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April 2, 2008
how does renting an apartment usually work?
I bought a house in 2006 that came with renters. They're moving out for the first time, and I'm wondering what to do! (In lots of things -- getting a broker or not, renovating or not).
However, my main question is how things normally work. Say my apartment was in good shape, but needed painting, how does a landlord normally do it? Renters want to move in/out on the 1st, right? How does the apartment get painted in time? Or cleaned up? Or do landlords generally just bite the bullet and go a month without tenants? Seems painful just for a couple minor fixups.
Thanks in advance for any advice! (Or if you want an apartment :) ...
Comments
- Your tenant leaves
- You fix up the apartment after existing tenant leaves (painting, repairing things, etc.)
- You advertise that you have an apartment for rent (whether on your own, or through a realtor)
- You show apartment
- You pick tenant (run background check, etc.)
- You draw up lease (You can start a lease any day of the month, but the 1st and 15th are common.)
- Get security deposist.
- Tenant moves in.
This can take monthes. Very common for an apartment to sit empty while you go through this process.
If the apartment is in good condition, you can start showing it while your tenant is still there, with their permission of course and when they're home - alot of coordination.
If you're going to try to rent it yourself.
- Take Pictures of apartment.
- Write a description
- List it on Craigslist
- Tell all your friends, neighbors, dry cleaner, etc. (sometimes, they may someone looking to rent.
- You can also have an open house for a rental apartment.
Posted by: guest at April 3, 2008 12:27 AM
all of the above. Coordinate so that the moment the existing tenant moves out the painter/contractor starts work. If the work is minimal can be done in 2 weeks or less. Bathrooms and kitchens require more time but most can be completed in a month if you have the right people.
I only use a broker to rent my apartments. I rent for a bit undermarket for the right tenant. If you have a small building, a good rental broker will match a landlord with a tenant that's right for them. They also do credit checks, check employment, references, etc.
Craigs list is also an option if you want to rent it yourself. If you go this route figure out how to get a proper credit check done. Also don't only talk to the last landlord (he may be happy to get rid of them), talk to the one before.
Posted by: guest at April 3, 2008 8:37 AM
If it only needs cleaning and painting and it's a small apartment, you can do it in a weekend with a CREW. A move in cleaning will run you around $350 (I use Today's Maid). Hiring a large crew of painters will be costly. May I suggest some friends and beer? But by all means, if the current tenant is agreeable, start showing.
Posted by: rh at April 3, 2008 9:10 AM
If you have a nice (clean and not run down) aprartment it should rent in like a day. NYC has like a 1% rental vacancy rate, so if you are not finding a tenant it's either awful looking or overpriced.
Posted by: guest at April 3, 2008 11:08 AM
Well, I am looking for an apartment... I have a place to stay temporarily, so I could be flexible and move in whenever your place is ready. I work for the city. Can you e-mail me some details, and if it sounds good, I'll e-mail you more info about myself? I have a hotmail address -- laurammoy.
Posted by: guest at April 3, 2008 11:55 AM
not for nothing...you should have done all this homework when you bought the place since you were taking on the responsibilities of having a tenant and for the future.
Posted by: guest at April 3, 2008 12:03 PM
So since you failed to do that "homework" 12:03 is tossing you into the deepest circle of hell. Puhlease. Why do people post "you should know this already" responses on a forum dedicated to helping people?
Be prepared for additional fixes after the new tenant moves in. S/he will notice things the past tenant didn't. I was really worried when my latest tenants moved in because it seemed like an endless series of complaints - but it was hard to argue with "sink leaks" etc. And since that initial set of repairs they have been very quiet.
Posted by: Putnamdenizen at April 3, 2008 12:18 PM
bite me 12:18.
Posted by: guest at April 3, 2008 12:24 PM
hey 12:18, your name should read PUTZnamdenizen
Posted by: guest at April 3, 2008 12:25 PM
to 12:18: this is 12:03 I didn't say you should know this already but I did say they should have done their homework BEFORE purchasing something that inherited a renter. Mostly to avoid the headaches being a landlord brings. take a deep breath.
Posted by: guest at April 3, 2008 12:38 PM
People who need a place, or who really want a particular place, are often open to renting on any date - you just prorate the rent for whatever portion of the first month they live there. And, you (and they) probably want to tack any portion of the month that doesn't start on the 15th to the lease - so the ending date of the lease is still the 1st (or 15th). And if you let them have 3 or 4 days first without rent, if that's the amount of time you are talking about, that's a nice gesture of good will on your part that your new tenant will appreciate.
Posted by: guest at April 3, 2008 12:39 PM
we're looking for a temporary sublet as our new construction condo that we're soon to close on is waiting for its C of O (probably around 2 or 3 months). any info about the apartment would be great...
Posted by: guest at April 3, 2008 2:13 PM
I'm not sure what homework I was supposed to do, but that's really no matter. This isn't rocket science! We've been a landlord for 1.5 years and have learned a lot, and been fine so far.
Anyhow, thanks for all your advice. I think we'll just end up doing the renovations as soon as the tenants move out, and rent it out starting the 15th or earlier.
It's a 2 bedroom 1 bath floor in a building in park slope. W/D, DW, etc.
I think we'll end up going with a rental company just to avoid the headaches of credit checks and showings and stuff. But thanks for everyone's advice. If you have any interest, contact bstnr at vireo dot org.
Posted by: rc5w at April 3, 2008 2:49 PM
Don't let the putz bother you.
It's easy to see how with all the myriad of issues one needs to worry about when purchasing a new place, the nuts & bolts of landlording wouldn't be at the forefront of your to do list.
12:03 is obviously a person who likes to vent pent up hostilities online, probably because real life has been a series of crushing disappointments.
Many people will accept a new apartment on a day other than the 1st of the month. Happens a lot.
Posted by: guest at April 4, 2008 10:04 PM
Yeah, some people actually want a few days overlap - makes the move out and clean up in one day less intense. Gives you time to clean out the new place well, spread out the moving tasks over a few days.
Posted by: guest at April 5, 2008 1:25 PM
I used Todaysmaid for the cleaning they where great there phone number is 718=388-6243-or 212-444-9933
Posted by: guest at May 4, 2008 1:24 AM
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