Things You Need to Know Before Renting an Apartment in NYC

Thorough research and proper planning are essential when renting an apartment in NYC. When searching for an apartment, you should consider multiple factors, like the size and the location. In New York, there are several districts to choose from depending on your interests and preferences. If you want to live in one of the more popular areas, you should start looking for an apartment as soon as you possibly can. Renting an apartment in NYC can be extremely difficult compared to other US cities. Finding the ideal spot for yourself in New York City will probably take some time and lots of work, but it will be well worth it.

Selecting a Borough

Queens, Staten Island, Manhattan, Brooklyn, and the Bronx are the five boroughs of New York City. Most people moving to the Big Apple want to live near their workplace, which is usually Manhattan. As a result, real estate in Manhattan has become extremely expensive and restricted in terms of different property types. Keep that in mind when apartment hunting in NYC. On the other hand, some of the boroughs outside of Manhattan, such as Brooklyn, offer more attractive neighborhoods, bigger homes, and greater value for money.

Keep your daily commute in mind

According to experts from Slattery Moving and Storage, moving too far from business districts significantly extends your daily commute to work. There is an excellent public transportation system, but the subway is usually highly congested during rush hour. Expect to drive for up to an hour from the outer boroughs. Driving is an option, but traffic during the rush hour, mainly via tunnels, can add a significant amount of time to your commute. 

Different types of properties

When thinking about renting an apartment in NYC, you should research all the different types of properties available in the city on useful blogs and websites. The majority of rentals in Manhattan and the business district are apartments. You will often find apartments in big, well-maintained buildings with a guarded entrance and a doorman. Older pre-war buildings have excellent construction quality and are visually appealing, although they may lack modern amenities.

Maid services, valet parking, gyms, and similar amenities are often found in newer buildings built in the last decade. These apartments are in high demand, and there is a complex application process to get into one. The outer boroughs offer bigger townhouses that usually have some outdoor areas.

Finances

Some landlords will have some financial eligibility requirements on their rentals and need evidence of income as a part of the application before renting an apartment in NYC. Therefore, you might need proof of your employment or a contract, as well as your salary.

Fees and payments

You will have to pay rent in advance for one to three months depending on your landlord. A security deposit will always be required for any rental apartment. Foreign nationals with no credit history in the United States may be required to pay a larger security deposit as high as a year’s rent. You will also have to pay a real estate charge, which is 15% of the yearly rent for a one-year or longer lease. There is also a chance that you will have to pay some brokerage fees, but that isn’t very common.

Moreover, you will also be required to pay communal building expenses. That will include a guard and other shared amenities such as parking, gyms, valets, etc. Some utilities, such as water and heating, are sometimes included. But, other utilities are paid individually and may require a deposit with the supplier. The first application and credit check costs are the additional costs that you will probably need to pay.

Find the right agent and moving company

The US rental market is more complicated than anywhere else in the world, so choosing a reliable agent is crucial. A skilled and trustworthy agent will know what rentals are available or will soon become available, and they will tell you about all the necessary steps that need to be completed for you to move in.

Hiring a reputable residential moving company will also help with your move. You will need somebody to relocate all your household items to NYC and into your apartment. Make sure to always choose a trustworthy moving company! That way, the risk of damaging or losing your items is reduced to a minimum. 

Be ready to act fast

The New York rental market moves at a very rapid pace. Before you start actively looking for rentals, you should get everything else in order. This means that you have already researched locations and property kinds.

You also need to be ready to commit to a lease because if you can’t act fast, there is a big chance that you will not get the apartment. This entails having all of the necessary funds on hand. You will also need the required documentation for the application.

Pay close attention when reading your lease

Make sure that you read the contract carefully for any restrictions on pets, noise, or usage of amenities. Check to see whether any amenities are solely available to owners rather than tenants. Also, check if there are any additional expenses. Pay close attention to which utilities are included in the lease and what communal fees you are expected to pay.

