One concern that we have encountered is a tenant’s complaint of a new faulty fob system that prevents them from going in and out of the apartment especially if the weather is not good. Although the concern has already been raised to the landlord, no solution has been provided to this date.

According to experts, the first step that the tenants should take if the landlord continues to remain unresponsive is to get in touch with 311 and relay the situation. They can also contact the local Housing Preservation and Development department. The issue should be addressed immediately especially if there are senior citizens and little kids in the premise because of the danger it proposes. On a tenant’s perspective, it can’t help to deem this action extreme or exaggerated. However, bear in mind the rights that are being violated and the safety this whole scenario is compromising.

Tenants can also research and get in touch with the fob system’s manufacturer to inquire what can be done in times of emergency. If the fob system is really faulty and cannot be helped, other alternatives that the apartment can initiate is to place security personnel posted on the door or leave an alternative door open, to which they would have to relay to every tenant the location of and how to access it in times of emergency.

If after all the effort and the landlord remains uncooperative, it would be better to round the rest of the tenants and take the circumstances to housing court. After all, there is strength in numbers. A Housing Part action against the landlord can be filed in the housing court and have a court order released, prompting for the landlord to provide a safe access point to the building 24/7. Doing this will render you a day in court within 7 to 10 days of filing. Always bear in mind your rights as a tenant. Paying for rent means that you are eligible for a comfortable place to dwell and rest in.

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Shall this be a concern for tenants that their existing rental arrangements would suddenly experience a surge in prices because of this new development in the area? Shall property buyers expect a significant increase in the sales price of condominiums?

According to Mark Chin, the CEO of KWNYC Tribeca, the announcement of Google’s expansion in the city is a clear validation that New York City will gain so much from it. Since the real estate industry is characterized by too much uncertainty, its future could be ascertained with the help of the economic development coming from Google’s expansion.

If we will carefully look into the statistics related to Long Island City’s realty industry and Amazon’s expansion, we can see a positive correlation between the two. Just a few months before Amazon announced the establishment of its second headquarters, property developers and owners were seen to be struggling from the insufficiency of buyers and tenants in the area. But right after Amazon made the announcement, we were surprised by the significant growth of buyer interest and lease prices in the Long Island properties.

Will the properties around Hudson Square also demand over 20% increase in rental fees and sales prices? That we cannot answer for now. But we can look into the current status and the projected developments in the area to better assess the possibility of price hikes.

Today, the average price of a one-bedroom unit in Hudson Square is around $1.4 million while the rental fee is about $3995. However, we have to note that Manhattan has actually been experiencing a trend of rental concessions for the last 42 months. If we will take this into consideration along with the increasing property developments and residential building constructions in the area, then we can assert that realty companies and landlords would certainly love to be getting more demands for their properties.

Again, the future of real estate prices may still be unpredictable, but we can fully assert that rental rates and property prices will not magically go skyhigh in a blink of an eye. Google’s expansion wouldn’t fully bloom in a year. The development of other businesses in the area would take time, a decade perhaps.

Apart from the property prices, what else shall we look forward to in the upcoming expansion of Google?

Google is recognized for leading a responsible development that also increases the quality of residential living in their area of operations. Just like what happened after Google built its headquarters in Chelsea, we noticed a wonderful improvement in their neighborhood including the renovation of transport terminals, the establishment of wider sidewalks, the construction of protected bike lanes, and the planting of more trees. If the same thing would happen to their expansion to Hudson Street, then we could be expecting the outpour of Google grants that would ultimately benefit NYC residents.

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Are you also looking forward to leasing a property in New York City? Then you have to know the key steps to making sure that you get a full refund for whatever you have shelled out in the beginning according to your contract’s terms.

A. Know you moral and legal responsibilities as a tenant.

The first thing that you have to do is know your moral and legal responsibilities. Renting any property entails full commitment that you will take good care of what was entrusted to you.

What could be your moral responsibility for renting an apartment? It is basically composed of your behavior towards the property and the respect for your landlord’s authority. Yes, you have a rental fee that could be paid periodically; however, your monthly payment does not give you a right to care less about the property.

