U.S. Cities  

Go Back   City-Data Forum > U.S. Forums > New York > New York City

Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 400,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 13,000 posts/day about local topics and you will see fewer ads. Within the last few months our forum was cited in an article in 15 newspaper and in a story on AOL's homepage.

Get a detailed profile of any city, county, or zip code:
      Search our forums (advanced):

Reply

 
Old 03-05-2008, 12:55 PM
Junior Member
 
Join Date: Mar 2008
1 posts, read 685 times
Reputation: 11
libralibra is on a distinguished road
Default One-year versus Two-year lease

My rent-stabilized apartment's lease is up for renewal and I don't understand the advantage to signing a two-year lease at a 5.75 percent increase over a one-year at a 3 percent increase. Over the course of a year it will be about $500 more we pay this coming year. How much would the rent have to increase the following year to justify paying the extra 2.75 percent starting this year?

Is there an advantage to a two-year lease in a rent stabilized apartment?

[+] Rate this post positively
Reply With Quote
 
Old 03-05-2008, 03:45 PM
Pug owner/trainer
 
Join Date: Sep 2006
Location: Manhattan
2,492 posts, read 1,047,501 times
Reputation: 354
Viralmd is just really niceViralmd is just really niceViralmd is just really niceViralmd is just really niceViralmd is just really niceViralmd is just really niceViralmd is just really niceViralmd is just really nice
Do the arithmetic. If you signed a two-year lease, you'd pay more up front, but in the long run you'd save some money. Because you'd likely be signing a one-year lease at a 3% increase then, after another year, pay another 3% increase, which is on top of the first renewal lease's increase.

[+] Rate this post positively
Reply With Quote
 
Old 03-05-2008, 04:22 PM
Senior Member
 
Join Date: Jan 2008
Location: UWS -- Lucky Me!
735 posts, read 198,615 times
Reputation: 86
Carbro will become famous soon enoughCarbro will become famous soon enough
Actually, for stabilized apt. right now, I would definitely sign for two years. I expect, with the price of everything rising so fast now, that when the Rent Guidelines Board sets the next increase, it will be substantially higher. What you do when you choose a 1- vs. 2-year renewal is gamble on whether next year or the year after will have the higher increase.

One year, when I renewed for a shorter lease, I really lucked out. It took me out of a cycle that was hit by a really major increase one year.

[+] Rate this post positively
Reply With Quote
Please register to post and access all features of our very popular forum. It's free and quick.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.



Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Similar Threads

Forum Jump

Go Back   City-Data Forum > U.S. Forums > New York > New York City

All times are GMT -5. The time now is 07:42 AM.

Copyright © 2005-2008, Advameg, Inc.