Written by Terrance Chasse for NYCproperetypartners.com, November 2014

Intro

Property Management Law encompasses the statutes and regulations that dictate the responsibilities and obligations that come with managing property, including apartments, homeowners association’s, condominiums, office buildings and cooperatives.

What the Law States

The Real Estate License Law of November, 2014 states that all New York property management companies must posses a real estate broker’s license. This license is required for such activities as renting to list, negotiating the rental of a property, collecting rent and placing tenants on behalf of a landlord client. There are very limited exemptions to this requirement.

Leases between landlord and tenant should identify the premises, specify the names and addresses of the parties, the amount due, the dates of the rent, the conditions of occupancy, and the rights and obligations of both parties.

Rent stabilization and rent control laws provide regulation over the amount of rent charged as well as many other tenant protections. These provisions are complex and ever changing. Tenants wishing to check if their tenancy is covered by rent stabilization or control laws should contact the New York City Rent Guidelines Board.

What’s Required from Property Managers

New York State Law requires that leases cannot exempt landlords from liability for accident or injury caused by the landlord’s negligence. Landlords are legally free to reject applicants but must not do so on the basis of race, religion, national origin, sex, familial status, or physical or mental disability. These regulations are covered under the federal fair Housing Act of 1968.

Although New York law does not state the amount of notice a landlord must give tenants to increase rent, the landlord must provide the same amount of notice as the timer required on the lease to give notice of termination of the tenancy. This is usually one month.

New York law requires that the landlord give the tenant three days in which to pay the rent or move. If neither of these things happens, the landlord is legally entitled to file for eviction.

What Tenants Can Expect

Tenants can expect the landlord to provide habitable housing. Under the “implied warranty habitability”, statute the landlord must keep basic structural elements of the building safe and intact. All common areas must be maintained and kept in a safe and clean condition. Electrical plumbing, sanitary, heating, ventilating and air conditioning systems must operate safely. There must be a supply of cold and hot water. The landlord must provide trash receptacles and arrange for trash pick up. It is also incumbent on the landlord to arrange for the extermination of rodents and other vermin.

Conclusion & Resources

New York State Property Management Law protect the rights of the millions of tenants and well as their property managers to ensure that this vital service is carried on in an equitable manner. To benefit from these protections, however, it is vital that both parties become familiar with what their legal rights and responsibilities are.

For more information regarding your rights as a tenant, please visit http://www.ag.ny.gov/sites/default/files/pdfs/publications/Tenant_Rights_2011.pdf. You can consult the Real Estate License Law in full here: http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf

The New York real estate market is very hot at the moment, and the demand for homes and apartments has sky-rocketed over the past several months. As a matter of fact, the demand has increased so much that many developers cannot keep up with it, and every property management company has noticed an increased work-flow as well. This is, however, a booming market and the statistics speak for themselves: a property spends approximately 46% less time on the market before it is sold, than it did a year ago, and the amount of properties available for sales has increased by approximately one fifth, year over year. That being said, here you will find a brief overview of some of the most important aspects that have led to New York’s booming real estate market:

1. The Economic Growth

The first and perhaps most important aspect that influences the real estate market, which has been like a roller-coaster over the past few years, is the economic growth. The more money people make, the more they are willing to spend on housing – in turn, this will result in an significant increase in the selling price of properties.

2. The Increased Mortgage Availability

This is not the only boom the New York real estate market faces – there was another one that lasted a decade, from 1996 to 2006. The history seems to be repeating itself, as an increased number of lenders are keen to ease the conditions that apply to mortgages, in order to convince as many people as possible to take one out. Moreover, the increased mortgage availability is also directly connected to the low deposits required by banks, as this also adds to the ease of getting a mortgage.

Things have changed as of 2007, when banks have started to apply strict rules and regulations in terms of mortgage, and this has automatically led to a reduction in the availability of mortgages, as well as a fall in the demand for long-term loans. Nonetheless, the mortgage industry seems to be back on track!

3. The Affordable Interest Rates

The interest rates take their toll on the cost of mortgage payments – high mortgage payments will lead to a lower demand for property, and will make renting a house far more appealing than buying one or building one from scratch. Nowadays, most banks offer long-term loans at highly affordable interest rates, thus making it easier for all those who want to buy a house to do so.

4. Rising Real Incomes For Those Who Work

Last, but not least, there has been recorded a rise in the incomes of those who work. The recession that ended recently was market by a period of economic collapse, unemployment, sky-high interest rates and harsh conditions that applied to loans and mortgages. Nonetheless, now that the economy is growing, so are people’s salaries – the more money they have, the more likely they are to invest in the property market and to buy themselves a house, as opposed to just renting one. This is precisely when the market booms occur.