You also need to have a smooth relationship with you landlord. Respect his authority without undermining your own rights as a tenant. It is only appropriate to build solid and respectable communication lines with him. After all, you are occupying his property and both of you are under a mutual obligation to each other.

Another responsibility is to make sure that you abide by the provisions stated in your lease arrangement. Your legal contract shall not be broken by any means.

B. Exert extra effort in documenting the property.

The next step after understanding your moral and legal responsibilities is to be practical about your approach. Although we always want to act and decide in good faith, exerting extra effort to make sure that things are okay can go a long way.

One of the techniques that you can do in order to make sure that you get the rightful amount of your security deposit is by documenting the property before moving in. Now that technology is very accessible to everyone, you can easily capture images or even record videos of the apartment before moving in. You can also negotiate with your landlord even when your schedules cannot physically meet.

Here are some of the frequently asked questions relating to the documentation of a rental unit:

Is it okay to record videos, take note of the condition, and capture pictures of the rental unit?
Yes, definitely! Just like keeping records of important transactions, taking images and documenting your rented property are definitely wise acts. Often, tenants would not think about doing this at all. They would assume that the landlord has already kept a documentation of the unit which they can show as evidence when taking deposits. Contrary to popular belief, that is not usually the case. Thus, you have to do the documentation by yourself most especially if you have no intention of damaging the property.

Do you know that there are a lot of tenants and landlords who face problems simply because of ambiguous terms and conditions in their contracts? By having a clear documentation of the unit through videos and images, you can have an indisputable evidence that can be shown in cases of personal negotiation and legal mediation.

Surely, you do not want to go through the courts just because of an unreturned deposit, right? Being able to present an evidence to the landlord can help you ease the process of moving out and ascertain the return of your deposit.

Won’t the landlord be offended by the documentation of the apartment? He might take it as a sign of mistrust.
You are living in the real world where unpredictable circumstances may catch you unprepared and in future trouble. Although you care to have a good relationship with your landlord, do not miss out on protecting your own interest.

Do not be afraid that your landlord will take it as an offense. You can surely capture images and video clips of the apartment before actually moving in. Would that be a sign of disrespect? Far from being so.

Once you have taken your own documentation, respectfully forward it to the landlord. Instead of worrying that the landlord would be offended by the action, why don’t you think about it in a positive light? By sending images of the apartment’s condition to your landlord, you are also sending a signal that you are a responsible tenant. It is similar to saying that you are ready to take full responsibility of any damages that may arise from living in the landlord’s property.

How do I forward the images to the landlord without offending him?
Know that different landlords have different personalities. But there is one common ground among all humans – the need for respect.You are not supposed to approach the landlord and complain that his property is in an awful condition. You will not hand him the pictures and speak as if you have gotten a very bad deal. That is definitely not the goal of documentation.

As you have taken videos or images of the place, you could personally approach your landlord or mail him the pictures with a respectful note saying that you have simply documented the unit to properly set a foundation for future reference. It wouldn’t also hurt to assert that you will abide by the contract and take care of the property.

Respectful communication is key to having a good relationship with your landlord. Never fear him nor totally disregard him. Always show that you also have a concern towards the property.

What can be done if i failed to document the property as I moved in?
If you have failed to take images of the apartment before you moved in and have already stayed in the unit for months, then you could simply work towards building a strong landlord-tenant relationship. That is to make sure that you can easily talk to him regarding anything that troubles you as a tenant.

To prevent any possible problem when moving out, it is advised to be proactive in your approach. Before ending the contract, do not hesitate to speak with the landlord and communicate your willingness to make the needed repairs in the apartment. Request that you walk through the unit together and identify the areas or aspects which need to be addressed. Express your desire to bring back the apartment to its condition before you have moved in.

Remember to always end a lease contract without any issue or problem. Refrain from escalating your problems to the court because it could haunt you for life. Once you have found yourself involved in a landlord-tenant case in court, then you may find it difficult to find a rental company or landlord who will accept you as their tenant again.

Making your lease worry-free is definitely possible. Just make sure that you remember to commit to your legal responsibilities as a tenant, offer respectful communication to the landlord, and be practical by keeping documentation of the property’s condition.

