Stay Informed
When renting out your first apartment in NYC it’s important to stay informed and understand New York’s rent laws. In 2019, The Housing Stability & Tenant Protection Act added new protections for renters, similar to protections for rent-stabilized tenants. New York's new “Good Cause Eviction law” also protects tenants from unjustified evictions and extreme rent increases. It is crucial for landlords to review these laws constantly, failure to do so could result in penalties as well as financial loss.
Finding Good Tenants
First-time Landlords should be prepared to do some research on their possible tenants. Background checks are encouraged however, a new law now makes it illegal for most landlords to deny someone an apartment based solely on their conviction history. A landlord must review a tenant’s financial situation first, they should consider an applicant’s credit score, income, tenant history in order to come to a concrete decision. The priority is to consider the financial and housing history of a tenant first before any other personal check.
Meet All Responsibilities
Landlords are responsible for ensuring that all systems within the unit work. Responsibility includes plumbing, appliances, and heat & ensure all safety measures are in place. Any damage created by the tenant can be charged to them. As a result of the liabilities landlords have to take on, it is crucial to obtain the proper insurance for adequate coverage and avoid unforeseen losses.
