Tenant Wants to Install Own Washer/Dryer

Having a washer and dryer in my apartment has long been a dream of mine, one that I share with many other apartment-dwellers throughout the city.  Currently, my sponsor-controlled co-op has a “laundry room” in the basement where the machines are always broken, the clothes are never really cleaned and feral cats prowl. Sigh. Over on the Brownstoner forum, a landlord asks whether a tenant should be allowed to take matters into their own hands by purchasing and installing their own washing machine. After reading the thread I am definitely going to look into the pros and cons of apartment sized washer/dryer combo units.

See also: The Top 5 Things That Renters Look For?

Rental Q&A via the NY Times

Today’s rental Q&A from the New York Times is a particularly interesting one: “Landlord demands $1 million in insurance.” If you find yourself in a situation where you need to get up to speed about renter’s insurance, check out this post from back in July,  “Sixteen Perils, Don’t you want to be Covered?”

“The Invisible Renter” via the NY Times

Yesterday, a short article in the NY Times covered an important issue for renters: the fact that home-owner tax benefits are not extended to renters. Particularly in New York, where people spend so much of their income on rent, the lack of tax breaks for renters can be a serious disadvantage. Depending on how much rent you pay, you may be losing hundreds of dollars a month in taxes that a home-owner gets to keep. This issue should be brought into greater prominance as economic times get tougher and politicians look for ways to help Americans keep more money in their pockets. It becomes clear that the tax code is overwhelmingly biased towards home-owners. The article offers no reasons or history of why this is so but I hope that the NY Times revisits this subject in further reports. Read the full article here.

Can you Identify This UFO Building?

Rental Q&A Courtesy of the NY Times

“Ever higher security deposits?”

“When a tenant laves before a lease ends…”

Rental Q&A via the NY Times

“A landlord seeks a brokerage fee.”

Manhattan Rental Market Softening Slightly, via amNY

AmNY reports that according to leading rental brokerage firm Citi Habitats (my employer), the Manhattan rental market is softening. Some price declines and stagnancy is in evidence. Nonetheless, Citi Habitats rented more apartments in the last 3 months than they did in the same period last year. Read about it here.

Parade in Chinatown, Friday 10/10: Lion Dancers

NY Times “The Hunt” Column Features Young Renters

While 23 year old Megan Dearing was not a first-time renter, as a recent graduate of Fordham University, the Buffalo native faced several challenges in finding a livable apartment and her story is one that many recent grads will identify with. The first challenge is of course coming up with enough cash to pay the high rents Manhattan demands, but also the security deposits, broker’s fees and moving costs can quickly add up into the thousands. Of course Megan also wanted to live somewhere she felt safe and comfortable and after living with two messy roommates in her last apartment she decided to live with her cousin, Katie Dearing. So where did the two young women end up? Read the whole article here.

Rental Q&A Courtesy of the NY Times

“Who should pay for a new door lock?”

LOLrealtors

Maybe this is a little bit tangential, but I just heard about a blog that chronicles the ridiculous world of poorly designed broker ads! Keepin’ it Realtor is funny as hell. Thanks, Gawker!

Important Ruling on Lease Breaking

FYI–The NY State court of appeals has ruled that lease-breaking is a no go. Even if you leave you are still financially responsible for fulfilling the terms of the lease and pay through its date of expiry. More info via City Limits, with extra coverage over at brownstoner.

Putting A Condo on Layaway

There are a lot of reasons that condo units are going unsold in today’s market: a glut of inventory, tightening lending standards and economic uncertainty giving buyers cold feet. One solution has been for new developments to convert into rental buildings, but many of these condos gone rental (aka “nondos”) boast doormen and high end finishes and as rentals they command high prices. Just as there is a limited number of people who can afford expensive condos, there’s also a similarly limited number of people willing to throw down on a luxury rental these days. The newest trend is based on the realization that there is some overlap of these populations–fairly affluent first-time buyers are now looking to rent the very same units that they were previously interested in buying, so it’s only logical that rent-to-own schemes would start to pop up in the city. According to the Real Deal, this is happening primarily in the outer Boroughs, particularly Brooklyn. To read more about how you can get in on the rent-to-own action, read the full article here.

East Houston Street by Night

‘The Hunt’: NY Times Features Renter’s Apartment Search

In this past weekend’s “The Hunt” column, the NY Times real estate section covered the search of recently-divorced Leesa Shapiro Willett who decided to move with her children into Manhattan from the suburbs of Long Island. Obviously, this was a big change for the family and not only was it a challenge to find a rental apartment large enough to accommodate the whole gang, but the loss of suburban space was accompanied by anxiety about the loss of suburban amenities such as a washer and dryer in their living space. So where did the Willett family end up? Find out by reading the full article here!