New York is growing rapidly and for those who know the market, it may appear to be the perfect opportunity for investment. However, obtaining success in this market is far more difficult than it may seem. With literally thousands of laws and regulations affecting landlord – tenant relationships, multiple court systems and many administrative agencies, building a successful real estate business means an ongoing need for legal support.
In cases where the landlord wants immediate resolution, approaching an attorney for a specific issue can be tempting. Due the realities of being a landlord, and the likelihood that issues with tenants will continue to come up, it is in a landlords best interest to seek preventative measures and a non-adversarial resolution. Unlike other cities in the US, people in New York tend to stay in their rentals for extended periods of time, turning a rental into their home. With a great deal of emotional investment in a property, renters will go to any length to maintain their residence. As a result, a misstep in resolving an issue can be harmful to business; the help of an experienced lawyer, a landlord can avoid unnecessary escalation and build relationships with tenants to ensure the success of your investment.
Besides maintaining cash flow through rental payments, landlords must also ensure compliance with laws and regulations regarding anti-discrimination laws, security deposits, ensuring that the dwelling is habitable, making the required disclosures, and ensuring that mandated services like hot water and heat are continuously provided. With gentrification taking place throughout the city, adhering to these regulations and laws are vital. Wealthier tenants are increasingly seeking legal counsel of their own to ensure that these laws and regulations are being upheld.
Consequently, now more than ever, it is important to address any potential violations early to and avoid adversarial relationships with tenants. Demand for NY residential real estate raises the possibility of making profits from temporary rentals, but this practice can be a land mine of complications for the property owner. Those complications can harm landlords who are looking to benefit from sharing economy; even as the sharing economy can harm landlords when they have to protect their properties from unauthorized rentals via AirB&B.