Well, like it or not it’s that time of year again- July 31st is fast approaching and it is time to file your Annual Apartment Registrations with the DHCR for rent stabilized apartments. As many building owners in New York can attest, this process can be quite tedious and time consuming.
To file correctly, owners should be looking back on what was charged on April 1 and taking into account any special credits or MCI increases that took place since the last time the apartment was registered. For instance, was there an MCI increase? What was the reason? How much was the rent increased? Add to that a combination of preferential rent, Section 8, SCRIE and DRIE credits and it quickly becomes apparent that to file accurately will either take significant time or require a system built to handle the complexities of this important filing.
I assisted a new client last week with putting the finishing touches on her first round of registrations with MDS Explorer and she told me “you just saved me two months”. This is not an exaggeration. MDS Explorer generates the RR-2A and RR-2S forms and creates an electronic file that conforms to the stringent guidelines required for submission directly to the DHCR. This all happens by looking back in the data that has already been captured within the MDS Explorer system. I have seen competitive products that “check the box” when it comes to filing Apartment Registrations, but when it comes down to it, the user is still left to manually enter data for each and every unit. These systems are really nothing more than fancy form fillers. To do this right, a company needs to understand the complexities of the local market, which is where MDS really shines.
If you are ready to start enjoying your summers again without dreading the filing of DHCR Annual Apartment Registrations, give us a call. This is just the tip of the iceberg in terms of just how much time you could be saving through the use of a property management system designed specifically for the New York market.