The duties of a landlord are never done, and unfortunately, the current state of the economy as a result of Covid-19 has not made life easier for those who own rental properties in New York. In addition to complicated eviction moratoriums and a mass exodus of residents out of urban areas, landlords may now face difficulties associated with supply chain issues.
The landlord-tenant relationship is governed by state law and the lease agreement, both of which impart certain obligations on the landlord, which generally include:
- Safe electrical wiring
- Reliable plumbing
- Hot and cold water
- Secure entryways
- Pest resolution
Pursuant to the lease and the law, the landlord must keep the unit or units in safe working order. What happens, though, if you cannot fulfill these obligations because of supply chain issues? It may be difficult to replace old electrical wiring or plumbing if the parts you need are on backorder or the costs have increased exorbitantly due to supply and demand imbalances.
There may be a provision in your lease agreement that, at the very least, relieves you of a contractual obligation because of circumstances outside of your control; however, this likely means that your tenant is also relieved of their lease obligation and is now free to move out without penalty.
How Can NY Rental Property Owners Minimize Supply Chain Impacts?
As experts predict, the supply chain issue will not resolve anytime soon, and rental property owners should prepare accordingly. Some tips for overcoming the supply chain issue include:
- Stocking up on items well in advance of when you might need them
- Researching alternatives to commonly used repair techniques
- Budgeting for higher maintenance costs
- Staying flexible in design or construction plans
A little bit of planning will go a long way in protecting your rental property interests over the next year.
Speak to a New York Real Estate Attorney
If you're experiencing a rental property issue that requires legal representation in New York, speak to the attorney at the Law Offices of Melvin Monachan, PLLC today by calling (347) 389-1682, or contacting us online.