Today we’re going to get answers to some of the most popular questions renters have in 2019.
What are typical lease terms these days?
Most luxury apartments on Long Island, Brooklyn or Queens are a minimum of a one year lease. Some luxury apartment renters are happy to extend lease agreements to two years in certain cases. But you should always look out for companies that offer month-to-month leases. Although these may seem attractive to first time renters, these type of lease agreements can be problematic as the months wear on.
What are the consequences of breaking a lease agreement?
It is understood that circumstances sometimes warrant early lease termination. Unfortunately, it is not always easy (or without penalties) to tenants who must end their lease agreement. While each case may be different it is common that security deposits and/or other fees may be incurred. So be sure, when entering into a lease agreement with rental companies, that you know all the terms and conditions. We recommend reading your lease very carefully.
What are the rules pertaining to one or more residents in an apartment?
Roommate policies vary from rental complex to rental complex but one thing that is very clear, whoever resides in the apartment ‘must be listed’ on the lease as a tenant. Whether it is the leasee or another occupant, both persons must be listed on the lease agreement. Check with your particular rental agency for rules regarding roommates.
Do renters need to purchase renters insurance to protect themselves and their possessions?
It is smart, but not always required. Prospective tenants to a particular rental complex should check with their leasing agent to see what exactly is covered in case of a natural disaster (i.e. floods or wind damage), or accidental loss of personal possessions.
Can tenants bring their furry little friends into their new apartment?
While various apartment complexes differ in rules and restrictions, typically pets are allowed but there are usually rules such as; breed, weight and the amount of pets you can bring into your apartment. Just make sure all the rules are followed because tenants could end up losing their pets once they move in if they break the rules.
What is the process regarding lease renewals?
Most luxury rental companies have a lease renewal department and renewal agents may start to reach out to tenants 90 days [or so] in advance of their particular lease expiration date. Calls, letters and emails may also be sent to remind residents of their lease renewal date. Tenant retention is good for both the tenants and the leasing company as it builds confidence in their brand and also produces a solid, stable community. People love to see familiar faces in their building year-in and year-out.
What should you do in case your apartment needs a repair?
Typically the tenant is not responsible for any repairs to appliances or structural issues. The only exception is if something is broken or damaged due to a tenants’ negligence, in this case the tenant may be charged a fee for the maintenance team to repair the damage to the structure or damage to an appliance. As always double-check with your leasing agent before you sign your lease to know exactly what you a responsible for inside and outside your apartment.