How would you feel if you could look at an apartment and know it's really all it looks like it's supposed to be? How would you feel if that rating applied to a property you owned?
Interestingly, an apartment certification service has cropped up in New York, and it works to determine a property's grade. Like in school, apartments with quality landlords who take care of the needs of their tenants are given high scores, while those who do not end up with an F for failure.
The service, Rentlogic, has every registered rental property in New York City on its site. Building owners have the opportunity to show their grades to the world by posting them on their buildings. Not everyone does, but if they do, it helps renters know what they can expect.
Some people would think only "A" graded apartments would have the letter posted, but that's not true. As one landlord developed and repaired a property, he changed its outside grade from F to D, then C and so on. Managing expectations is one benefit of the system.
Other property owners explain lower rental costs with their B-average grade or C-level sticker. Potential tenants can decide what they're happy to live with and if they need to continue looking for a better deal. Overall, the system aims to show who the good landlords are, and who could improve, so that everyone has an easier time working together in the real estate market.
If you want to rent a property out, consider obtaining one of these grades. It could help you fill your property.
Source: Quartzy, "There's Now a Sign That Indicates If a New York City Apartment Is As Good As It Looks," Anne Quito, June 05, 2018