rent increase: is a 12% increase legal? (Lewis: renter, tenants, landlord)
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It's crazy.Someone just rented a 1 br in my building for 1,350.00/mo that they could have bought for 160,000.The loan cost would be around 650/mo and the maintenance on the unit 580/mo, so total cost to own would be 100.00 less per month even BEFORE taking mortgage interest and maintenance deductions !
I noticed the same in my development. Timing is everything.
Our landlord has given us notice he'll be increasing rent by 12% come the end of July. Is that legal?
A few facts:
- the building is only about 2-3 years old (so I assume it cannot be rent-stabilized?)
- current rent $2,050, new proposed rent: $2,300 (12% increase).
- our current rent of $2,050 was a preferential rent. The legal rent (according to our contract) which they could have charged, but didn't was always actually $2,500. (Even this has increased recently too and is now apparently $2,800)
Do we have to grin and bear it ...
or is this proposed increase illegal in any way?
Hello all,
an update!
I asked the landlord directly and he confirmed, yes, it is indeed a rent-stabilized building, despite the fact it's new. He didn't say under what program exactly when I asked, but he was open about the fact they receive tax breaks, because of agreeing to rent stabilize it.
Someone has pointed out: "The RGB’s mandate is to set renewal rates that are intended to be applied to legal rents, not preferential rents."
And that's the problem. We were indeed aware of the preferential rate ($2,000 and later $2050) and it was indeed included in the contract and stated clearly. So, based on that, the LL is still well below the legal rent ($2,800) stated on the contract. Jacking it up another $250 'only' brings it up to $2,300.
RE: "at the same time they don’t necessarily want you to leave because they’ll lose income while it’s not rented and have to paint/prep the apartment for the next tenant."
This guy seems quite confident he can have a replacement in there, lickety split. We've been good tenants, paid on time, no noise etc etc. but as the landlord said, quite frankly: it's a business. And, I understand his point of view.
So, my friends, one thing's for sure: it may be a nice apartment and everything, but for $2,300: we are OUTTA HERE!
(talk to The Hand, baby!)
Now, next steps: any apartment owners out there with a 2 or 3 bedroom reading this who might be interested in having a good couple with cute baby as their next tenants?
It's crazy.Someone just rented a 1 br in my building for 1,350.00/mo that they could have bought for 160,000.The loan cost would be around 650/mo and the maintenance on the unit 580/mo, so total cost to own would be 100.00 less per month even BEFORE taking mortgage interest and maintenance deductions !
Is that a co-op he's renting? If a condo, you'd need to add real estate taxes. If a co-op board, then there's board approval to deal with, never pleasant.
A rental doesn't involve closing costs, down payments, etc...not everyone has the ready cash or the creditworthiness.
On the deductions, remember you get a standard deduction of some $7000 and probably interest and taxes on a $160K apartment will not rise to that level.
At a close to break even point, there are lots of reasons to rent rather than buy, not the least of which is the ability to easily clear out on a whim without having to unload the place to another buyer, a process that many have found to be expensive and mind-altering.
Last edited by Kefir King; 05-12-2011 at 09:10 AM..
I was told that my rent will be going up 5% every year now paying $2250. (just went up from $2000) I Don't know how much longer I can afford to live here I don't want to be priced out. Is there anything I can do? (house not rent stabilized.)
is it legal for my landlord to go up on my rent twice in one year in the state of new york
How could your rent go up twice in one year? Don't you have at least a yearly lease?
Quote:
Originally Posted by pleasentvalley
I was told that my rent will be going up 5% every year now paying $2250. (just went up from $2000) I Don't know how much longer I can afford to live here I don't want to be priced out. Is there anything I can do? (house not rent stabilized.)
Where is that you live exactly? If the rental is not rent stabilized, then the answer is no. You can move to an area with more reasonable prices.
Last edited by hhp3333; 08-30-2014 at 09:55 PM..
Reason: Revision
I pay 1,650/mo, all utilities included (electric, gas, trash pick up, pool service, etc) for a 1 bedroom about 600 sq ft, 1 car parking included, 2 blocks from this (I took both pics):
and the weather stays between 60-80 all year long.
oh, and before I forget. my rent is controlled and it has no income restriction.
I pay 1,650/mo, all utilities included (electric, gas, trash pick up, pool service, etc) for a 1 bedroom about 600 sq ft, 1 car parking included, 2 blocks from this (I took both pics):
and the weather stays between 60-80 all year long.
oh, and before I forget. my rent is controlled and it has no income restriction.
enjoy NYC
Quote:
Originally Posted by YoungTraveler2011
1400!? seriously? that's actually pretty cheap.
Right now I pay 1700 for a crappy apt in Santa Monica.
I keep seeing a bunch of 2000+ apts in Newport but then again, I'm only using Zillow.
Is westsiderentals.com a good site to search in the OC?
Enjoy Santa Monica!
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Yep,
California Rent Control Laws have resulted in come really good bargains, just like New York Rent Controls.
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