In conclusion

Renting an apartment in NYC can be complicated, but it’s worth it. New York City has more to offer than any other city both in terms of work and entertainment. So be ready to put some work into your move, but also be aware of all the possibilities that you will get when you move to the city.

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Meta description: If you are thinking about renting an apartment in NYC, you probably have many questions. We will try to give you all answers here!

For some this is a touchy subject while for others a no brainer!

Why? You might ask..

Well so many people feel the commissions are too high.

The rental fees vary brokerage to brokerage and now that the ruling came in, fees will swing into the laps of the renters.

Always a great idea to check with your CPA to determine if the fees are tax deductible.

If they are tax deductible great.

If not negotiate them.

I believe there is always a win win situation and a way to work that out.

As for listing commissions this too is a negotiable instrument. Agents will say ” our company policy doesn’t allow for that” or “for this” or ” you get what you pay for”

Well, as the consumer I would say show me.

Or I would ask them via email to ask a higher up to allow for less.

I would NOT just hand over 6% to anyone, unless I had too.

Biggest thing a home owner looking to sell should be concerned with is exposure.

If the exposure is the same go with a lower commission.

Ask questions like, which MLS or RLS does your firm belong to?

How many deals have you co brokered with forms in and out of your own MLS affiliations?

Every home needs a buyer, with that said there are many great buyer agents like myself who expect and demand answers when representing buyers.

Sellers should ask listing agent where they think the buyers are coming from!

Brokerage fees are like specialist fees, and worth every penny for the knowledge and expertise Brokers and Agents bring to the table.

If I am delivering 5M dollars to a seller then the fee is totally justified.

Thats 1 way to look at commissions.

No one wants to go to work and not get compensated for a job well done.

Tyler Vincent Real Estate a people’s Brokerage.

We believe therea always a win win in every sale or rental.

Questions? Email me or call.

This is something we run into every Sellers market.

Buyers buy with a sense of fear that there will never be another opportunity.

False. There are always opportunities because Real Estate is cyclical.

So, bidding wars and WHY I believe they need to be monitored by 3rd party, have sellers sign disclosures, or stop in entirely.

1. The agent/broker has too much control and influence.

2. They create contempt.

You may ask how? Well how would you feel if a property was priced in a range that you could afford, but really should be priced 100k higher? Therefore giving you no opportunity to really buy it. Smokey mirrors.

3. The date and time set to submit your Highest, Best, Final offer is arbitrary and goes against the laws set forth through the Department of State.

Why, you ask? Because, WE are obligated to submit offers to the seller up until a contract is fully executed.

So, you can get an accepted offer, then during your due diligence phase someone can still view and submit higher. The agent/ Broker are obligated to submit to seller.

So, this creates contempt, its also misleading.

4.Lastly since WE Real Estate Professionals are regarding as non trust worthy, already well guess what you could be bidding against yourself, the agent/broker could be unethical, they may also seek out a deal or offer with someone who has no agent so that they have full control, that they get the full commission.

I’ve been in situations where bidding war properties wind up selling for less than the ask price.

You may be wondering…really? Why would that happen?

Can be a direct deal, can be cash deal, can also be financed deal with higher down payment.

I believe at some point, with people demanding clarity, honesty and transparency this may change in the future..once the public gets tired of the game.

Don’t fall into an emotionally driven trap, pause, breathe deep and get quiet..the answer to your question will rise.

I am Broker who likes to keep it REAL.

Is it a good time to buy if its s sellers market? I’m asked this question very often, therefore feel the need to answer it.

No. Its not a good time if you are looking to get a deal.

Sellers market means rates are still favorably low, inventory is very low, demand is very high.

This is when basic economics comes into play. This is when properties get multiple bids. This is when people over pay for Real Estate, sorta like inflation.. and could potentially lose money.

Some people can’t wait, some people don’t care and others have deep enough pockets that it makes no difference at all.

As much as we wish Real Estate was black and white, its not..its gray. There are way too many variables.

My advise stands through time. Where do you see the value?

Once you determine that set your boundaries. Accept the many lost bids, go slow, don’t stop. One offer will stick.

