comply before going to court to request an eviction. You can either use a PDF or Word template to construct your New York eviction notice.
A copy of the Notice of Petition is then given to the tenant. It has to be served within 10-17 days before the hearing.
The tenant is then given both the Notice of Petition and the Petition. Ten to seven days prior to the hearing, it must be served.
There are various ways to do this, including:
Landlords are not allowed to serve the notice to the tenants. They must ask a person who is uninvolved in the case to do so for them.
10–17 days are given to the tenant to prepare for the hearing.
Three to eight days after the court receives the tenant’s response, a hearing is arranged.
The landlord may win the case if the tenant doesn’t react on time. However, the eviction procedure is halted if the renter pays their rent in full before to the hearing.
A compelling case against the tenant must be made by the landlord and supported by substantial evidence. The entire lawsuit is dismissed if the landlord does not appear at the hearing.
If the tenant fails to appear at the hearing, the landlord automatically wins. If the landlord wins in court, they may apply for a Writ of Execution as soon as the verdict is delivered.
Leaving The Property
After the hearing, a Writ of Execution may be issued within a few hours to a few days. The Writ of Execution provides the tenant with a maximum of 14 days to evacuate the property, assuming there are no requests for reconsideration.
A stay of execution, which extends the time until tenants must leave the property, may be granted by the court to tenants.
A stay of execution may be issued in the following situations, granting a lengthened stay of no longer than one year:
• One of the tenants suffers from a severe, incapacitating medical condition
• A tenant has a major, incapacitating medical condition
• a child will be uprooted from their school district
If you are interested to learn more, visit : New York Eviction Process (2022): Grounds, Steps & Timeline (ipropertymanagement.com)
September 23, 2022
A property management company in NYC helps owners protect building value, solve maintenance issues quickly, and improve long-term returns on condominium and rental investments. As Owners, we know what it means to
need responses quickly to problems. It might be a source of income if properly managed. And if we don’t,
we could face legal action and disgruntled customers pounding on our doors. Most people don’t know
how to manage the property to optimize its worth. Requiring a company that has expertise in
condominium Property Management is the Landlord Management difference. In addition, many of our
properties are far from where we live, making them challenging to manage. These concerns are rectified
for your investment to yield optimal returns.
Property management companies are indeed our defensive measure. These organizations manage our property to maximize revenue generation on our behalf. Thus, we should identify the ideal property management firm for our requirements. If we research wisely before hiring a property manager, we can save time, money, and hassles.
There are numerous businesses on the market. Each offers big returns at little cost, but not all are honest. Consider three tips below to find the most reliable company for your needs:
Popularity & Experience
Good reputation and real-estate experience are self-evident. Visit the locals, gather customer feedback, analyze their experiences and services, and speak with the corporate team to learn more. If locals recommend the company, you should hire it.
Performance
Once you contact a Property Management Company in NYC
review their contracts to determine if they scrutinize your property, accept accountability for key stages, and seek tenants. Result-based agreements are detailed and clear, which is great for investment.
Management Pricing
The management fee is another essential factor. Usually, companies charge flat fees for condominiums and a percentage of the property’s monthly rent for rentals. However, prices can be misleading. So, do not rely exclusively on the pricing. If the management organization has a flexible solution, a solid reputation, and the clients’ trust, the charge does not matter.
With the above suggestions, property management will be easy. The trusted Property Management Company in NYC can help avoid difficult legal issues. As we have our jobs and families, hence, it’s recommended to engage Landlord Property Management NY to get the best support for your NYC condominium & rental property!
