Commercial Real Estate Manhattan

3 More Facts to Know to Protect Your Rights as a Tenant in NYC

When it comes to living in New York City, you’ve got a litany of options. What many consider to be the best city in the world to live in, is home to people from all walks of life, in every race, creed and more. The fact is that as a New Yorker, odds are however, at least when you start out and are still getting your life in order you are probably renting rather than owning. Making you a tenant who has got to deal with a landlord. As the top mortgage lawyer Manhattan has to offer, Mr. Ryan Walsh and his team at Walsh Gilad Law, have been able to help countless individuals in need of new homes and apartments to settle their issues whether thats with a mortgage or a lease agreement, no matter what might be needed. However, all too often, as landlords and tenants, there is too much of a disconnect, and what should be one of the closes relationships in the city, ends up being two people far apart on almost everything. And while very landlord tenant relationship isn’t how the movies show it to be, many of them across the city are and as a tenant, the best way you can ensure that you are not being taken advantage of and vice versa for a landlord, is to ensure you know and understand your rights very well. As we have before, it’s vital according to Mr. Ryan Walsh, who works in both residential and commercial real estate Manhattan renters, need to do their absolute best to stay abreast of all the laws and their rights, especially in a time like this as we are just leaving the covid world behind and entering back in to normalcy, at least we hope we are. Therefore to better assist tenants, in this article, just as we have in our last, we will be going over a few more of the most important facts to know as a renter in New York City.

Your Security Deposit was Used on Repairs?

This is one of the most common lies told to tenants, and the ones who aren’t aware of their rights will often let it go and take the landlords words at face value but this couldn’t be further from the truth. This cannot and should never happen! A security deposit is technically still the tenants money and apart from paying for damage to the property or taking care of money owed for unpaid rent, a security deposit may not be used by the landlord. According to Mr. Walsh, the top real estate lawyer Manhattan has in practice, nowadays security deposits in New York will be limited to the equivalent of one month’s rent. The landlord must provide a receipt of the deposit which details the name and address of the banking institution where he placed it as well as the amount of the deposit – often in a separate, interest bearing account. After a lease is up and upon vacating the premises, a tenant is entitled to get the security deposit back with interest. Under new legislation, the security deposit must be returned within 14 days of the end of occupancy.

Your Rent Just Went Up 50% Randomly?

This is not allowed! And unfortunately, according to Mr. Walsh, the top attorney for both residential and commercial Real Estate Manhattan has to offer, rent cannot randomly be increased. If the rent is being increased by more than 5%, according to newer landlord tenants laws without notice. The fact is that there are a number of reasons why a landlord might want to raise rent, and why it legally can happen. Therefore its important to contact a qualified landlord tenant real estate lawyer Manhattan residents need to stay on top of their rights in their regard. For instance, raising a tenant’s rent based on improvements to the property will be capped at2% per year

Can Your Landlord Enter Your Apartment When He Wants?

Absolutely not! This is definitely not allowed under NYS landlord tenant laws, and anywhere else for that matter. As a renter, you have right to privacy and therefore even when you are not home, the landlord shouldn’t be able to enter your rental location for any reason without proper notice, and it must be for an actual reason – whether its needing to check on a meter reading, or for showing the property to an appraiser when they might be trying to get a second mortgage on the place, according to Mr. Walsh, the top mortgage lawyer Manhattan has to offer. Make sure you understand this fact. Unless of course there is any kind of emergency, your landlord should never be entering your apartment without you knowing or without your permission while you have an active lease.

For more information on real estate and landlord tenant issues, be sure to contact Mr. Ryan Walsh today.