Why It May Be a Good Time to Lease Your Condominium Unit

According to a recent Crain’s New York Business article, more than half of the condominium units purchased on or after 2015 are now being sold at a loss. The piece cites data from a report issued by the brokerage Brown Harris Stevens which found a prolonged period of stagnation as the culprit.

The Housing Stability and Tenant Protection Act of 2019, along with newly enacted local laws addressing lead paint and “Good Cause” eviction, has made property ownership and management increasingly complex in New York City. While being a landlord in New York is not for the faint of heart, investors might want to consider leasing out their unit(s) until interest rates decline and the market gets more competitive.

Proctor Real Estate Law routinely represents condominium unit owners, who are subject to many of the same housing laws relevant to larger, “institutional” landlords. A carefully drafted lease, incorporating all mandated riders and disclosures, can help owners avoid fines, penalties, and potential litigation with their tenants.

Proctor Law offers flat fees for many services, many of which include process server and court filing fees if it becomes necessary to commence a case in Housing Court. Contact us today for a consultation.