Would you be willing to pay 100k more for something that most likely will go down in value, when market shifts to a buyers market?

Purchasing a home, 2nd home or an investment; non primary residence is a huge undertaking. The process is rigid, the debt is enormous, the down payment took you years to accumulate..therefore you should be careful when deciding.

Next, bidding wars and WHY I believe they should be monitored.

I’m a Real Estate Broker, keeping it real.

Seniors hold a special place in my heart. Watching my parents age has opened my eyes to the small but critical changes that do occur. This article was written by Micahel Longsdon, and its perfect. …

The Best Housing Solutions for Seniors

For most people, comfort and safety are the two most important factors when selecting the perfect place to grow old. However, that’s not always as easy as it sounds for seniors. Here are several tips from Tyler Vincent Real Estate on how to find the best place to spend your golden years and how to make the space work best for you.

Get a Handle on Your Finances

Knowing what you can afford makes a big difference in how you start your housing search. With that in mind, if you’re a homeowner, one factor will be your current property and it’s value. You can use this home value estimator from Chase Bank to get a feel for how much your home is worth. Whether you decide to sell your home and move or modify it so you can age in place safely and comfortably, the equity you have in your home will play a big role in your decision.

You’ll also need to take a look at your budget, including your retirement savings accounts, social security or disability payments, and any other forms of income. Whether you qualify for a loan, how much you can afford to spend on a monthly basis, and how much you will have to make modifications and/or cover future healthcare needs as you age should all factor into your housing choice.

Senior-Specific Housing Options

More and more often, seniors are choosing to spend their golden years in communities designed to meet the specific needs of aging adults. For some people, that means bidding farewell to their homes and moving into an independent living facility. This is especially true for individuals who no longer wish to maintain a home and want such quality-of-life amenities as laundry services, meal preparation, and scheduled social activities, to name a few. What’s more, seniors can continue to maintain their independence by living in an apartment-style dwelling that features a kitchen, bedroom, and living spaces. Some of these communities, known as Continuing Care Retirement Communities or CCRCs, also provide live-in home care as your health needs change.

For aging adults who live alone and already have considerable health concerns, it may be time to look into a skilled nursing facility. These facilities provide a safe environment for seniors with conditions like Alzheimer’s, diabetes, and kidney disease that require around-the-clock care. Like with any housing choice, it’s important to research these facilities to ensure they provide quality care at a price that fits your budget. In Brooklyn, for example, you can start by looking at reviews and pricing information online before you visit your top choices in person.

If you go either of these routes, selling your current home quickly and at top-dollar will become a top priority, as you will likely need to use the cash from the sale of the home to finance your monthly living expenses. While these communities offer amenities and services you won’t get if you manage your own home and care, they will cost you more than other housing options.

Buying or Renting A New Home

If you are thinking of buying or renting a new home, keep in mind that some homes are more senior-friendly than others. Single-story homes, for example, won’t have stairs to navigate. Open floor plans with large doorways and hallways are easier to move through if you end up needing a walker or wheelchair. Lots of natural lighting can help you see better and improve your sleep as you age. And easy-care materials, like vinyl siding, take less time, energy, and money to maintain.

Once you have your list of wants and needs, it’s time to begin the home search. While you can search online to see what properties are available, you will want to contact a local real estate agent who knows the area well. In addition to an innate knowledge of the market, agents have access to listings and information that the general public doesn’t, so they’ll be able to help you find exactly what you’re looking for in a home.

Modifying Your Current Home

If you choose to stay in your home, it will be important to consider potential accessibility issues. Even if navigating your space isn’t difficult for you right now, it can become more hazardous as you get older. That’s why it’s best to address the most common concerns before they become a problem.

For example, if you have stairs, even just a few, plan to make some key changes. Add railings on both sides, mark the step edges with contrasting colors, and ensure they have a non-slip surface. Open up doorways will likely require some professional help, while removing rugs and improving lighting to prevent falls are easy, DIY projects. 