The post EASY SOLUTIONS TO MAKING YOUR LEASE WORRY-FREE! appeared first on LEASE BREAKS.

Because of such facts and many other contributing factors, New York was greatly affected as seen in the slide down of property sales figures last year. Will Manhattan, Brooklyn, and Queens continue to experience a deterioration of property sales? Will buyers acquire greater power in terms of price negotiations vis-a-vis the need for landlords’ tenant retention and sellers’ asset liquidation?

No matter which player you are in the real estate industry, this article will help you set your expectations correctly. We will look into the possible scenario for buyers, sellers, landlords, and tenants for this year. Are you ready? Then let’s start off with our 2019 NY real estate prediction.

1) Will property buyers find cheaper deals this year? Will purchases be easier?

According to analysts, 2018 was a year for NY property buyers. But why? Basically, buyers had greater negotiating power in the previous year because of the fall in property demand. Since some sellers wanted to liquidate their properties faster, then buyers also had the chance to get a bargain that is beneficial for them. Since it is not yet foreseen that there will be any considerable and positive change in the country’s economy, then we could safely predict that 2019 will continue to be a buyer’s market.

So are you planning to purchase your own NY property this year? If so, then we suggest that you still be wise on your purchases. Don’t be easily lured by cheap rates. How do you make sure that buying a property is a good deal?

The ultimate advice that we can give you is to assess the value of the property that you are looking to buy. Treat your property as an investment that must offer good returns in the future. Here are the factors to be evaluated when planning to buy a property:

What is the type of property?
How does the community look like?
Is the price comparable to other sold properties in the area?
When do you intend to move in?
What’s the range of your budget?
Can you negotiate the terms?

Once you have properly evaluated the property, your desire, your need, and your capacity to purchase it, then make your decision with a looking forward view to the viability of your investment in the future.

Despite the NY real estate market leaning towards the buyer’s side, there still remains a hindrance to the realization of buyers’ plans. One of the greatest blocks to new property purchases is the current administration’s federal tax law. The new policies have caused a decrease in possible deductions for taxes on property purchases and also a decrease in the allowable mortgage amount. Considering the high taxes in the city, then you also have to reconsider your plans for buying.

2) Will sellers need to endure more trying times?

Are you one of the NY property sellers who is filled with high hopes and visions for the city’s real estate? Have you been so used to getting stellar deals due to constantly increasing property valuation in the past?

Maybe this year is the time to change your perspective in order to liquidate your properties faster without the risk of losing your earning potentials. Last year, many of the sellers have been forced to accept the fact that their properties may no longer be valued to how they have expected them in the past. As a seller, you need to be able to assess the current situation properly. The market today is definitely not the same as the real estate market two or five years ago. Adjust your prices accordingly if you want to break a deal.

So how would you know if your property will do good this year? Let us base the assessment on facts from last year.

We can expect that studio and 1-bedroom apartments may continue to sell a lot lesser this year. If they had already suffered from a great decline last year, there is no reason at all to see their recovery anytime soon. Most of those who are buying these kinds of properties need bank financing. Do you think that they would likely purchase considering the hurtful effects of tax regulations? A bad prediction may continue for sellers in Manhattan since most of them have already faced significant losses in 2018. Based on statistics, 20% of Manhattan sellers have sold their properties at a loss in the last 5 years. If you have properties to sell in Queens and Brooklyn, the same scenario may be expected but for slightly lower degrees of disappointment.

How do you make up for the external factors affecting property sales? How do you make sure that you still close relatively good deals this year? One option to encourage buyers is to offer terms that can help them such as by shouldering the common charges for a specified period. This can let them think about the deal as beneficial for their finances and make negotiations easier.

3) Will there be a mutually positive 2019 for both renters and landlords?

The trend for the leasing industry since 2018 has been to offer concessions such as free rent for the first month or up until the second month. Will the trend of concessions continue this year?

It is most likely that concessions will continually be offered by landlords. Currently, more expensive apartments are still facing an oversupply. In order to retain tenants and keep rental fees, landlords would have to offer concessions. If you are leasing an apartment in New York, you could approach your landlord and seek for concessions. Use the current market status to your advantage. Even when you are only in the process of looking for an apartment, you could also negotiate with landlords to get a better deal.

