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Only the most foolish and petty LLs would take the tenant to court over this unless the apartment was absoluy trashed. It makes 0 business sense otherwise.
Large real estate corporations (who are the main ones purchasing most rental properties) do go to court for EVERYTHING. They have in house counsel. Pursuing tenants for every little fee (not to mention unpaid rent and damages) are actually included in revenue source.
The UN’s housing advisor has accused private equity firms and one of the world’s largest corporate residential landlords, Blackstone Group, of exploiting tenants, “wreaking havoc” in communities and helping to fuel a global housing crisis.
Blackstone’s business practices – which they claim include massively inflating rents and imposing an array of heavy fees and charges for ordinary repairs – as having “devastating consequences” for many tenants in countries around the world.
There are numerous articles about 'wall street landlords' stacking junk fees, pursuing tenants and ruining their credits and ability to rent in the future.
Tenants aren't paying attention to what is going on. Politicians are fully behind these large real estate company because they get donations, kick backs and perks.
There are companies buying THOUSANDS/HUNDREDS OF THOUSAND of houses a week.
Large real estate corporations (who are the main ones purchasing most rental properties) do go to court for EVERYTHING. They have in house counsel. Pursuing tenants for every little fee (not to mention unpaid rent and damages) are actually included in revenue source.
The UN’s housing advisor has accused private equity firms and one of the world’s largest corporate residential landlords, Blackstone Group, of exploiting tenants, “wreaking havoc” in communities and helping to fuel a global housing crisis.
Blackstone’s business practices – which they claim include massively inflating rents and imposing an array of heavy fees and charges for ordinary repairs – as having “devastating consequences” for many tenants in countries around the world.
There are numerous articles about 'wall street landlords' stacking junk fees, pursuing tenants and ruining their credits and ability to rent in the future.
Tenants aren't paying attention to what is going on. Politicians are fully behind these large real estate company because they get donations, kick backs and perks.
There are companies buying THOUSANDS/HUNDREDS OF THOUSAND of houses a week.
This is true but not for NYC. The game is different here.
There has been a swell of out-of-state investors making purchases in the market, particularly in Queens, where private investors now compete with institutions for Class B and C complexes, according to a recent report by Marcus & Millichap.
Large corporations are also gobbling up buildings in NYC. most renters arent paying attention to what is going on in NYC.
Large investors are also buying those small single family and multi family houses in NYC.
Blackstone Nears $930 Million Deal for Manhattan Apartments-2021.
I have seen apartments being rented with asking 700+ credit score and FIVE times the rent. And it is rented as the neighborhood is desirable and that would be affordable to many.
As it becomes harder to evict, the landlords can either come up with stricter requirements or have to have a premium on the monthly rent price to recoup potential losses.
If to evict somebody all you had to do was slap a 2 week eviction notice, then we probably wouldn't even have any income requirements at all in the first place. Now that it can potentially take almost a year and a lot of time and $, landlords will make all sorts of requirements trying to filter out the tenants.
So I know a few people who made 40x the rent, good credit above 680 or 700, no bad marks, no evictions etc but their savings are $2000 or $1200 and are being denied the unit. Anyone else experiencing this? Someone else on here said they are going through this themselves.
If I were a landlord, Id be really concerned if someone made 40x rent and didnt have any more savings than $2000. If they lost their job, they couldnt even pay the next months rent.
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