How are New York rental laws compared with other states?

General Landlording & Rental Properties
7yFollow

How are New York rental laws compared with other states?

David Mazzarella
Member since 2019 路 3 posts 路 0 votes

Greetings BP community! We are currently contemplating a move from Houston to Syracuse, NY in order to benefit from the lower housing prices and decent rental market. Our plan is to house-hack for at least a year and snowball the proceeds from the rental into the purchase of future properties. A concern we have is that many investors we know from around the country will not purchase, partner, or lend on rentals in NY due to laws that favor tenants and do not favor the landlord. Are there any New York landlords here that can attest to that? How have your experiences been so far?

0Reply
43 views

Most Popular Reply

Raul R.
Rental Property Investor 路 New York City, NY 路 Member since 2017 路 493 posts 路 386 votes
7y

NY is one of the worst, maybe only CA and soon OR will has us beat but not by much... Something else you should consider are taxes..

1Reply
See this reply in the discussion

20 Replies

Jump to latestLatest
  • Isra S Sabir
    Member since 2019 路 4 posts 路 0 votes
    7y

    I am from Syracuse. Not a landlord but I can attest that the laws do favor tenants rights. I was surprised by how much different things were when I transplanted to the West Coast. I know that the local government favors transplants and seeks to encourage people moving in. Absenteeism is frowned upon but happens a lot. 

    0Reply
  • Raul R.
    Rental Property Investor 路 New York City, NY 路 Member since 2017 路 493 posts 路 386 votes
    7y

    NY is one of the worst, maybe only CA and soon OR will has us beat but not by much... Something else you should consider are taxes..

    1Reply
  • Chris Szepessy
    Catskill, NY 路 Member since 2018 路 636 posts 路 668 votes
    7y

    NY is very tenant friendly. I read an article about NY trying to pass state wide rent control (which already exists in a few counties). The city next to me is voting on it soon. NY is also losing hundreds of thousandths of people per year. Hight taxes  and anti-job/business environments are the main reasons people are leaving. 

    1Reply
  • Pat L.
    Rental Property Investor 路 Upstate, NY 路 Member since 2012 路 3k+ posts 路 3k+ votes
    7y

    Depends on the town. We haven't had a lot of evictions but in several of our local towns when we do it happens quickly. The last one was immediate & the tenants cried about having to move mid-winter & the judge granted us a large judgement against the tenant, that even surprised my attorney. 

    0Reply
  • Nick Rutkowski
    Rental Property Investor 路 Ithaca, NY 路 Member since 2015 路 1k+ posts 路 1k+ votes
    7y

    @David Mazzarella

    Great plan, if you need a contact person in Syracuse let me know. I know the area like the back of my hand. In NY, you can evict someone on a nonpayment fairly quick. I was able to get rid of my tenant in 3 weeks. They don鈥檛 pay they get the boot.

    0Reply
  • Wesley W.
    Rental Property Investor 路 The Vampire State 路 Member since 2013 路 2k+ posts 路 2k+ votes
    7y

    Upstate is very municipality-specific.  Research the jurisdiction you are thinking of moving to.  Your mileage is going to vary quite a bit.

    0Reply
  • David Mazzarella
    OP
    Member since 2019 路 3 posts 路 0 votes
    7y

    Thank you all for the advice. We decided to not make the move, largely due to NY's backwards laws regarding teacher certification. We are staying near Houston. 

    0Reply
  • Lauren L.
    Accountant 路 Member since 2020 路 17 posts 路 31 votes
    5y

    @Nick Rutkowski

    Hi Nick - I鈥檓 am thinking of investing in Schenectady NY. Where do you go as a source of tenant/landlord law?

    0Reply
  • Wesley W.
    Rental Property Investor 路 The Vampire State 路 Member since 2013 路 2k+ posts 路 2k+ votes
    5y

    @Lauren L.

    That's tough because it's usually changing by the DAY (not hyperbole).  The base document is the Housing Stability and Tenant Protection Act of 2019 which changed nearly every aspect of this business in the tenants' favor, and then our king governor has written no less than 397 executive orders (literally dozens since COVID) to further drive the small landlord out of business in NY.  His latest was this beauty on election day (202.72).

    It ain't pretty.  I'd seriously reconsider your geography.  Nearly everywhere is better than NY right now.

    0Reply
  • Account Closed
    Rental Property Investor 路 Glens Falls, NY 路 Member since 2016 路 176 posts 路 169 votes
    5y
    Originally posted by @Lauren L.:

    @Nick Rutkowski

    Hi Nick - I鈥檓 am thinking of investing in Schenectady NY. Where do you go as a source of tenant/landlord law?

    I wouldn't put a dollar into Schenectady. 

    0Reply
  • Lauren L.
    Accountant 路 Member since 2020 路 17 posts 路 31 votes
    5y

    @Dylan M.

    馃槵馃槵馃槵馃槵

    My stress level just went through the ROOF.

