What the rent increase rate for apt lease? (New York, Pelham: apartment, how much)

[baraider]

My current 2 year lease is going to be renewed this month. I'm currently paying 840 for 1 br apt. I received a note that my new rent will be 910/m.
This will be a 2y renewal lease. Where do I find if the increase rate used by landlord is the correct one?

[Viralmd]

Right here:311 Online New York City Rent Increase Information

It looks correct for a 2 year lease.

[baraider]

Viralmd,
Thanks and bookmarked.

[KRISTINsf]

Originally Posted by baraider

My current 2 year lease is going to be renewed this month. I'm currently paying 840 for 1 br apt. I received a note that my new rent will be 910/m.
This will be a 2y renewal lease. Where do I find if the increase rate used by landlord is the correct one?

Wow, are there any vacancies where you live? That's a kickass steal.

I believe the cap is 5%.

[lamontnow]

Originally Posted by KRISTINsf

Wow, are there any vacancies where you live? That's a kickass steal.

It certainly is "stealing". Rent stabilization at it's best!

[baraider]

I live in the Bronx (Kingsbridge-Fordham) if that makes any difference. My building is considered much better maintained than others in the neighborhood.
You are welcome to come up here to the Bronx and get an apt in many buildings here if you like. Compared to people who pay 2k-3k/month for a studio in Manhattan, it may sound like a steal but trust me, I feel like I pay more than many people in my building.

By the way, the increase is 8.5% from the 311 link posted.

[lucydsanchez]

I live in the bronx (Pelham Pkwy area) My lease is presently 1126 and will be increased to 1300 (174 difference) for a ONE-year lease. My apartment is said to be a "free market" apartment. Is this correct? Isn't there some guideline that controls how much rent it can be incrased?

[mathjak107]

usually a 2 year is more expensive then a 1 year.. you pay a premium for the protection that the 2nd may be more then 2x the first year...

i find its rarely cheaper to take a 2 year vs a one year

[gradstudent77]

Originally Posted by lucydsanchez

I live in the bronx (Pelham Pkwy area) My lease is presently 1126 and will be increased to 1300 (174 difference) for a ONE-year lease. My apartment is said to be a "free market" apartment. Is this correct? Isn't there some guideline that controls how much rent it can be incrased?

Sure there is. It's your willingness to pay.

There are probably some legal standards (as opposed to legal rules) floating around where an unconscionable rent increase could be lowered by a judge, but your increase doesn't seem outrageous. Look around for a new place and if you find something better, move.

[bluedog2]

Originally Posted by lucydsanchez

I live in the bronx (Pelham Pkwy area) My lease is presently 1126 and will be increased to 1300 (174 difference) for a ONE-year lease. My apartment is said to be a "free market" apartment. Is this correct? Isn't there some guideline that controls how much rent it can be incrased?

How big is your apartment for 1126/ 1,300 mo ? If it is a 1 br you probably have a pretty fair deal.If it is a 2 or 3 br you won't easily find anything at that price except maybe in a less desirable neighborhood.The rents have been steadily creeping up in Pelham Parkway despite the recent problems.