What to consider when renting your home or apartment in NYC

Don M. Hurwitz Real Estate Associate Broker, REALTOR®, Sales Manager Fenwick Keats Real Estate
What to consider when renting your home or apartment in NYC

When you are looking to rent your home in New York City, the best thing you can do is turn to an expert to help you through the process. The best part of hiring a real estate agent to assist with your rental is that it does not have to involve any additional cost. The broker’s fee is traditionally paid by the prospective tenant at lease signing. When you have a licensed agent representing your property, you are guaranteed to reach the greatest number of people by taking advantage of their professional resources, connections, and marketing tools. Your agent will be knowledgeable about screening prospective renters to find the most qualified applicant for your apartment.


Do

Do price your rental realistically

Every landlord wants a strong rental price for their apartment. However, it’s critical to price the unit accurately based on other comparables in the neighborhood to help rent it quickly. In determining a price, it’s important to consider the neighborhood, size, condition, and amenities. The right price will help generate strong interest in your property and find a renter quickly.

Do give your home a thorough cleaning

Impression is everything, and both listing photos and in-person tours should showcase your home in its best light. Take the time to really clean your home from top to bottom in order to create a clean, comfortable space where renters can imagine themselves living. You’d be surprised what a thorough cleaning can do to add some sparkle and new life to your home. It’s important that when renting your home that it look its best right from the start.

Do remove excess furniture & de-clutter your closets

We all have too much stuff! When you’re renting your home you want the home to look its best and clearing excess furniture and objects helps accomplish this. If there’s too much furniture and “stuff” everywhere it will appear smaller than it actually is. A good de-cluttering can make all the difference in the world.

Do know how long you can rent out your place

Many co-ops and some condos have time limits on how long you can rent out your apartment. It’s best to find out in advance so that you’ll be able to offer the appropriate lease time to your subletter. Many co-ops and condos will only allow leases of at least 12 months and will not allow short term rentals. You want to make sure also that you are entitled to sublet your home again and that you haven’t used up your lifetime subletting allowance that some co-ops have in their house rules.

Do make the decision if you want pets in your home

People love pets, but they can also damage your property or cause allergic reactions. If you are allergic to animals you might consider requesting “no pets” so that upon your return you will not run the risk of any lingering allergic reaction. Your building may also not allow pets. There are some pet friendly buildings that do not allow subtenants the same pet friendly policy, so it’s best to determine the policy before you put your home up for rent. If pets are allowed, decide which types of pets you will allow if any. You may be fine with one type of animal, but not another. It’s your home, so feel free to set the boundaries.


Don't

Do not be afraid to hire an expert

A real estate salesperson has the expertise to ensure a smooth rental transaction from start to finish. He or she will be able to take charge of the process and use their experience and professional resources to help you get the best price - and the best tenant - for your apartment. They will qualify your renter(s) financially and guide the renter through the process as well.

Do not meet the potential renter

Some owners prefer to have a buffer between themselves and their rental tenant, and they allow their real estate agent to be the go-between for all aspects of the rental process. (Some owners want to meet the renters, especially in a smaller building.)

Do not forget to run the renter’s credit history report and ask for proof of income

It’s best to err on the safe side and do a thorough credit check (which the renter pays for) and require proof of income. In NYC it is customary to ask for a letter of employment which states the job title, length of employment, salary plus any bonus or overtime paid. This letter should come from the immediate supervisor or HR department.

Do not delay in fixing things that are damaged

It’s a good idea to take the time to fix anything that may be damaged in your home before renting it out. Ask your super, or call a contractor to help you repair anything that isn’t in good working order. It is much easier to fix any significant problems before a tenant moves in. Plus, you want prospective renters to see the apartment at it’s very best so it rents quickly!

Do not wait too long to say “yes” to a qualified candidate

As they say in real estate, “Time kills deals.” If you find a qualified renter, review their application promptly and move forward with a lease signing as soon as possible. If you take too long to provide approval, you run the risk of losing them to another apartment.


Summary
Jumping cartoon

Using a professional real estate broker can make the rental process faster and much less stressful.They will know what the process entails and make sure that you find a qualified renter for your home or apartment. It’s important to make sure that this is a financially qualified and responsible tenant who will take good care of your home.


More expert advice about Renting Real Estate

Photo Credits: SeanPavonePhoto/bigstock.com; Check Man, Cross Man and Jump Man © ioannis kounadeas - Fotolia.com

Don M. HurwitzReal Estate Associate Broker, REALTOR®, Sales Manager

A seasoned Real Estate Broker and Sales Manager with over fifteen years of experience, Don Hurwitz has negotiated and closed hundreds of deals for himself and the 30 agents he manages. With his expertise in both sales and rentals he guides his c...

View Full Profile