    0Reply
  • Account Closed
    Rental Property Investor 路 Glens Falls, NY 路 Member since 2016 路 176 posts 路 169 votes
    5y
    Originally posted by @Lauren L.:

    @Dylan M.

    馃槵馃槵馃槵馃槵

    My stress level just went through the ROOF.

    I may be biased but taxes are high, from my understanding the city is tough to deal with, fees for multifamily occupancy certs ect. There are some nice areas of Schenectady, sure. Overall, it has a pretty high crime rate and GE left.  

    0Reply
  • Lauren L.
    Accountant 路 Member since 2020 路 17 posts 路 31 votes
    5y

    @Dylan M.

    I totally hear you. I just live here and am a nervous nelly. A lot of people say investing in your first property where you live is often a good idea as comforting.

    I would rather have a vaca property in the adks. That鈥檚 really where my head is at. However many investors say they use short term rentals to get capital to buy multi family properties so I thought maybe I was skipping a step?

    0Reply
  • Account Closed
    Rental Property Investor 路 Glens Falls, NY 路 Member since 2016 路 176 posts 路 169 votes
    5y
    Originally posted by @Lauren L.:

    @Dylan M.

    I totally hear you. I just live here and am a nervous nelly. A lot of people say investing in your first property where you live is often a good idea as comforting.

    I would rather have a vaca property in the adks. That鈥檚 really where my head is at. However many investors say they use short term rentals to get capital to buy multi family properties so I thought maybe I was skipping a step?

    I believe that would be person dependent. I know may people who own short term rentals (Lake George specifically), people that own motels ect. 

    It depends on your goals and what you want to do. There is no right or wrong. 

    I own a portfolio in Glens Falls and prefer the area over Schenectady, Troy ect. I have an upper hand here compared to the people from out of town buying here on the MLS.

    If you want you can shoot me a PM so we don't clutter the thread. 

    Best, 

    Dylan 

    0Reply
  • Luis Angamarca
    Investor 路 NJ 路 Member since 2018 路 15 posts 路 4 votes
    5y

    Hi @Lauren L., 

    I invested in Schenectady exactly a year ago and I can personally say it's been great. I am doing 15% COC annual return so far. Also my property has appreciated a little this last year, so that is a sweet bonus.

    Yes taxes are a bit high but they include water and sewer, unlike other places I have looked in NJ and PA that do not (not sure about other spots in NY). The city has been very easy to deal with for me, not sure why a lot of people have this issue. Crime, like any town, depends on what part of town you invest in. I have had no issues with crime and my tenants are lovely.

    What I like a lot about Schenectady is that there is a lot of development happening all over town. Just look at how nicely Mohawk Harbor turned out. The town is improving and I think the prices will go up in the future, until then why not enjoy good cash flow..

    Anyways everyone has their own opinion about the place but I thought I'd share my positive one, since so far no one is encouraging you to at least consider Schenectady lol. 

      

    1Reply
  • Angela Weller
    Real Estate Agent 路 Schenectady, NY 路 Member since 2020 路 3 posts 路 3 votes
    5y
    I am a Realtor based out of Schenectady. I can tell you that the market is booming in the entire Capital District including Schenectady. We have a wave of people coming from the city, Investors, renters, and first time home buyers. There isn't much inventory available at the moment. Properties are selling within a day or two and typically for over asking. This time of year is usually slow but the market is behaving as if its spring. Honestly no-one can tell you what next year will look like but they are predicting this will continue into 2022.
    1Reply
  • Ryan VienneauBusiness Member
    Investor 路 Stillwater, NY 路 Member since 2015 路 149 posts 路 121 votes
    5y

    I own a couple properties in Schenectady that have done great for me, definitely the best profit ratios you can find in the capital area.  Downside is that the building dept is infamously terrible, so if you're planning on major remodels it will be a HUGE headache.  

    Veno Properties LLC4.3154 Reviews
    WebsiteView Page
    1Reply
  • Ryan VienneauBusiness Member
    Investor 路 Stillwater, NY 路 Member since 2015 路 149 posts 路 121 votes
    5y

    @Lauren L. For info on landlord-tenant law, I wrote an in-depth article breaking down the big 2019 Housing Stability and Tenant Protection Act (HSTPA), its on our website at Veno Properties.  

    Veno Properties LLC4.3154 Reviews
    WebsiteView Page
    1Reply
  • Nick Rutkowski
    Rental Property Investor 路 Ithaca, NY 路 Member since 2015 路 1k+ posts 路 1k+ votes
    5y

    @David Mazzarella

    Personally, I鈥檇 stay away from long term

    rentals. Try Airbnb, short term rentals have a little more leniency than LTRs in NY. The regulation here makes long term tenants a greater risk for the landlord, especially when a tenant can claim COVID as their reason not to pay. Another alternative- buy a section 8 apartment complex, at least the government is paying you and not a money strapped tenant.

    0Reply
  • David Mazzarella
    OP
    Member since 2019 路 3 posts 路 0 votes
    5y

    Thanks everyone for the awesome responses. We ultimately opted to remain in Texas and will continue investing here. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free