My New York Rentals- Blogging on the Queens and Long Island Rental Market

Even Renters Aren’t Safe

According to an interesting article Even Renters Aren't Safe featured on the NYTimes.com, though renters believed they were safe and had avoided the subprime mortgage crisis by opting to rent rather than buy it turns out they weren't as unaffected as they thought.  Many renters are finding themselves in situations where the building or home they are renting is going into foreclosure.  Though it seems unlikely that a rental property producing income would go into foreclosure, many rental properties throughout the United States are.  Though analysts predict this problem to be predominately of lower to middle income markets, this problem is rapidly expanding nationwide.  Furthermore, the article goes on to iterate the point that the housing crisis has effected New York City quite differently than throughout the country. 

Read the entire article Even Renters Aren't Safe on NYTimes.com to find out how the New York City rental market compares to rental markets elsewhere throughout the country

Image Courtesy of NYTimes.com

Landlord of the Manor

According to the real estate feature Landlord of the Manor on NYTimes.com it is often difficult for second home owners to decide how to use their property.  Usually, the decision is between whether to use the property for personal enjoyment or for income purposes.  Furthermore, second home owners have to also decide whether to offer their home for weekend getaways or vacation renters.  The difference between  the two scenarios are the tax implications.  According to the article if an owner rents our their second home for more than two weeks the rental income then becomes taxable.  However, there are further concerns than solely tax implications, if the rental property is to be used versitale for both enjoyment and income, the owner faces concerns including the use of their property as well as the treatment of their furnishings.  However, for most homeowners, the purpose of a second home is for the rental income.  It is commonplace that the rent generated from the use of the second property  partially pays for the mortgage. 

Read the entire article Landlord of the Manor on NYTimes.com

World's Most Expensive Rental Markets

According to the real estate article World's Most Expensive Rental Markets featured on Forbes.com the American dollar's recent plunge has made rental markets throughout the world rather pricey.  For example, in Hong Kong, according to dollar adjustments, a two-bedroom, unfurnished apartment costs over $6,000 a month in comparison to the $4,000 in Moscow.  According to calculate these figures, Forbes.com, has adjusted local currencies to dollars.  However, the value of the dollar has remained daunting, as in 2007, the dollar was at a record low in comparsion to the euro, falling 11% in 2006.  Also, against the pound, the dollar hit a record 25-year low as well in 2007. 

Read the entire real estate feature World's Most Expensive Rental Markets on Forbes.com
In Depth: World's Most Expensive Rental Markets on Forbes.com

The Landlord Guide to The Fair Credit Reporting Act (FCRA)

According to The Landlord Guide to The Fair Credit Reporting Act (FCRA) featured on RentLaw.com the FCRA is an "American federal law that regulates the collection, dissemination, and use of consumer credit information."  The FCRA Fair Debt Collection Practices Act (FDCPA) collaborate to form consumer credit rights.  It is common practice for landlords to use credit reports to evaluate potential tenants, however, credit report use must be within the provisions stated by the FCRA. 

Read the entire article The Landlord Guide to The Fair Credit Reporting Act (FCRA) featured on RentLaw.com

Eviction: Evicting Tenants

According to Eviction: Evicting Tenants on RentLaw.com, an eviction is the legal process by which a given landlord seeks to reclaim the premisis at which the given tenant resides.  However, the eviction process varies from state to state especially with respect to notification requirements.  Furthermore, it is important that a tenant know the eviction laws within the state that he is residing to protect himself from unlawful eviction. 

Read the entire article Eviction: Evicting Tentants on RentLaw.com

New York City Eviction Law

Best And Worst Cities For Renters

According to Best And Worst Cities For Renters, an article recently featured on Forbes.com, for most renters paying their monthly rent feels like giving their money away, for the fact that equity isn't built and there are no tax benefits.  However, renting makes sense for those unable to buy real estate in a housing market this unstable.  Americans such as these are growing in number, with mortgage applications falling to their lowest level in a year.  Nonetheless, these figures are good news for landlords in New York City and SanFranciso, where tenants pay the highest rents in the country by a significant margin.

Read the entire article Best And Worst Cities For Renters on Forbes.com
In Pictures: Most Expensive Cities For Renters
In Pictures: Least Expensive Cities For Renters

Pleading Your Case for Pets

According to the article Pleading Your Case for Pets featured on Move.com landlords and leasing companies reserve the right to establish a no pets policy.  However, there are landlords and leasing agencies that do allow pets, but the downside is that usually there are weight and size limits.  Although, pet owners would like to think that their pet is 'well-trained,' or 'well-behaved,' most do not take into account that move is very stressful on a pet.  The environment is new, the scents are new, and sometimes even the best trained pet will exhibit inconsistent behavior.  Thus, most anti-pet policies are a product of previous incidents with pets.  This article advises pet owners to plead their cases with specific landlords.  Also, the Society for the Prevention of Cruelty to Animals (SPCA) maintains a list of realtors and prospective landlords that offer housing to pet owners.

Read the entire article Pleading Your Case for Pets featured on Move.com for more advice regarding renting pet friendly apartments

Why Renters Need Insurance

According to the real estate article Why Renters Need Insurance on NYTimes.com, renters are 50% more likely to be the victims of burglary than are homeowners.  Although, those figures would suggest that renters insurance is highly important, in reality, only about 43% of renters have such insurance in comparison to 96% of homeowners that do have insurance.  Most would argue that is ridiculous for renters not to have insurance, when most policy's provide coverage for theft, personal property and liability coverage for personal injury to others. 

Read the entire article Why Renters Need Insurance on NYTimes.com to find out what else renters insurance covers

The Ultimate Warm and Cozy

According to a recent article The Ultimate Warm and Cozy, featured on NYTimes.com, home saunas are gaining popularity among renters.  The article advises second home owners to install saunas in their second homes in order to attract more vacation renters.  There are many different types of saunas, some which require the assistance of professionals to installs, others which don't.  Depending on how consummed an owner would like to get into this project depends on the sauna type he is looking for.

Read the antire article The Ultimate Warm and Cozy on NYTimes.com to see which sauna is best for your vacation home

Best Renters' Markets

According an interesting article: Best Renters' Markets to Forbes.com would-be buyers are renters, who wait for the housing market to bottom out.  Similar to a buyers' market in the residential market, the best renters' market occurs when supply is abundant, growth in price is flat and renters are able to get the best value for their dollar based on location and space.  Furthermore, at this present time, as the housing inventory continues to increase, the rental market has proved the best alternate plan for potential buyers.

Read the entire article: Best Renters' Markets on Forbes.com
In Pictures: Best Renters' Markets on Forbes.com