10 Myths About Renting An Apartment in NYC

NYC is worth its gold when it comes to the quality of life for people who dream to settle in this heartthrob of the United States. There is always a lot of talk about the real sector of NYC on the internet. Over the years, some assumptions gained currency which misleads those who aim to buy a property or rental apartment in the metropolitan city.

Let’s take this opportunity to debunk some of the most common myths about the renting sector of the city.

Myth # 1: A Bad Score Would Never Allow You to Get an Apartment

Truth: While this is true given the context of making your bet more challenging and competitive but it does not, never the least, automatically disqualify you as a rental candidate.

There are requirements of several documents when you ink down a renting lease with the landlord. Those documents such as applying with a partner or letters of recommendation may compensate for your credit score and provide you a fair chance to help you win the bet.

Myth # 2: If You Stay Long Enough at One Place, You Lose your Security Deposit

Truth: Landlords have no right to get away with your deposited money if you have kept the apartment in order.

The reality is when you live long in the same place, chances are there could be some wear-and-tear damage which is considered when you opt to check out.

Therefore, it is advised to return the old glory of the apartment as when you stepped in by doing the cleaning and basic repairing. So, you may believe that your money remains in safe hands.

Myth # 3: You Can Be Evicted without Genuine Reasons

Truth: To be certain, you need to have faith in the law. NYC is run on a concrete set of laws that protects the rights of both parties. The landlord has to come up with evidence and prove that you have broken the lease agreement to make a call for your eviction.

Besides, there is a detailed process to force the tenant out of the property. A notice is served with specific and sufficient reasons and thereby gives you a chance to amend your behavior. Only then the landlord has the legal right to pursue your eviction.

Myth # 4: A Landlord has to Bear All the Burden of Maintenance

Truth: The lease agreement aptly addresses this issue and places responsibilities on both parties. There are certain issues that generally fall under the landlord’s supervision such as basic maintenance.

And the rule of thumb is you have to take care of the damage inflicted by you.

But some things simply aren’t your landlord’s issue especially if you are the reason behind the issues. If the damage is inflicted by the tenant, the landlord might make the repair and deduct the cost of the repairs out of the tenant’s security deposit and it costs more than the deposited money then additional payments have to be made.

Myth # 5: You Can Deduct Bills from the Rent If you do the Repairing

Truth: Did you address this issue when signing the lease? No, then you are not subscribed to this facility. Renters can force the landlord through local building inspectors to do the required work in case the landlord is reluctant in the first place.

Myth # 6: Rental Prices are Non Negotiable

Truth: The renal market of NYC is competitive which restricts much of your power to negotiate a better deal for yourself. But it does not in any way force you to stay mute while striking a deal.

Also, landlords are not welcoming to dealing with turnovers so if you can commit to staying longer, they might be tempted to negotiate the rental price and lease terms.

Read Also: Tips to Negotiate Rent during a Lease Renewal

Myth # 7: Landlords May Visit You Unexpectedly

Truth: Legally, a landlord can’t enter your apartment whenever he wants. He has to serve you notice for the expected visit.

There could be several reasons for visiting your apartment such as inspecting the fire alarms or doing general maintenance. But that does not mean to catch you unguarded.

In case of any emergency such as fire or water leakage, landlords may enter without prior notice.

Myth # 8: You Don’t Need A Broker

Truth: Working with the broker goes in your favor. They are the insiders that give them an edge over a layperson. Their insight will help you negotiate the rent and lease. NY Rent Own Sell provides efficient services in this domain. Go check their website.

Myth # 9: You’re Throwing Away Money By Renting

Truth: To set it straight, if you can afford to buy a property, you shall.  But there are many reasons to believe that it actually is not a bad idea.  It gives you a lifestyle in less way less budget and you have the luxury of moving anywhere anytime, be it due to profession or business.

So the next time someone tries to convince you that renting is a bad move, tell them it’s a myth—and you know the truth.

Myth # 10: There Are So Many Apartments Available

Truth: The vacancy rates are low when it comes to renting and a larger influx of people makes you realize that there are not enough apartments in the city to accommodate every newbie. According to the Housing Vacancy Survey, it tells that the overall NYC vacancy rate is at 3.63 percent, up from 3.12 percent in 2011 and 3.45 percent in 2014. So it remains ever insufficient for the more people who wish to settle in NYC.

It is always better to know the reality behind the talk-of-the-town. If you have come this far, it is safe to assume that you know something more than the majority. NY Rent Own Sell is working hard to keep people informed about some of the basics of the business.