Sure but 50% rise in 1 year?! Across the board. For most properties. In multiple cities. None of that adds up. And stop shouting. It just makes you look like you don’t believe in the power of your logic. And then I get to agree and also not believe.
see my post #29
Don’t forget all the anti landlord laws that cost the landlord multiple times more money.
In NYS since Tish James/Cuomo 2019 laws:
1. you can’t collect more than $20 for an application fee. Although I don’t personally charge for application fees (because so few actually qualify to live in one of our freshly gut rehabbed units) It costs approximately $50 at least to screen one adult, twice that for two adults
2. you can’t charge any more than $50 for late fees or 5% of the rent which ever is LESS
3. you have to give the tenants a 14 day late notice and it must be certified
4. pretty much EVERY notice you give the tenant has to now be certified (no more nail and mail) So you spend at least $5 and change on EVERY SINGLE notification yet almost 100% of the time, the tenant never picks up the notification from the post office and it goes unclaimed.
5. you have to give the tenants up to 90 days notice of a rent increase. At which time they usually move or stop paying entirely.
6. you can’t collect more than one month’s security deposit; usually damages far exceed that and it keeps me from renting to anyone who has the slightest blemish on their record, which by the way are SEALED here in NYS.
7. you can’t select tenants based on their income source nor their eviction record (which is SEALED and you have to go to the individual town they are coming from to try and get that info).
8. you HAVE to accept pets, even those deemed aggressive breeds, especially if they are “Emotional Support Animals” Can you say pet caused damage?
I could go on and on about the crazy rules and regs that were dreamed up to “help” tenants and eliminate private property rights. Which end up hurting tenants. I get approximately 60 inquiries on my units—maybe 1 or 2 out of those will actually be qualified.
And now, “Good Cause” looms in the NYS senate..,basically back door rent control, eviction moratorium and elimination of private property rights all rolled in one.
You as the property owner will not be able to decide if you want to renew a lease with a tenant by giving proper notice. The COURTS have to decide if you have a good enough reason to evict—there is no ending the contract and going your separate ways.
I’m in the process now of ditching any mediocre tenants. Tenants who consistently whine about stuff out of my control (getting other people’s mail in their mailbox, etc) those who pay late more than twice in a years period I will not be renewing before this atrocious “Good Cause” goes in.