by Ron Gitter
What appears to be the beginning of a beautiful landlord-tenant relationship can turn ugly faster than you think. So notes lawyer Ron Gitter, whose sage advice has graced this blog before and whose Web site contains much more valuable information.
Perform your due diligence when you intend to hand over your precious property to a stranger, or even a friend or relative, he counsels.
For your peace of mind and financial security, consider all the issues that might have an impact the tenancy. Be upfront about any conditions in the apartment that may be of concern to the tenant.
At the same time, there is no reason for your relationship with your tenant to be of the love-hate variety: He or she gets to live in a great apartment in the Big Apple and you receive a significant and, sometimes, obscene amount of rent.
Where we live, that’s peaceful coexistence. The 10 or so suggestions below should ensure that war doesn’t break out:
(Flickr photo added by Mr. Wright)
1. Comply with all condo rental requirements: You must submit a rental application to the managing agent. Even before the lease is signed, make sure that your proposed tenant understands that financial disclosure, various documentation and a background check may be required prior to the building’s approval of your tenant.
2. Check the creditworthiness of your tenant: Continue reading
Manhattan’s rental market continues to sit at what appears to be the bottom of its downturn, the Real Estate Group of New York speculates in its February report.
Rents remain virtually flat in month-to-month comparisons, “up” on average 0.19 percent. But the gap between year-over-year figures is closing slightly, the brokerage says; rents were down only 2.99 percent vs. 2009.
Doorman vacancies were down 9.65 percent and overall inventories were down 3.02 percent.
Click to expand and check out different neighborhoods.
“Since February has historically been a slow month for the rental market, this decrease in inventories coupled with prices holding steady is a positive indicator that the market is gaining some strength,” the company said. Even though Manhattan rents have stopped falling, it added, “the rebound is likely to be a much slower process than landlords anticipated.”
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022
Manhattan rents, courtesy of the Real Estate Group.
The Manhattan rental market continues to lag in year-over-year performance, but November rents remained relatively stable versus last month, according to the Real Estate Group of New York.
Overall, rents in the borough fell only 0.03 percent during the normally slow month of November. The largest price change actually was an increase of 1.12 percent in doorman one-bedroom units. Supply fell 5.36 percent overall, but it was down 11.94 percent in non-doorman units. The firm’s report observed: Continue reading