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Old 05-01-2012, 10:19 AM
 
Location: Harlem World
555 posts, read 1,001,094 times
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Just wondering is there a such thing as a two year lease anymore?
I see/hear about less and less of them.
I heard the lease use to go 1 2 and 5 year..is that right?
Should I bring it up when looking for an apartment?
I like the Archstone in midtown west
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Old 05-01-2012, 12:39 PM
 
30,312 posts, read 31,181,855 times
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Rent stabilized tenants are offered the option of a one or two year lease every time they renew their rental contract.
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Old 05-01-2012, 12:56 PM
 
Location: Manhattan
1,746 posts, read 3,420,304 times
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I think most landlords like to start with a one year lease and then after that year is up they *may* offer a two year lease if the tenant and landlord get along.
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Old 05-01-2012, 01:00 PM
 
Location: Brooklyn New York
15,226 posts, read 23,743,496 times
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it still equated to the same amount of money just payments are different, from one year to the next.
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Old 05-01-2012, 01:10 PM
 
64,509 posts, read 66,075,955 times
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look again, 2 year leases have been higher than 2 seperate 1 year leases in the recent past.

you pay a premium to lock in that 2nd year . . the way the rents were on stabilized leases the last good couple of years the better deal was the 1 year.

you pay more both year 1 and year 2 with a two year. the 2nd year really has to come in way higher for a 2 year lease to pay off.

right now a 1 year is 3.75% and next year is not known.. lets say its 5% ... 5% on top of the 3.75% the year before is alot cheaper than a 2 year .

with a 2 year you pay 7.25% year 1 and 7.25% year 2 .

Last edited by mathjak107; 05-01-2012 at 01:24 PM..
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Old 05-01-2012, 01:28 PM
 
Location: Harlem World
555 posts, read 1,001,094 times
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I could see this being a good Idea in a lux building. I remember in 2008/9 places was renting for 2500 and the next year they jacked the rent up to 3500-4000 market rate..I hate to be in a situation like that
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Old 05-01-2012, 01:55 PM
 
8,218 posts, read 8,495,554 times
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I think once upon a time there used to be 10 year leases!

Landlords are too greedy now.
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Old 05-01-2012, 01:59 PM
 
64,509 posts, read 66,075,955 times
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most people are fooled by the 2 year. you see 3.75% for a one year and 7.25% for a 2 year so you think thats the total jump over 2 years. its not , the 7.25% starts right on day 1 and goes on for 24 months. thats an insane premium.

rents would have to jump an amazing amout to be worth the 2 year rate.


see the example below if you have any doubts thats how it works.


NYC Rent Guidelines Board

Last edited by mathjak107; 05-01-2012 at 02:16 PM..
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Old 05-01-2012, 02:14 PM
 
Location: Brooklyn New York
15,226 posts, read 23,743,496 times
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Quote:
Originally Posted by Cida View Post
I think once upon a time there used to be 10 year leases!

Landlords are too greedy now.


Didn't the Mr & Mrs. Ricardo have a 99 year lease from their LL Mr. Mertz?
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Old 05-01-2012, 02:35 PM
 
Location: Harlem World
555 posts, read 1,001,094 times
Reputation: 306
LOL wow...those are the people land lords really hate.
A friend of mine nieghbor is paying under $150 to live downtown, and the bad part is she is behind on rent...of course she is well into her 80s I think
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