So, what else can we expect in the coming months for NY?

One of the exciting things we will see is the building of more high-end apartments that offer luxurious amenities such as indoor swimming pool, kiddie centers, valet services, and even coworking spaces. All these developments would mean that high-end renters can have better living experiences during their stay in the apartment. Most of the developments would also take into consideration the need of their tenants to accessible boutiques, restaurants, cafes, and shops, thus they will have commercial spaces along with residential units. The incorporation of pet-friendly policies and amenities is also gradually becoming accepted among developers. Thus, we can look forward to living harmoniously with our pets in these apartments.

2019 is surely a wonderful opportunity for buyers and renters to take advantage of the market condition. Sellers and landlords need to take into consideration current situations and adjust accordingly so as to prevent further losses and sustain their businesses. Overall, property development in New York is gearing towards becoming more livable and responsive to the needs of people.

The post 2019 NEW YORK REAL ESTATE: WILL YOU GET BETTER DEALS THIS YEAR? appeared first on LEASE BREAKS.

But how do you find the perfect roommate? How can you know if you won’t have any problem living with a particular person later on in your stay?

To help you decide, we have compiled some of the most important things that you should consider when looking for a roommate:

1. Slobby, OC or what?

Admittedly, it is hard to find the exact match of your cleanliness level. If you are very meticulous about the order of your space, then you should look for a roommate who has the same expectations such as yours. But how do you do it? I suggest that you just ask a prospective roommate about his schedule for cleaning. From here, you can get an idea about his cleaning habits.

2. Party Goer or Homebuddy?

If you are in New York to study or if your profession involves a lot more concentration and quietness once you get home, then you have to be sure that your roommate is not the type who invites his friends over for partying in the weekends. Maybe you can ask him what she does at the end of the week. From here you can make an assumption of his schedule for Saturdays and Sundays.

3. Smoker? Clean Lifestyle?

Smoking can be a real issue when it comes to finding the best roommate for your apartment. Can you imagine living with a smoker when you are very sensitive to nicotine? Or can you risk your health to speed up the process of looking for a roommate? In the same manner, if you smoke and it is one way of coping through stress, can you imagine a life of being restricted when and where to smoke?

4. Drinker?

If you are concerned about the capacity of a person to control his behavior when drunk, then you have to be blunt in asking whether or not your prospective roommate drinks frequently or not. Although a person wouldn’t always admit of his weakness to alcohol, you can respectfully approach him by asking whether he prefers to be drinking at home and how often does he regularly drink. If you happen to be an occasional drinker, you may also directly ask him whether he can live with a person who drinks beer or wine during times of fatigue or stress.

5. Connection With Your Own Network

Living with a roommate who has the same circle of friends or professional colleagues such as yours can either make or break you. If you are a private person who wants to protect her own image from other people, then it would be safest to prevent sharing rooms with a person who has the same network as yours. Unpredictable situations happen to our lives, and we cannot always be sure that we will still be at the peak of our positivity.

6. History of Tenancy

How many homes or apartments have she gone through before? Do you have any means of contacting her previous landlords and roommates? As they say, we cannot judge a book by its cover. The same thing goes with our prospective roommates. She may look decent and respectful on the outside, but you can never be sure if she hides any hideous personality inside. Always, you have to protect your own interest and safeguard your mental peace by making sure that you don’t live with a person who has a problematic attitude.

7. Pet Owner?

Although we want to protect animals as far as we can, we need to face the fact that there are people who are allergic to fur or who are fearful of other creatures. You need to know if your roommate has a pet that she has to bring along. Or if you are a pet owner, be courteous in asking immediately if pets can stay in your apartment. Declare your intention to bring along your pet immediately even before you sign contracts and make agreements.

8. Cooking Schedule and Kinds of Food

When sharing an apartment with someone, you are also most likely sharing a kitchen with him. You need to prevent any problem when it comes to meal preparation most especially when you have a tiny apartment and limited kitchen space. Ask him about her usually schedule for cooking food. Set specific times for own cooking. If you happen to have the same taste buds and culinary preferences, you can also agree on sharing cooking expenses and responsibilities.

