Sally Levi is a top-producing Realtor and the owner of SCL Realty in New York city. In this article she addresses the issue of furnished rental properties in her city and offers some tips for consumers looking to get into this particular market.
Originally from Paris, France, Sally Levi arrived in New York 16 years ago. “I was enrolled in La Sorbonne and I started doing an internship for my college degree. I completely fell in love with real estate and decided to stay in this field,” recalls Levi. She adds with a smile, “That was 15 years ago and I’ve never looked back.”
When asked what she sees happening with the New York real estate market today, Levi pointed out the changes in the furnished rentals market. “This market has been growing very quickly over the last two years. More and more people tend to start with furnished rentals because they don’t have to worry about buying furniture and the leasing terms are also more flexible.”
Levi adds, “There has always been a large number of investment buyers in New York as well. Many of them will offer furnished rental units on flexible terms so they can adjust their pricing according to market conditions – but also have a second place to ‘flop’ if they want.” Levi also suggests, “Finally, international corporations are always in-need of furnished apartments to place their employees for short-term projects or while they find a more permanent home.”
The challenge with furnished apartments – especially in NYC – is that they’re in high-demand and they tend to go quickly. Levi offers this advice to anyone thinking about renting a furnished apartment, “I would say that if a client likes an apartment and he or she likes it, don’t take too much time thinking about it. Grab it ASAP as it will get rented by someone else.”
Another issue that is prevalent in New York is that of “illegal sublets”. In some cases, the renter is not aware that he or she is renting illegally and this can lead to big problems. Fortunately, there is a fairly simple solution to this according to Levi. “Make sure that the company you’re working with is familiar with and well-known for working with furnished rentals,” says Levi. And she adds, “And make sure to ask a lot of questions.”
Levi also points out an interesting fact. “A law that was put into effect years ago now states that a furnished apartment must be rented for a minimum of 30 days.” She continues adamantly, “Anything less than that is completely illegal and you could be on the hook if you break this law – even if you’re unaware that it exists.”
As a final suggestion, Levi drops two more simple, but critically important tips. “Avoid paying cash as a security deposit – especially on dubious websites,” and she adds, “Finally, whenever possible be sure to visit the apartment prior to committing to anything as the pictures on the Internet are not always indicative of the actual apartment.”
Excellent advice from someone that has been around this market for a long time and has built an outstanding reputation within her industry. Anyone wishing to speak with Sally Levi or learn more about her services can visit her website at: http://www.slcrealtyny.com or call her directly at (718) 730-4754.