You may need to budget for significant renovations in the bathroom and kitchen, as that is where many accidents occur. Since the combination of water with slick surfaces can be a recipe for trouble, a threshold-free shower with a seat and hand-held showerhead is a boon, and adding grab bars and a taller toilet eases transitioning. You should also consider things like pull-out drawers for storage to ease your back and knees, rounded edges on countertops instead of square to help with navigation, and a sink close to the stove to ease meal prep.

A home that suits your needs as you age is a must-have. Do some research, and think through your priorities. With these smart solutions, you can have a safe, comfortable home that meets your needs now and all through your golden years.

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Caption: A nicely decorated living room.

Are you thinking about selling your property soon, but you don’t know the exact impact of COVID and lockdowns on the real estate market? Maybe your house is already on the market, and you’re wondering if this really is the right time for selling. Here are a few things you should consider if you are wondering if selling this fall is the right move to make.

Impact of Covid-19 on the real estate market

We all had big plans and clear resolutions at the beginning of 2020. Unfortunately, a global pandemic has made us press the pause button in many aspects of our lives. We had to postpone our resolutions and cope with the situation, stay isolated, and practice all the necessary precautions. The reality is that we have to live with these new adjustments now. As Bear Grylls would say: “Improvise. Adapt. Overcome.”

Uncertainty in recent months has caused many people to hold back on making decisions about buying or selling homes. You should rest assured that showings are perfectly manageable with all precautionary measures, including physical distancing. You may even offer virtual or 3D tours for your home to attract more buyers. It’s safe and practical, so it saves time for everyone. Through a virtual tour, you’re giving them a good glimpse of the home and making an excellent first impression.

People cannot put their lives “on hold” until the right vaccine and treatments are found and given to the broader population. It is the demand that dictates housing prices’ stability, and as demand returns, it will push prices upwards again.

Relocation may still be a necessity for some people

People are continuing to sell and buy properties, and relocation may be necessary for some, despite the Covid-19 situation.

Storing your items before selling home and relocating will help you organize better. So, do your research on time, and rent a storage unit according to your needs. You can rest assured that your belongings will be waiting for you in safe and secure place until you need them again.

When in doubt, consult an expert in the field

There are things you should consider when selling your home regardless of the pandemic, such as consulting with experts in the field. Let’s say you are planning on selling your home in NYC. You should find a real estate agent that is local and perfectly knows the current situation. If going with a reliable and experienced agent like Imma Giocoli, broker-owner of Tyler Vincent Real Estate Inc (located in Carroll Gardens), you are sure to have the support and help from the beginning until the end of the process.

Caption: If you plan on selling your NYC home this fall, hire a local, reliable, and experienced agent.

Benefits of hiring a broker like Imma Giocoli of Tyler Vincent Real Estate Inc. , You shouldn’t struggle alone in the complex process of selling your home. Hiring someone experienced will save you a lot of time, and in the end, it will be more profitable for you. How? Consider this:

a) This is what they do. Your sales skills may be useful, you may have done tons of research, prepared, etc., but professional brokers are people who take all that to a whole new level. They know every trick in the book. They have honed their skills through countless hours of work, and know the market as well as the people. They know how to make the most of every sale. Which leads us to:

b) They work in your best interest. Always feel free to ask your broker anything. They will address your every concern and are the voice of reason in these uncertain and unpredictable times. Their highest priority is to guide clients in the right direction, while at the same time being focused on everyone’s benefit. What’s right for you is what’s right for them – they’re a powerful ally to have.

What does and what does not work in your favor

Data collected from NYC real estate market reflects that, while the number of new listings has fallen, prices remain mostly stable. The one point that goes in your favor for selling this fall is that there are still fewer sellers in the market than before the COVID-19 shutdowns. That means you are in a better position to sell your home to a potential buyer.

There are still a few shortcomings you must contend with, such as the fact that banks and mortgages have introduced more strict laws. Everything is tightly scrutinized, as many people have lost their jobs in the last few months. This has undoubtedly led to a decrease in buyers, who still hope for a potential decline in prices. That doesn’t change the fact that there are still many of those looking for buying in NYC.