9. Work Hours & Nature of Work

How long does your prospective roommate stay in his workplace? Or does he work from home? These things should be disclosed to you because this can undoubtedly impact the way that you conduct your daily lives. Although there may be two rooms in an apartment, your common space would surely have to be shared by the two of you. Be sure to know when he needs the bathroom in the morning so that you can properly schedule your own time for use. Preparing for work can be one of the most trying times in a day. Even the slightest delay can cause a raging fire of emotions between roommates.

10. Capacity to Pay

Not that you are judgmental about a person, but you need to be very clear when it comes to your expectations. Can your roommate pay for the rent? But how do you ask this detail without being offensive? From the start of talks, be respectfully straightforward. Ask about his nature of work and tenure in the job. It would be a risk to make a deal with a roommate who has no regular job.

11. Length of Stay

How long is your roommate planning to stay in the apartment? You surely do not want to be left hanging after a few months with the full responsibility of paying for the entire rental fee. Be sure to ask this detail and make his response explicit in your contract.

12. Personal Nuances

We all have our nuances, our sources of joy, and our different causes of annoyance. You need to make sure that your roommate’s hobbies, personal preferences, or any nuances would not be contrary to yours. As much as possible, find a roommate that you can quickly get along with. It may not be on the personal side of things but even on just the trifle aspects of life. Finding a roommate can also be as involved as finding your property to rent. Or maybe, finding your roommate is a lot more complicated than getting your dream apartment, right?

The post FINDING THE PERFECT ROOMMATE: THINGS TO CONSIDER! appeared first on LEASE BREAKS.

Currently, the concessions (long term lease) trend is declining, which usually comes with a perk of 1-2 months of a free stay. This is a way to bluff the tenant to sign the lease without lowering the rent. According to the rental report of December of Douglas Elliman, the concession rate increased from 36 % to 44 % in Manhattan.

Due to the stable and competitive rental market in NYC, a revolutionary changed is noticed in the market that the landlords are agreeing on a certain rate or leasing the apartment for two years. As they don’t want to step in the process of searching for a tenant over and over again in a soft market. If the credential of the tenant is fine, then it is worthy of grabbing the chance of getting a fixed monthly hassle-free earning.

We can see various offers like getting a few months free on long lease in a more competitive area or peculiarly in the new constructions. Although this deal sounds good, it’s crucial to preclude yourself from scammers. Read on more below to get aware of the pros and cons of getting into more extended lease contracts:

Pros of a two-year lease:

When your application is approved for renting an apartment, you might get a choice in the lease terms of the apartment from your landlord. The choice may vary, but usually, its seen that the landlord offers a year or two leasing agreement. However, the two-year apartment lease will bound you with certain conditions but if you think that the apartment is perfect to call it as a HOME SWEET HOME, then you will enjoy the boons of long term, which include;

Circumventing from an obligatory increase in rent each year which ranges from 1 – 1.5 %
No need to worry about the inflation and rising rental rates in the market, as you have secured your feet for 24 months
Cons of a two-year lease:

The major drawback of signing a 2-year lease program is that you are bounded to the obligated commitment. Ask the following question to yourself before getting into the long-term lease.

What if you like the apartment but the noisy neighbor or distance of home and office is becoming a problem?
You lost the job and out of cash, how will you bare the expenses?
You got a new job, which is far distant to your home or the new company is generous to provide you accommodation.
It is better to make a wise decision as you should know that breaking the lease would cost you hard (a few months’ rents or more). Making a prior legal discussion about breaking the lease with your landlord or the middle real estate company is a shrewd option.

Ask, if you want a two-year lease!

If you have reviewed the pros and cons of sighing a pact of a two-year lease and still wants to avail one, you should ask your future landlord for it bluntly. But what if he is not in favor to fulfill your demand at the moment? This may be due to the reason that majority thrives towards availing a 15-18 months lease for the sake convenience. Well, for this, you must hold on and wait until the landlord gives you some leverage and signs a deal with you because they are habitual of doing everything to get a tenant in place.

After all, they are craving for some extra bucks on both, the lease and the distortion of an agreement.

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