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Renting out a property in NYC or Westchester County can be a highly lucrative venture. As one of the states with the most tenants in the nation, the New York market is one of the best areas to invest in real estate.
As the state’s population continues to grow, so will the need for rental accommodations at every level. If you’ve been thinking about renting a real estate investment in this state, now is the perfect time to do it!
However, there are many things you must do before renting out a real estate investment in Westchester County or NYC market. This includes familiarizing yourself with the local rental laws, ensuring the rental property is in good condition, and getting adequate insurance.
In this article, our Librett Real Estate Group experts have compiled their best tips for getting a real estate investment ready to rent. Keep reading to discover everything you must do before listing your Westchester home for rent!
1. Familiarize Yourself With the Local Rental Laws
Familiarizing yourself with the local landlord-tenant laws in the state of New York will help you ensure compliance and prevent legal issues.
To help you out, we’ve compiled a list of the basic laws and regulations every New York landlord should comply with:
Building, Health, and Safety Codes: Your New York rental property must always be in safe and sanitary condition. This includes ensuring that the house is structurally sound and has all the necessary services such as running water and heating and security features like smoke detectors.
Rent Control Laws: The state of New York has strict rent control laws. In areas such as NYC and Westchester County, landlords can only raise rent up to 7.5% every two years. To increase the price of rent, landlords must provide tenants with 30 to 90 days’ notice, depending on the lease term. As for late payments, landlords can only charge $50 or 5% of monthly rent as late fees.
The Fair Housing Act: In addition to the federal fair housing laws, New York state law prohibits landlords from discriminating against prospective tenants based on their age, marital status, military status, sexual orientation, and gender identity.
[Security Deposit Laws]: The maximum security deposit landlords can charge in New York is one month’s rent. In order to collect a deposit, landlords must give tenants the option to conduct an initial inspection and document the condition of the rental unit before moving in.
Required Disclosures: Before renting their properties, New York landlords must disclose key information about the unit to tenants. This includes informing tenants of concentrations of lead-based paint, a one-year report of bed bug infestation status, and a notice about the applicability of the state’s good-cause eviction law. These disclosures should be included with the lease documents and reviewed by both parties before signing.
2. Inspect the Property
A house in good condition is more likely to attract prospective tenants and retain them for the long term. After all, no one wants to live in a rental property that looks like it’s falling apart or has numerous issues.
The best way to ensure that your house is in good condition is by inspecting it. To do so, you must:
Check the Exterior: Inspect the roof, gutters, siding, and foundation for any signs of wear, damage, or leaks.
Inspect Each Room: Check walls, ceilings, and floors for cracks, stains, or signs of mold. Test windows and doors for proper function.
Evaluate Plumbing: Run faucets, flush toilets, and inspect pipes for leaks or slow drainage.
Assess Electrical Systems: Test all lights, outlets, and smoke detectors to ensure they’re working.
Evaluate Appliances: Test all the provided appliances. If necessary, replace broken or outdated appliances.
Assess the Security Measures: Test all the smoke detectors, and carbon monoxide detectors in the unit to ensure adequate function. Ensure the unit has basic safety measures such as sturdy locks and doors, and good exterior lighting.
Check for Safety Hazards: Ensuring the house is free of pests and other health hazards.
Take Notes and Photos: Document the condition of the unit with notes and photos for future reference or repairs.
3. Prepare the Property
After inspecting the house, it’s time to make any needed repairs to ensure your rental property is well-maintained. Addressing property maintenance issues early on prevents costly emergency repairs in the future. In addition to this, you must clean the rental.
Whether you do it yourself or hire a professional cleaning company, you must ensure that the rental is spotless, as this will increase your chances of attracting quality renters.
4. Boost the Curb Appeal
A well-maintained exterior gives a positive first impression, making the unit stand out from the rest. It also signals to tenants that the unit is cared for, encouraging them to treat it with respect.
You can easily boost the curb appeal of your house by cleaning the exterior, landscaping, and adding fresh mulch, bushes, or plants.
Additionally, cleaning the pathway, repainting doors and window frames, and installing new lights can make your unit look more inviting and attractive.
5. Install New Locks
Even if you’re renting out a rental unit for the first time, you should consider installing new locks and re-keying the house. This way, your renters will rest easy knowing only you and them have access to the rental.
If tenants feel more safe in their living space, they’ll be more likely to stay for the long haul.
6. Get Adequate Insurance
Rental properties are vulnerable to many risks. For instance, an unsuitable tenant can cause great property damages, stop paying rent, or refuse to leave the unit after their lease agreement has expired.
In addition to this, your rental will never be fully safe from break-ins, fires, natural disasters, or emergency repairs.
While you can’t prevent these risks, you can take steps to minimize their damages. By investing in landlords’ insurance, you can minimize the financial damages associated with these perils.
7. Invest in Rental Property Marketing
Thousands of properties are listed for rent in New York every day. While the tenant demand is high, having to compete with so many other rentals can make it difficult to fill your vacancies.
The only way to make your unit stand out from the rest is with a successful advertising strategy. In addition to creating an attractive listing, you should invest in social media and digital ads. By reaching a wider audience, you’ll be able to fill your vacancies more quickly.
8. Hire a Property Manager
If you don’t have time to do the things outlined above, you should consider partnering with a professional property management company. An experienced property management company can help you get your rental ready to rent more quickly.
They can also help you draft a solid lease agreement, maintain the rental after tenants move in, collect rent, track property taxes, and address any requests or concerns your tenants may have. This will make it easier to manage your rental and keep tenants happy.
In addition, a property manager can help ensure your lease terms comply with local laws and protect your interests. From renewal reminders to enforcing lease conditions, their support can simplify your day-to-day operations.
Bottom Line
So, you’ve decided to rent out a rental unit in Westchester or NYC. But before you can list your home for rent, there are many things you must do. This includes inspecting and cleaning the rental unit, learning basic rental laws, installing new locks, and getting the right insurance coverage.
This can seem like a lot, but by tackling one task at a time, you’ll get your rental ready to rent in no time!
If you’re looking for a trusted property manager in Westchester or New York City, contact Librett Real Estate Group!
We provide professional management services for townhouses, condo boards, co-ops, commercial and residential properties in Westchester and surrounding areas. Get in touch today!
