2019 Tenant Protection Act
key to the formula
Finding a place to rent in a city like New York is so exhausting, stressful, and financially demanding. A great majority of people encounter numerous difficulties when involved in an endeavor like this. Luckily, there are experts in the field Iike Imma Giocoli, Broker Owner of Tyler Vincent Real Estate Inc. for example, who are willing to share their knowledge with you, provide you with free consultations and priceless information whether you are renting or buying in NYC.
In the following lines, we will be discussing the Tenant Protection Act. Generally, as one might expect, the act is much more favorable for tenants than landlords. If you are about to rent an apartment, study the information below to be able to carefully calculate all the costs and know to the finest detail what you can expect during this process.
Application fees
Tenant application fees are currently kept at $20 per person. Make sure you understand this well. For example, if there are three people on the application, you will have to pay $60. In other words, if there is more than one applicant, each of them pays $20.
Credit reports and background checks are also kept at $20 dollars. Anyone willing to go forward can only charge you $20 per person. Most backgrounds checks cost on average anywhere between $50 and $120 to run. The landlord again is going to offset that cost and pack it into your rent. The reason for this is very simple. There is no way the landlord will be able to absorb and consume all of these fees in only one shot.
Security deposit
According to the latest Tenant Protection Act, landlords are now allowed to collect only one month’s rent equivalence security deposit. Earlier, it was possible for landlords to set the rules themselves and collect one and a half, two, or even three months rent equivalence security deposit. Now, this latest act has proven to be much more favorable for tenants in this aspect.
In addition, landlords are no more allowed to take the first, last month rent, and security deposit. Instead, they can take only the first-month rent and security deposit, which leaves a considerable number of dollars in your pocket. Since we are speaking about New York, this is a very important factor.
According to the latest Tenant Protection Act, landlords now can take only one month’s rent equivalence security deposit, which is a significantly less serious burden on your family budget. Alt.tag: A piggy bank.
Your security deposit is returned to you after you vacate the property. The period of time during which you need to receive the money from the landlord is fourteen days.
Take late fees seriously
Late fees are an unnecessary burden to your budget if you are not careful enough. Namely, every tenant gets a five-day grace period to pay the rent. Otherwise, the landlord has the legal right to demand that you pay a $50 fee. So, make sure your payments are always on time. This is the only and the best strategy to be safe from paying late fees. Considering the costs of living in New York, which are mostly very high, it is irresponsible and unreasonable to get into a situation like this.
Can landlords raise your rent?
The answer is yes, but the Tenant Protection Act defines the standard procedure if this is the case. If a landlord wants to raise your rent after the end of your lease, he/she must give you a 60-day notice if you have a 1 to 2-year lease. Any 2-year lease and up requires a 90-day notice. This is a very important piece of information for you if you are planning to renew the lease. In case that you are vacating the rental property, you do not have to worry about this.
Your landlord can increase the rent, but there is a standard procedure landlord must follow in these circumstances. ALt.tag: A lot of dollar banknotes.
Ending the lease earlier – is it possible?
If you want to end your lease earlier than the date stated in the contract, there is something you need to know before you start looking for professional movers like the most respectable Capital City Movers NYC, for example, to conduct your relocation easily and efficiently. The key factor in this situation is whether your landlord can replace you. If the landlord can replace you, he/she must release you from the obligations on the lease contract.
For example, you want to leave three months ahead of time. The reaction to your demand that you can expect from the landlord is for him/her to say that he/she has to replace you. If the landlord succeeds in finding the replacement, he/she has to set you free. Otherwise, you are obliged to everything listed in the lease contract.
A few more things to know
The latest Tenant Protection Act includes a big win for tenants and a very unfavorable situation for landlords when it comes to the following point. If you had prior tenant-landlord issues on your background check, a landlord is not permitted to refute you the lease based on your previous experience with landlords. This is, understandably, a big problem for landlords and not for you if you have opted for renting when considering renting vs. buying in NYC. However, they can come up with some other reason and still cancel the application in the end.
Remember that landlords are not obligated to take you in. They are obligated to follow and obey the laws issued by the government that can change from time to time, but choosing a tenant is their decision only. While discrimination in any form is not allowed, there is always an option to find a way out when they want to avoid taking in a tenant they do not like.
Be smart and be transparent once you find a place you are willing to apply for. Allow landlords to be transparent as well and choose wisely. Make sure your agent is well-informed on the current laws and know that all the parties involved in this business have been notified about all the changes on time. An agent who does not know the above-mentioned facts is either a genuine amateur or simply a fraud.
Be transparent and choose a place to rent wisely. ALt.tag: A handshake when both the landlord and the tenant obey the Tenant Protection Act.
Final words
All that both landlords and tenants can do at the moment is to observe the effects of the Tenant Protection Act in the period to come. The fee laws are definitely getting challenged right now, especially for the big brokerages and landlords that are increasing their rents, which will eventually create more hassle for New Yorkers. Unfortunately, consumers are always the ones who feel the pain. We will see what will happen in the following period. Maybe now is your time to start exploring the real estate trends and consider buying your own property. Call a professional like Imma, always here for you.
Visit the website here for more information on the Tenant Protection Act 2019