Each year, the Rent Guidelines Board (RGB) establishes the lease guidelines for rent stabilized apartments. Apartments in buildings rehabilitated or newly constructed after January 1, 1974 are not rent regulated unless the owner has taken advantage of special tax abatement programs known as the J-51 and 421-a programs. There are a number of exceptions to these generalizations. Market-Rate Housing includes apartments which have never been regulated and apartments which have undergone deregulation. Vacant apartments in buildings with one to five units are generally not rent regulated.... more
The tenant must return the premises in the same condition it was received with allowances for ordinary wear and tear, and in a broom - swept condition. The tenant does not have to make any repairs (unless otherwise stated in the lease). Most leases contain an implied warranty of habitability. The landlord guarantees that the leased property is fit for human habitation, and the tenant will not be subjected to conditions in the premise that could potentially endanger their life, safety, or health.... more
Understand the lease. Know what every line means. Be aware that building owners are required to provide hot water 365 days per year at a constant minimum temperature of 120 degrees Fahrenheit. Between October 1st and May 31st, a period designated as "Heat Season," building owners are also required to provide tenants with heat under the following conditions:
Between the hours of 6:00 AM and 10:00 PM, if the outside temperature falls below 55 degrees, the inside temperature is required to be at least 68 degrees Fahrenheit; and,
Between the hours of 10:00 PM and 6:00 AM, if the temperature outside falls below 40 degrees, the inside temperature is required to be at least 55 degrees Fahrenheit, and be aware of the NOTICE TO TENANT
DISCLOSURE OF BEDBUG INFESTATION HISTORY.... more
When you talk to a mechanic he will mention ball joints, tie rods, starters, crankshafts and so on. A body man will talk about rocker panels, quarter panels, fenders, floor boards, and so on. A business man will talk about R.O.I., pre-tax, revenue, and more.
What it comes down to is one simple fact. Each profession has its own terminology. Once the person gets used to speaking the language of the profession he forgets that not everyone speaks the same language. When you talk in certain terms all day long it can be hard to realize others do not understand what you mean.
Most times if you just say I do not understand. Can you explain to me what you mean ANY professional will be glad to try to explain it more simply so you can understand. But if you do not say anything they think you understand the same words they use all the time.
It really is not about trying to impress you with their vast knowledge. It is about them being so comfortable with the terms they do not even realize others do not speak the same language. So ask them for a translation. I bet you will be pleasantly surprised at how willing they are to help you understand just what they have been trying to tell you.... more
Hi Tara. For me, the rental commission is set by the broker, as is the commission split. There is alot more involved in doing rentals then it seems and when co-broking, there is not much that can be offered out on them. Basically they are split among however many agents are involved in the rental, so the more people involved, the less that can be offered. But as Joe has stated here, I too have found that renters are a good investment because if we find a good fit for them when they are looking for an apartment, they will come back to us when they are ready to purchase. So the rental commission may not be alot to work with someone else on, but it is good to incorporate rentals into the list of services a company provides. It makes for well versed, more knowledgeable agents.... more
No!, If you are in a free market apartment you had an Estate for years lease, meaning the lease continued for a definite period of time, whether for years, months, weeks, or even days. It always has a specific starting and ending time. In your case 1 year. If your landlord has accepted rent after your lease expired you have entered into a month-to-month tenancy with no definite termination date. To end a month-to-month tenancy, New York City requires 30 days notice. Notice must be given at least one day before a date on which rent is due. If rent is due on September 1, the landlord who wants the tenant to vacate by October 1 must give notice no later than August 31.... more
Also, a person who believes illegal discrimination has occurred has up to one year after the alleged act to file a charge with the Department of Housing and Urban Development (HUD) or may bring a federal suit within two years.... more