Average rent increase? (New York, York: apartments, rental, houses)
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If someone lives in a non rent stabilized and non rent control building what is the typical % increase they should expect? I live in a rent stabilized apartment so its pretty clear--the % increase every year is dictated by the Rent Guidelines board and is usually 1-4%.
Thank you.
Can widely vary, partially depends where you are at in the current market. I got a good deal on my last place in Brooklyn. Lived there for 5 years before leaving for a job in Chicago. I was averaging 5-6% increases annually on that place but I remained below market the entire time
there is no real meaningful average if it is not stabilized ... it can be zero to as high as someone cares to try to get
Gotcha....I'm just very ignorant in this area and wanted to get a "rough guideline" as what to expect...its for a family member...
The landlord would be a large management company....I'm projecting like 5% a year...is that in the ballpark? or are these large companies just ruthless and 10%+ is the norm? I can't see it being higher than that , but who the hell knows
Gotcha....I'm just very ignorant in this area and wanted to get a "rough guideline" as what to expect...its for a family member...
The landlord would be a large management company....I'm projecting like 5% a year...is that in the ballpark? or are these large companies just ruthless and 10%+ is the norm? I can't see it being higher than that , but who the hell knows
Opinion:
An apartment is only worth what one can afford or is willing to pay for it.
The current match-up in prices hinge on the balances between population,
housing units and availability of satisfactory employment. A change in any
one of these numbers are followed by anything from mild to the wildest of
swings. The drop in rental prices reflect that the population can not meet
the ridiculous prices.This is just a mild correction yet still in the right direction.
The more that folks can afford to refuse to pay the faster the the prices will drop.
It's just so damned sad that there is such insufficient regulation governing the
value of all things considered realty in New York City. My heart goes out to the
3 generations following mine just starting out with a family. The business of Real
Estate within the last 30 years made money for many early on while ruining it for
everybody that came after. From every brick laid to now every concrete form poured.
The shape of the Investment Pyramid now grows higher and wider...............
Gotcha....I'm just very ignorant in this area and wanted to get a "rough guideline" as what to expect...its for a family member...
The landlord would be a large management company....I'm projecting like 5% a year...is that in the ballpark? or are these large companies just ruthless and 10%+ is the norm? I can't see it being higher than that , but who the hell knows
Your rent increase will depend on landlord and/or market. If you landlord is a business minded person then your rent will increase to what other similar apartments are going for in the area, you should consider that the ceiling. If the landlord doesn't want the hassle and is fair minded, they will probably increase it by a round amount from say 1800 to 1850 or 1900.
there is no real meaningful average if it is not stabilized ... it can be zero to as high as someone cares to try to get
Actually market rate rents have seen increases this year on average of about 3%.
This being said private landlords can (and have) offered various incentives that while not actually lowering legal rent, do act as offsets. Things like one or two months free rent, waiving certain amenity fees, etc....
We saw lots of concessions on rents back in 2008 like a free months rent ....in our area we have not seen that as apartments are in demand...we are mostly stabilized apartment houses in the area ..few will rent a million dollar plus , house. That is why I always say that the rent vs buy comparisons are flawed because in many areas we are not comparing the same kind of housing ....
Apartment house living is far far cheaper then single family homes
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