New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

The Gist of Rent Controlled Apartments in New York

Posted by All Area Realty Services Team on Mar 20, 2019 4:02:38 PM

Most New Yorkers are renters. In New York City, there are more than 3.2 million units with about 2.2 million being rentals. This is about 63% of New York’s housing stock. More than half of these rentals are subject to some kind of regulation. However, it is not easy to get a rent-regulated apartment.

The most common rent-regulated units are rent stabilized apartments. They have guidelines which restrict increases until the apartment hits market value, which is determined to be $2,774.76 a month.  However, the vacancy rate for a rent stabilized unit is about 1 percent for postwar units and about 2.5 percent for prewar units. Market-rate rentals are about 6 percent.

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Rent-controlled apartments are very rare. Tenants who live in a rent-controlled apartments, receive the most protection because the leases strictly limit rent increases and make it difficult to evict tenants. These units were created due to the housing shortage after World War II. These units are no longer available to new tenants.

At this time, there are nearly 22,000 rent-controlled units in NYC. If you do not live in one already, then chances are that you will not get one. When a rent-controlled unit becomes available, the unit will be converted either to a rent-stabilized or a market rate apartment. 

New York City has about a third of owner-occupied homes which shows that owning a home is a dream for most New Yorkers.

All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area. 

 

 

Topics: Property Management, Rentals

Navigating Renter Rules and Regulations in Co-Op Buildings

Posted by All Area Realty Services Team on Mar 13, 2018 4:10:43 PM

In previous posts, we have discussed the difference between a co-op and other homeowners associations type of apartment. With all ownership styles, the rules and regulations change. Depending on which style you decide is best for your family, it will be important as a homeowner that you fully understand the rules and regulations for your building.

With spring break right around the corner, you may be thinking of adding your property on sites such as Airbnb as you travel out of town. While Airbnb can be a great way for you to make some extra spending money while on vacation, have you checked with your co-op to see if this is allowed?

In many co-op apartment buildings, if you rent your apartment out, the renter has different rules than the homeowner. Renter rules and regulations are found under renter law making it much easier for the person renting your home to break the rules than for the homeowner. Rent-controlled and rent-stabilized tenants are not subject to the rules that everybody else lives by.

Noise Complaints

iStock-660743394.jpgShould a renter in your building be getting a bit out of control, instead of addressing this with the  property management company or co-op board, this would first be a city complaint. That means, to file a complaint you’d need to call the police.

Rental Repairs

If you have allowed a renter to lease your space while you are away, it is the homeowners responsibility to pay for any repairs. Hopefully, you’ve done your due-diligence and had a rental contract signed that stated any repairs would be taken out of the deposit on the property and additional repairs would require the renter to pay for them, so you are not out of pocket. For questions on drafting leasing or property management, contact professional property management company, All Area Realty Services.

All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area. 

 

 

Topics: Property Management, Rentals