Selling your home this fall and moving to another place

We hope that with the right help and a little bit of luck, you will be fortunate enough to find the right buyer soon. Considering that, be prepared in advance for all the costs and obligations you’ll have when moving to your new home.

• First, find a reliable moving company, let professionals do their job to minimize your stress.
• Ask about moving estimates; plan your budget accordingly.
• Declutter your home
• Gather packing supplies and pack your belongings. Take special care when packing art collections, electronic, fragile items, your valuables, etc.
• Be sure to change your mailing and shipping addresses on time, take care of necessary documentation before moving day.

Key points for selling

The greatest favor you can do for yourself as a seller is to prepare your home to make a great first impression. You know your priorities about selling, so think about how much you can and want to compromise due to all events of 2020. If you are in a hurry to sell, of course, reducing the initially set price may help. Just keep in mind that the real estate market will probably quickly recover, in NYC as well as in other metropolitan areas.

Whether it’s the right time for selling this fall will depend on your specific situation. Some people may be able to wait it out, while others may be eager to sell because they need to relocate or cut costs wherever they can. Whatever the case may be in your situation – we wish you good luck and a bright future ahead!

Photos used

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https://www.pexels.com/photo/architecture-blue-sky-building-buildings-286076/

https://www.pexels.com/photo/two-chairs-with-glass-table-on-living-room-near-window-1571453/

https://www.pexels.com/photo/man-in-gray-hoodie-standing-near-white-window-curtain-4554230/

By: Betty White

Featured image.

Alt.tag: A sofa and an armchair in a living room.

Apartment hunting in New York City can cause a serious headache. It poses numerous challenges to future renters, as finding a place that suits your needs, matches your lifestyle, and fits your budget is far from easy in a place like The Big Apple. Without competent professionals who are always there to give you support and a wealth of useful information, finding a place that covers all or a great majority of your requirements would be impossible. Hence, Imma Giocoli, Broker Owner of Tyler Vincent Real Estate Inc. is always willing to help people facing these problems through a free consultation, and help them end the process to their satisfaction. Today, we will tackle all the potential problems and give some advice on apartment hunting in New York City.

Where to start?

Among all other crucial factors that greatly influence your final decision, finances are the starting point. It is vital to know how high a rent you can afford to pay every month. To be able to get the apartment you want, you need to prove you earn a qualifying rental income, which most often equals at least 40 times the monthly rent. In other words, if your monthly rent is $1,000, you need to prove you earn at least $40,000 a year to qualify for the apartment in question. Renting in NYC can be a substantial financial burden, so make sure you do not make any hasty or irrational decisions which will cause you more problems down the line.

Know your financial situation before you start searching for an NYC apartment.

Alt.tag: A calculator and a pen.

Choose a neighborhood

You have probably heard so many times that New York City is a huge concrete jungle which, however, has something to offer to everybody. Finding what suits you is best achieved if you, firstly, have a licensed, reliable, and experienced professional by your side and, secondly, if you start exploring the NYC neighborhoods in person. A consultation with your agent will reveal very quickly which neighborhoods you can eliminate because they are, for example, too expensive, unsafe, offer no outdoor activities, and so on. Local professionals have sound knowledge on this matter, so they can help with the elimination process.

Then, you need a day, or better a few days if you can afford it, to visit various neighborhoods with your agent. Observe them in detail and analyze what they have to offer. Pay attention to the quality of constructions, transportation available, the number of stores, educational and leisure facilities, surrounding neighborhoods, and all other parameters you are interested in to get the quality of life you desire. This is the most effective strategy that will help you to finally choose where you are going to live.

Set the criteria for finding the perfect NYC neighborhood for you.

Alt.tag: A street in Manhattan.

Once you choose the area…

…start visiting rental properties with your agent. Currently, people all around the world are fighting the coronavirus pandemic fiercely, so do not forget to think about your own safety, and the safety of people around you. Adhere to the rules of social distancing and wear all the protective equipment while apartment hunting in New York City.

