As someone who lives in New York City (NYC), you probably know that rent isn't cheap. This is one of the reasons why there's the NYC Rent Guidelines Board in place. This agency oversees the city's rent control and stabilization programs.
When people look at a home or apartment to rent, it's easy to get caught up in just checking out the physical space. If it "feels" like home, then you'll want to rent it as soon as possible.
Issues between landlords and tenants often go far further than they need to when the two do not communicate well. A landlord who doesn't respond quickly may anger a tenant who thinks that it means the landlord doesn't respect their wishes. A tenant who communicates in an aggressive way may offend a landlord who feels personally attacked for every little thing that happens in the home or apartment.
How likely you are to rent may depend on a whole host of factors, such as your age, the cost of living in your area and your financial stability. But, if you want to look at the big picture, let's take a look at how many people choose to rent.
Security deposits exist to protect a landlord's interest in a property. Irresponsible tenants could cause substantial damage to a unit well beyond the standard wear and tear likely during a rental period. If a tenant leaves without finishing their lease or if they cause major damage, the security deposit on the unit helps reimburse the landlord for their losses.
Whether you are a landlord drafting a lease for a new property or a tenant considering the lease before signing -- it's very important to read through it carefully -- you need to know what should be in that document. It's a legal contract that helps define your rights and roles moving forward. It's more than just the price of the home or apartment.
When a person is renting an apartment or home from a landlord, they have the entitlement to security. This means that they cannot simply be evicted with no notice and with no reason. However, since the landlord legally owns the property, the landlord can evict the tenant under certain circumstances.
Being a landlord can be difficult because you will often have to balance questions of personal interest with the desire to avoid disputes. It is important that you set boundaries with your tenant early on in the process of renting, and that you put everything in writing so that you can avoid misunderstandings in the future.
Real estate such as apartment buildings or homes must be regularly maintained to remain habitable. If small plumbing, electrical, or heating and air problems are left unaddressed, then they have a way of becoming much larger issues. If you're a renter, then you may assume that any and all problems are the sole responsibility of your landlord. That's not always the case, though.
Rent stabilization is always a hot-button topic for landlords and tenants alike in New York. However, the new changes to the rent rule put in effect by Gov. Andrew Cuomo have ignited a new firestorm.