Price hikes in rent have become a common occurrence in the New York City rental market, where during the previous year, Brooklyn, Manhattan, and Queens all witnessed spikes in rental prices. While prices continue to escalate throughout much of New York City, new units continue to come online. According to The New York Times, more than 13,000 new apartments are expected to open in Queens, Brooklyn, and Manhattan this year. Curbed reports that the median rent in Manhattan is now $3,299.
Managing Rental Payments in New York City
If you happen to own multiple rental properties in New York City, the process of managing and collecting rents can be more than a little daunting. As a landlord, you naturally want to ensure that you collect rent on a timely basis. After all, you are running a business and if rent is not collected in a timely manner, it puts your business at risk. There is also another very important reason for ensuring that you have a system in place for collecting rent in an organized manner. In the event that a tenant is late with the rent, you need to be able to take action quickly and resolve the situation with minimal fuss.
Why You Need Online Rental Payment in New York City
When tenants do not pay their rent on time, you may have grounds for beginning the eviction process. In order to do so, you will need to have good records regarding all of your interactions with your tenant, including records of rent payments. Collecting rent online helps to ensure that you have the records you need in the event that you should need to begin legal proceedings and even go to court in order to have your tenant evicted for non-payment of rent.
Online rental payment records can also prove to be helpful in the event that you need to prove that your tenant is chronic in terms of paying the rent late. All landlords have tenants like this form time to time. The due date for the rent rolls around and the tenant is late with the rent. You send a notice. He or she finally pays the rent, but it's past the due date and only after you have issued a warning that it is finally paid. The next month, it's the same story again. This is not an uncommon problem for landlords in New York City. The New York Supreme Court, Appellate Term has held that chronic late payment of rent could constitute a nuisance that warrants eviction if the tenant is not able to adequately explain the situation. In order to adequately explain this type of situation, the tenant would typically need to prove there is some failure of the landlord that would warrant holding back the rent. In such situations, online rental payment can help to ensure that every time your tenant is late with the rent, it is thoroughly documented. This is a service that VerticalRent can assist you with.