Visiting all the potential new homes is necessary for several reasons. Firstly, you need to make sure you are really getting what you have been promised and what you are paying for. Secondly, a conversation with other neighbors in the building might provide you with some vital information that will influence your final decision. Finally, you can inspect the neighborhood in question more thoroughly to check whether it indeed offers what you are expecting.

Putting in an application

Before Capital City Movers NYC finally transport your possessions to a new home, there are a few more obstacles you need to overcome. The competition among renters in NYC is severe and you will need a lot of luck to get the apartment you like so much. Generally, landlords run a detailed background check of their potential renters prior to deciding who they want to rent their apartment to.

The check involves literally everything, from your bank statement and credit score to the current landlord reference letter and criminal record. Thus, the best you can do is be transparent and hide no information that might be a dealbreaker later on. Losing the trust of your potential landlords equals losing the apartment you want.

The list of documents you need to apply for an apartment in NYC usually includes:

• A photo ID
• Evidence of your employment printed on company letterhead, together with the information on your salary and the entry date. If you are a student, you need a letter of acceptance.
• A bank statement regarding the last three months.
• The current landlord reference letter.
• Ideally, you should have other reference letters from your colleagues, friends, relatives, current neighbors, and similar.
• A document on your 2 years’ tax returns.

These documents are all meant to protect the landlord and avoid going to the landlord-tenant court should any problems arise. If you have any difficulties while obtaining these financial documents, naming a guarantor is the solution you need. A guarantor is a person who accepts to pay your rent in case you go through some financial problems. This is usually a parent or a very close friend. Also, there are guarantor companies as well, but one can never be too cautious with these.

Prepare the necessary documents for putting in an application.

Alt.tag: A woman making notes in a notebook.

Know your tenant rights and responsibilities

The latest Tenant Protection Act clearly defines the tenants’ and landlords’ rights and responsibilities, so study it well enough to clear away any doubts concerning this matter. As the name suggests, this act is much more tenant than landlord-friendly, so your interests will be protected if your apartment hunting in New York City ends successfully and you eventually find and lease a place that meets all the criteria you have set. Familiarize with the Tenant Protection Act on time, behave responsibly, and enjoy your new NYC home.

Photos used

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We have all been witnesses of the latest coronavirus pandemic that is shaking the whole world. While it is true that there are a number of people who do not handle the lock down and the current situation pretty well, life goes on and there are certain businesses and services people need despite these circumstances. The real estate industry is one of those that has gone through some changes but has never stopped functioning. The explanation is very simple. People will always need a place to stay. They will always buy or sell properties and move to a new home location says Imma. Every human needs a home.

So, there is no need for you to worry about your real estate business. It is important to be aware of the necessity to organize your everyday responsibilities better and make your own and your clients’ safety the top priority. If you have been asking yourself whether to organize showings or not, I guarantee these showings are a good idea. Here are my suggestions regarding this topic, but you can always ask me questions about real estate at askimma.com. I am always looking forward to hearing from my colleagues and my clients alike.

Showings are manageable during the COVID-19 pandemic- REFRAIN FROM OPEN HOUSES and GROUP SHOWINGS.

As I have already stated, you should not let the current situation discourage you and stop you from achieving your goals as a real estate agent. If you take some precautionary measures, there are no logical reasons not to organize showings for your clients. I am sure that they will want to see the properties they are interested in personally prior to commencing the process of calculation and eventually making the final decision whether to buy a property or not. Be sure to comply with CDC, NYS department of health and the Governors Executive Order. ALWAYS check your local city and state laws. Also the owner of the property must be OK with the showing.

What you have to bear in mind is that wearing protective medical equipment – a mask and a pair of gloves – is a must. You should ask the people who are attending the showings to wear these too. If possible, wipe and disinfect the doorknobs as well. Only this way can you be sure there is no risk of getting infected while doing your job.

