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  What to do with a Vacant Apartment

  1. Evaluate the condition of the apartment

  2. Evaluate the last legal rent

  3. Evaluate the market value for the apartment

If the apartment has been renovated and is in excellent condition and the last legal rent plus Guidelines increases are close to the market value, the apartment should be rented "as is" for the maximum legal rent.  However, this is not usually the case.

 Once you have looked at the above factors, you are prepared to decide what to do with your vacant apartment.  If you can afford to renovate and the increase for the renovation brings you rent up to Market Value - by all means, do so. (Sometimes, you can't afford not to renovate - the proposed  Lead Paint Laws may  require Landlords to check vacant apartments for paint in poor condition and to cure the condition.)  If your vacant apartment has already been renovated or is in good condition or if the legal rent is more than the market value, you may just want to make any necessary repairs, clean it up and rent it.

The next step is to find the right tenant.  Click here for Tenant Screening.

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