Evictions in New York City have always been prevalent, but they became even more so in 2023 when statewide protections ended. Compared to 2022, NYC's eviction cases have nearly tripled.
So, as a New York landlord, consider investing in eviction protection plans. These can protect you from costly, time-consuming evictions that often lead to more income loss as you fight to recover your property.
To that end, we created this guide discussing eviction protection for landlords in NY. Read on to learn what it is and how it can benefit you.
1. You Won't Have to Deal With Evictions Yourself
Eviction protection for New York landlords is a subscription plan offered by full-service property management companies. When you subscribe to one, your property manager guarantees they'll be responsible for evicting tenants they've screened. They'll handle the eviction process on your behalf, which typically includes the following steps:
- Sending a formal eviction notice to the tenant
- Waiting for the tenant's response
- Filing for a court-ordered eviction or a judgment of possession
- Serving the tenant with the court-ordered eviction papers
- Making a court appearance for the eviction hearing
- Obtaining the warrant for eviction
- Repossessing your New York real estate rental property
Considering all those steps, it's no wonder an eviction can take weeks, even months. For example, if the eviction is due to non-payment of rent, you must give the tenant 14 days to pay. The tenant can also ask the court for an adjournment, which can postpone the case for at least another 14 days.
That's how stressful and time-consuming evictions are, which an eviction protection plan can shield you from.
2. Eviction Protection Plans Safeguard Your Rental Properties
Being responsible for evictions strongly motivates property managers to find the best tenants for you. They do this through rigorous tenant screening processes, including:
- Credit checks
- Criminal background checks
- Rental history checks
- Employment checks
That careful selection allows property managers to mitigate the risk of evictions. Thus, their eviction protection plans, in a way, also help safeguard your properties from such risks.
3. Eviction Protection Helps Minimize Losses
If you subscribe to their eviction protection plan, your property management company will shoulder some of the costs associated with an eviction. This coverage can reach up to $2,000. It can pay for your legal costs, such as court filing fees, reducing out-of-pocket expenses and losses.
4. Get Coverage for Existing Tenants
Eviction protection plans can also provide coverage for tenants your property manager didn't screen. However, there's a waiting period, usually seven months, before the coverage begins.
Suppose you already have tenants before hiring a property management company. If you subscribe to their eviction protection plan, your existing tenants will become part of it after seven months of subscription.
Invest in Eviction Protection Plans Today
Eviction protection for NY landlords can shield you from the significant stress and losses of evictions. That should be a good enough reason to work with a property management company offering such guarantees.
At PMI Paramount, we're proud of our rigorous tenant screening procedures that we back with eviction guarantees. We're NY locals, but we're also part of a national full-service property management company with over 20 years of experience.
So, speak with us today! We'll happily discuss how we can help your rental properties and business.