Keep the social distance

While organizing the showings, remember to keep the 6-feet social distance. This is yet another piece of advice health experts have given us regarding our behavior during the pandemic and you definitely need to apply it. Social distancing will help us stay healthy and safe from potential carriers of the virus in our surroundings. You have probably heard that people positive to the presence of this virus do not have to feel any symptoms and still be the carriers. Schedule 1 showing at a time, place restriction to 1-2 people only, enter the property open all closets, cabinets, lights etc. so that the visitor does not need to touch anything. Wait outside. Enter and clean the unit.

Thus, the safest approach will be to see each person you contact with as a potential carrier and to behave accordingly. Be very careful and always remember that you need to take good care of yourself. You must always always comply with the guidelines set by the governor.

Show respect!

If you want to come across as a genuine professional in the real estate business, especially during these exceptional circumstances, you have to show respect – to yourself, your clients, the houses and apartments you are entering. The best way to achieve this is by following and applying all the tips suggesting how to protect our health and protect others during the pandemic. No excuses are allowed.

If you think the fact you are feeling just fine is undoubtedly an indicator you are not positive to the virus, you are so wrong. If you have been tested, and your results are negative, it does not mean you are not susceptible to the virus, but that you haven’t had contact with it yet. Even if you are negative at this point, it does not mean you will still be negative two weeks from now. Hence, be very careful and responsible. Demand that the others be responsible as well. Make them respect you and wear protective medical equipment whenever coming to showings. With these measures taken and social distancing, showings will go smoothly and there will be no reasons to worry.  It will not take much time until your clients start making purchases and exploring relevant websites like mastermovingguide.com in their search for reliable movers to help them move to a new address.

You are the key

It is essential to make your clients apply the precaution measures when meeting with you and entering other people’s properties. It is neither pleasant nor comfortable but it is a must. We all have to keep problems at bay when we are doing our part of the job and they will have to keep problems at bay when moving and adapting to a new home and neighborhood. Although it does seem different at times, nothing is a challenge serious enough if we only listen to the instructions of experts and give our best to assist, help, protect those who are coming to showings and protect ourselves.

Real estate business will survive

I cannot but make a conclusion I see as nothing but the truth – real estate business will survive. Despite all the downturns and alterations it will eventually have to go through, this business will not be interrupted by this pandemic regardless of how long it will last. People will continue selling and buying properties, they will continue moving whether because they want to or because it is necessary. I strongly believe there is no doubt about that. So, if you are contemplating a license, do not hesitate, go get one, and discover the world of real estate trends. Your career in this field is bound to be successful if you are committed, diligent, eager to learn and improve yourself on various levels. Yours truly, Imma Giocoli, Broker Owner of Tyler Vincent INC., will always be happy to give you some advice and help when you need it.

*Please abide by your States Executive Order, your local officials as well as the CDC and the Department of Health. Follow their guidelines at all times.

By: Imma Giocoli and Betty White

askimma giocoli on youtube

The coronavirus pandemic has us all a bit worried and confused. Numerous businesses have shut down for the time being, and the economy and trade are at an all-time low. To compensate for that, the government is giving aid and even recommending to landlords to freeze rent until this all blows over. So, what should you do? When asking yourself “to pay or not to pay rent” what is the smart choice? Well, as it turns out, the answer is pretty straightforward. But, to have a clear understanding of it, we need to take a deeper look into how COVID-19 has impacted real estate.

COVID-19 pandemic – to pay or not to pay rent?

So, to pay or not to pay rent? What should you do? Well, as it turns out, you really should pay your rent if possible, even if you are protected. The key thing to understand here is that your landlord, or the agency behind him/her, will simply freeze your rent. This means that you won’t suffer any penalties for not paying it now. But, you will have to pay for it eventually. Know there is a significant difference between freezing and forgoing rent payments.

Caption: Either way, you will still have to pay all of your rental fees. The only difference is when you do so.

Piled up coins and time, showing you what to consider when you decide whether to pay or not to pay rent.

