Don’t Risk Fines: Follow Rules Regarding Short -Term Renters

Many buildings have encountered issues with short-term rentals by unit owners, through websites such as airbnb.com. Some owners have listed their apartments and host a steady stream of visitors staying for a few nights or a week at a time. This can be a lucrative business for anyone with prime New York property who doesn’t need to live there on a daily basis, but it is also illegal. Such rentals violate New York City’s Multiple Dwelling Law, which bans rentals of less than 30 days, unless the unit owner or leaseholder is also staying there. They also violate the City’s Real Property Law, which requires that renters get the landlord’s consent before taking in a sublettor.

In addition, short-term rentals are against the house rules in most buildings. Many co-ops and condos have implemented rules specifically prohibiting this type of rental. Some have levied large fines for breaking the rules. “Our condo nes owners $1,000 for listing their apartments on airbnb.com or operating a similar type of rental business in their units,” says one Midtown Board President. “This new policy seems to be working. Before we had this penalty in place, some residents were literally renting out their units every night of the week, resulting in a parade of unknown individuals coming in and out of the building.”
If your building is grappling with the short-term rental problem, be sure that rules are put in place, fines are implemented, and residents are informed of the new policy. In most cases taking such action will solve the problem.

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Short-term renting is a tempting form of income for apartment owners. But it is also illegal. Board should put rules and fines in place.

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