Landlord Tips & Best Practices

Draft a Clear Lease Agreement

The lease agreement is a crucial document that formalizes the relationship between landlords and tenants. This legally binding contract protects landlords by outlining the rights and responsibilities of both parties. It should clearly define key terms such as rent amount, due date, late fees, and pet policies. Drafting a lease can be complex and may require the assistance of a real estate attorney to ensure it complies with state laws and local ordinances. Having a well-drafted lease ensures both landlords and tenants are on the same page and helps prevent future disputes.

Drafting a lease agreement can be complex and may require assistance from a real estate attorney. However, you can find helpful tools and insights on creating lease agreements in the Apartments.com Rental Manager.

Rental Terms Transparency

Before sharing your listing on the NYU Off-Campus Housing website, it's essential to ensure that all rental terms are transparent, with no hidden fees or unexpected conditions. Avoid practices like quid pro quo (offering lower rent in exchange for services or favors) or lowering rent for any services rendered, as this can be unethical and illegal.

Property listings that suggest rental terms in violation of New York's legal requirements for lease agreements will be removed from the website. For more information on legal lease term requirements in New York, visit the NY State Attorney General's Residential Tenants’ Rights Guide.

Accurate Listing Information

Ensure your property listings are up-to-date. Inaccurate availability is a major source of frustration for renters and can deter prospects from returning to your property or the listing platform.

Use the listing description field to add any details about the property's condition, amenities, and any information that isn't already included in your listing's settings. Be straightforward and transparent in your listings to avoid confusion or misunderstandings that could lead to complications with potential renters or tenants. Avoid overselling or leaving details vague to ensure a smooth rental process for all parties.

Fair Housing

As a landlord in NYC, it’s essential to understand and comply with fair housing laws. To ensure you’re fostering an inclusive environment, avoid any practices that could be perceived as discriminatory. Familiarize yourself with your rights and obligations to promote equal opportunity in housing.

Fair Housing NYC is a program from the New York City Commission on Human Rights (the Commission) and the New York City Department of Housing Preservation and Development (HPD) aimed at protecting residents from housing discrimination.

This initiative not only seeks to shield tenants, but to provide landlords with resources to be informed and stay updated on your responsibilities under federal, state, and local laws regarding fair housing. To learn more, visit Fair Housing NYC: Rights & Responsibilities.

Set a Competitive Rental Rate

Research current market rates for student housing in the area to ensure that your rent is competitive and fair, without exploiting the student market.

To price your rental property effectively and attract tenants, it's important to have a strong grasp of the local rental market. Instead of just covering your mortgage and expenses, setting a competitive price is key. To strike the right balance, research similar student properties in terms of bedrooms, bathrooms, and amenities. This comparison will help you price your rental accurately.

Be Responsive

When you receive applications or inquiries, it is crucial to prioritize responsiveness and promptness. Demonstrating professionalism by promptly offering property tours to prospective tenants will not only showcase your commitment to excellent service but also contribute to a faster vacancy-filling process, enhancing overall productivity and satisfaction.

Take Quality Photos & Videos

To attract potential renters, it's important to help them envision their future living space. You can do this by providing high-quality photos and videos that highlight different areas of your property. When taking photos, focus on key spaces such as the bedrooms, bathrooms, living room, front entrance, and backyard (if you have one).

Virtual tours are also a valuable tool for renters, especially international and out-of-state students. To create a video tour, walk through each room, panning your phone or camera to capture the full space. A smartphone works well if you don’t have a dedicated camera. Use natural light as much as possible, and if needed, add lamps to brighten darker areas. Avoid using the flash, as it can distort the look of the room.

Safety and Security

Highlight any security features in your property such as controlled access, surveillance cameras, and neighborhood watch programs. Prioritize the safety of your renters, as it is typically the foremost concern for both off-campus students and their parents, especially in large urban areas.