Government aid

The current government plan for reinvigorating the economy is to give every taxpayer $1200. How much this will actually affect the economy is yet to be seen. But, it will serve as a way to alleviate the current lack of finance that people are going through. Now, even though this government aid is certain, we still don’t advise you to rely on it for your rent. You’ll be much better off by paying it regularly and saving that aid for other expenses. Ideally, you will spend it on small local businesses, as they’ve been hit the hardest by COVID-19.

When not to pay rent

Only if you have to put yourself in considerable debt to pay your rent, should you consider not doing so. In essence, there are two ways you can go about it:

• Talk with your landlord about different payment options – Some landlords will be reluctant to give you a break, but you still need to explain your situation to them and hope for the best. If that doesn’t work, consider talking with a lawyer to see what can be done. If necessary, head to com and see what storage options you can get before you are able to move into your new home.
• Use the rent freezing + the government aid to deal with rent fees – Whether or not $1200 will be enough to cover the rent you froze is dependent on how high your rent is and how long the pandemic will last. If it isn’t enough, you may have to find other ways to deal with upcoming rent payments.

Caption: A lawyer can help you decide whether to pay or not to pay rent if finances are the issue.

Alt: A lawyer going over a lease with a tenant.

Understanding real estate during the corona virus pandemic

Until the corona virus pandemic passes, we cannot say for sure how it will affect the real estate market. Some predict that it will create a significant drop in real estate prices since the current demand for apartments is low. While others think that the effects of corona virus will be temporary and that within a year or two, everything will be back on track. So, as it is in all fields that are as complex as real estate, making predictions is difficult. However, certain noteworthy indicators should at least give us an idea of whether you should rent or buy and how real estate prices will behave.

Limited travel

While some countries have reduced certain measures instated to combat COVID-19, most are still in effect. And one of the largest, and most impactful ones are the travel limitations.Most likely, travel bans and restrictions are the last things that are going to go back to normal. Even the biggest optimists don’t expect that we will have the same access to international travel during 2020. If you were planning to relocate locally, you will be able to move to your new place hassle-free. But, if you are renting a place in a tourist area, you might be in for a rough time.

Caption: Most tourist destinations will be quite empty during the summer of 2020.

Alt: An empty beach.

Most markets related to tourism are bound to take a massive hit. And, as a result, most places that are situated in tourist areas will feel that hit in their real estate. It is safe to say that the usual rent rates will be reduced drastically. Purchase costs, on the other hand, might stay the same for a while. After all, most people believe that coronavirus will pass and that their property will regain its original commercial value.

Market effects

This effect is something that we should see in the overall U.S. real estate market. Will it be to the same extent as it is in tourist areas? Definitely not. However, you should see a surprising reduction in rent rates, especially for commercial spaces. So, if you were planning on renting an area for a new business, doing so right after the COVID-19 blows over would be a good idea. Buying property, on the other hand, will cost you pretty much the same as usual.

Learning from COVID-19

If we are to learn anything from the COVID-19 outbreak, it’s that things can change quickly. Most of us didn’t even think that coronavirus was something serious a mere month ago. But now, you need to consider whether to pay or not to pay rent. So, if you take something from this experience, try to understand how fragile our lives are.

As for real estate, we should expect a larger number of people choosing homes outside of large cities. Even though this has been a real estate trend in the past years, the fragility of our health systems shows us that living in smaller communities is not only cheaper but also safer. So, if you were planning to downsize, now is the perfect time. Call Imma at TVRE she can help!

Photos used

https://pixabay.com/photos/muizenberg-cape-town-south-africa-4688420/

https://pixabay.com/photos/contract-consultation-office-408216/

https://pixabay.com/photos/coins-currency-investment-insurance-1523383/

https://pixabay.com/photos/dollar-money-cash-money-business-1362244/

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 like 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.  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.

Figure 4 Be transparent and choose a place to rent wisely. 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 an expert like Imma. She is always available to take your call.

Please visit https://www.nysenate.gov/legislation/bills/2019/s6458  for more information!