Rentals Short- and Long-Term

Although we hear a lot about the Airbnb rentals going on in New York City, as well as various rental homes in exotic locations like Orlando, somehow, when we think of apartment and house rentals in the Five Towns and Far Rockaway, we don’t think in terms of holiday rentals to “tourists” who may want to vacation in our area.

This is not to say there aren’t plenty of people who would like to obtain a long-term rental in our area, but I suppose we don’t think of Long Island as a vacation hotspot.

Nevertheless, we have other types of renting situations that do work in our area. For instance, apartment renting has always been popular both with young couples and singles starting out, as well as seniors looking to downsize, but not quite ready to either purchase a new home or whose fixed income works better with renting.

Because rental apartments (that are not co-ops) are typically in buildings where renters can stay from year-to-year without worrying that the landlord will want to move back in and ask them to vacate in the near future, these are the more desirable option for renters looking for a long-term residence.

A condo rental might also be an option for a long-term residence, but the renter might still have to consider leaving down the line if the condo owner decides to sell or move back in at some point.

Renters in co-ops usually have an entirely different set of obstacles due to whatever rules and regulations the co-op board may have instituted regarding rental units in their buildings. Typically, a co-op only allows a shareholder to rent out their unit a year at a time, causing uncertainty to the renter. This is definitely not a secure long-term situation!

So, what should a renter consider in order to find a homeowner willing to rent their house for a particular timeframe? Or, conversely, what should a homeowner keep in mind when considering renting out his house for a specific timeframe before he puts his house on the rental market?

Typically, in a house where you have lived, improved upon with upgrades, and invested heavily in landscaping, there are many areas to consider when pricing it for the rental market. First off, there are property taxes to consider, as well as homeowner’s insurance, and the mortgage that must be considered on a monthly basis when calculating how much rent you will charge for the property.

With regard to the would-be house renter, the landlord must provide him with a list of all the monthly expenses he will be responsible for, such as electricity, gas, heating, etc. (Usually, the tenant is responsible for paying his own heating bill.)

What about the water bill? Does the tenant pay for water or the homeowner? And finally, what about the landscaping costs? With a house, there is usually a garden to take care of as well as a lawn to mow. Will the tenant be responsible for the landscaping maintenance or the homeowner?

Both the homeowner and the would-be tenant need to be very specific about all these responsibilities at the beginning of the rental negotiation. By having everything agreed to in advance, the process is kept smooth and comfortable and there are no surprises. n

Anessa Cohen lives in Cedarhurst and is a Licensed Real Estate Broker (Anessa V Cohen Realty) with over 20 years of experience offering residential, commercial and management real estate services. You are invited to visit AVCRealty.com. She can be reached at 516-569-5007. Readers are encouraged to send any questions or comments by email to [email protected].