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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)
You are lucky. My landlord just gave us a 20% increase for the annual rent, which is about market, and his right to do. It is the landlord's property after all. If the property is not rent stabilized, the landlord can raise the rent as much as he wants.
Rents appear to have gone up in NYC. We've been looking for a new apartment for a few weeks. All the places we've seen have increased the rental price substaintially over last year.
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?
Why is your lease talking about a "legal rent" and "preferential rent" if it is not rent-stabilized?
Unless you were talking about rent stabilized place and based on how much you are paying now, I doubt that so yes it's legal to raise.
Rent increase is definitely happening desirable areas with good units. I'm in NJ for now and rent is rising over here too but I also noticed in North Brooklyn too (I'm moving there so I noticed a spike in rent prices from 1-3 year ago).
For example, saw one unit that was leased out for 2,000 that they brought back to market for 2,350 after 12 month!
Why is your lease talking about a "legal rent" and "preferential rent" if it is not rent-stabilized?
I think you may be on to something, Henna.
I just went through the contract again and notice there is a 'Rent Stabilization Lease Rider' attached. It states "This Rider, with this Notice, must be attached to all vacancy and renewal leases for rent stabilized apartments.'
They would surely not have attached this to the main contract unless required to do so. But I'm surprised, since the building is very new.
Wondering if it IS indeed rent-stabilized and they opted for that designation because it gave them some tax advantage or something when constructing?...
The law of supply and demand is truly fascinating. Property values have reduced dramatically thus causing rent to rise. I guess there is no free lunch after all.
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?
If he received tax abatements to build it I believe the units would be stabilized. Most likely not the case anyway in your situation. It's legal.
The law of supply and demand is truly fascinating. Property values have reduced dramatically thus causing rent to rise. I guess there is no free lunch after all.
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 !
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