When you own residential real estate in New York, finding the right tenants and maintaining each unit can be time-consuming. However, being in the management services industry also means complying with the law. If you're new to this business, or you simply need a refresher, learn more about some basic tenant's rights below.
Important New York Tenant’s Rights
1. Tenants Can Withhold Rent
After a tenant signs a lease, they're obligated to pay rent on time each month, or they may be required to pay a late fee. However, if a tenant is waiting on the landlord or management service to conduct crucial repairs, such as fixing a broken furnace, they can withhold rent until the fixes are complete.
2. Security Deposits Are Regulated
When advertising a unit for rent, requiring a security deposit before moving in is typical. In the state of New York, the security deposit cannot exceed one month's rent.
3. Eviction Requires a Notice of Termination
If a tenant fails to pay rent or abide by your lease agreement, you may wish to evict them from their unit. To go about this process lawfully, the eviction must begin with a Notice to Cure where you inform the tenant of their lease violation and give them 10 days to correct the problem. If the issue isn't fixed after 10 days, you must submit a Notice of Termination informing the tenant they have 30 days to exit the unit. Should the tenant remain after this window, the formal eviction process can begin.
4. You Must Give Reasonable Notice to Enter a Unit
A key component of management services includes conducting repairs within your units. However, each tenant must receive "reasonable notice" before their residence is entered. In New York, reasonable notice is considered one week for repairs or maintenance and at least 24 hours for an inspection.
If you’re looking for a management service to help you navigate the complex legal matters related to renting property, contact MetroHudsonMgmt LLC. in East Elmhurst, NY. Since 2001, this company has provided both commercial and apartment building management to clients throughout the New York City boroughs and Putnam and Westchester counties. To discuss your needs with a friendly member of their team, call (914) 941-7111. For more information on this management group, visit their website.