Buying a property in NYC and renting it out, seem like a great business especially nowadays when so many people flood the New York streets in hopes of building a career. Being a landlord, however, is not as easy as some may think. There are so many rules and regulations that must be met in order to ensure the safety of both tenant and landlord—so much so that it can be intimidating and confusing for individuals or businesses who first assumed that managing a property was easy. The following are some of the many federal laws that New York implements when it comes to property management:
- Anti-Discrimination Laws – Landlords are not allowed to refuse prospective tenants based on race, religion, nationality, sex, medical condition, or family status. When advertising their properties, they are also not allowed to set limits on who can and cannot rent, if it discriminates the individual based on the mentioned categories. The only recognized basis for rejecting applicants are bad credit history, bad behavior, and negative references. Any action that limits the applicant’s rights on the said categories is grounds for a complaint.
- Rent Increase – Landlords must give enough notice before an increase in rent, the time of notice, the amount of increase, deadline of payments, and addition of late fees must all be included in the contract. Tenants may raise complaints for sudden and unexplained increase.
- Repairs – All repairs that affect the habitability of units, such as HVAC and water problems, must immediately be fixed and addressed. Tenants have the right to withhold their rent or subtract a certain amount in their rent if the landlord is not able to comply.
- Termination Notice – Landlords must send their termination notice 10 days before termination date or as set by the contract.
These are just some of the legal responsibilities for landlords set forth by New York state laws. As shown, it is not easy to be a landlord in New York. For these reasons, many property owners prefer hiring building management companies like Blue Harbour Property Management, Inc. to handle all landlord duties for them. These companies have the know-how and are up-to-date when it comes to the legal responsibilities of both landlords and tenants.
(NEW YORK LANDLORD AND TENANT DUTIES, ncsl.org)
(Top 9 Landlord Legal Responsibilities in New York, nolo.com)