Rental property owners must report their rental income earned from New York vacation rentals to the Internal Revenue Service (IRS) if the space was occupied by guests or tenants for 14 days or more.
Owners of vacation rental properties in New York can write off deductible expenses, including rental expenses for cleaning, maintenance, repairs, mortgage interest rates, and property taxes.
New York State has tightened regulations on hosts operating with Airbnb, requiring every property owner and host to register their property with the Office of Special Enforcement (OSE). Each city and county may have their own set of rules.
A new law affecting renewals of rent-stabilized housing will benefit NYC landlords in 2025. The maximum rent increase is 2.75% for a one-year lease and 5.25% for a two-year lease.
Specific rent adjustment limits don’t bind landlords managing non-rent-regulated apartments or homes. However, they still must provide advance notice of an increase in rent for a new lease term.
For a one-year lease term, landlords must produce a 60-day notice. A two-year lease term or more requires a 90-day notice. Anything shorter than a year warrants a 30-day notice for rent adjustments.
Stay organized: having essential rental documents in one place is our number one tip to managing your properties with ease and efficiency.
For landlords managing properties in New York City, the NYC Rent Guidelines Board mandates rent increases to rent-stabilized properties. Rent-controlled apartments are controlled by the Maximum Base Rent (MBR).
Sometimes, a tenant can live in a commercial property like a hotel. Tenants must sign a lease agreement that includes rent prices and other important details. A commercial lease agreement is different from a tenant agreement.