Listing your New York apartment for rent could result in a consistent source of revenue. However, renting your properties comes with a variety of common obstacles that most landlords face sooner or later. Knowing what those obstacles are can help you to be prepared for them, if or when they pop up.
Providing The Basic Necessities
Renting out your New York City furnished apartment isn’t as simple as creating a listing and hoping for the best. Before listing your property, you need to make sure you can provide your tenants with the required basic necessities.
Geoffrey Wertime, a Housing Works Client Legal Services Skadden Fellow, explained that water is one of those necessities. If you operate a multiple-dwelling unit, you need to provide running water around the clock. If you’re leasing a smaller building, you must ensure hot water is available daily at least between 6 a.m. and midnight.
Heat is another necessity landlords must provide in New York apartments for rent from October 1 through May 31. According to Wertime, the temperature in the apartment must be at least 68 degrees if the temperature outside is lower than 55 degrees.
Other necessities that you need to provide include carbon monoxide and fire detectors, basic security such as locks on doors and intercoms in working order, window guards if a child younger than 11 years old lives in the apartment, pest control, janitorial services, and waste collection and removal. You also need to keep the interior clean and covered, which may require repainting or wallpapering. If need be, you also need to implement lead-based paint abatement.
There’s a lot to consider before you add your listing to the many apartments for rent in New York City.
Once you have tenants, there are other common obstacles you may also need to overcome.
Common Obstacles When You Have Tenants
Complaints about your tenants from neighbors, local police, or even city hall are one of many obstacles you might face after your Manhattan apartment for rent has tenants. There are a variety of reasons for those complaints ranging from excessive noise, leaving trash or other eyesores on the property, or not maintaining the property.
Damage, whether it’s a one-off mishap or a result of recklessness on your tenants’ part, is another common problem you might face if you’ve chosen to rent out, rather than sell, your New York City home. Even though tenants are responsible for maintaining clean living quarters, some refuse to cooperate if landlords send them repair bills – and taking legal action isn’t always the best option.
Late or non-payment of rent is another common obstacle for landlords who find tenants for their NYC furnished apartments. Therefore, It’s best to choose tenants who not only have good credit but good references.
What Our Experts Say
Platinum Properties Leasing Manager Fitore Abazaga recommends making sure the apartment is in impeccable shape before you start showing. Some landlords prefer to clean and paint an apartment after it is rented, but the reality is that prospective tenants will find the apartment more appealing if it is in great shape during viewings. According to Abazaga, a broker can give you advice based on the apartment’s condition and let you know what you can renovate to rent it faster, for top dollar. Abazaga also recommends educating yourself on the market, so you know what your apartment is really worth. Pricing too high could see the apartment languish on the market while pricing too low could result in too much traction and renting it for a lower price. This is another area in which a broker can help you.
A broker can also run a comparative market analysis to find the best price for your New York apartment for rent. They also can help with advertising costs, fielding inquiries, handling prospective tenants’ questions and concerns, and screening applicants.
Platinum Properties Sales Director, Melissa Joy True, said that landlords who try and go at renting out apartments alone increase their risk significantly. A professional broker can help you find great tenants and top dollar pricing.
Contact Platinum Properties for more advice on listing your Manhattan apartment for rent today.