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Correct me if I’m wrong but I think it’s 3-4%?
It's been 0% for the better part of this decade. I think the math comes out to be 1% over the course of rent stabilization's life time, but don't quote me on that. The highest increase I had was 1.25% I think, and it happened after 3 years of 0%. To say the least, I wasn't sad about losing another $20.
It may not be a great deal, speaking absolutely, but this is unquestionably the nicest and best-located sub-$2500 1-bed I could ever hope to find in the city, even today, I think.
IF you can afford it, a lottery apartment is usually a good deal FOR ITS PARTICULAR PRICE. Frankly, there are a number of 160% AMI units that a person with my income would be foolish to take on. I wouldn't exceed the 40x guideline, for instance, and I think it's scandalous that an "affordable housing" program would try to get people to.
Basically you have to keep applying and hoping to hit a sweet spot. Because there's such a long lag between applying and being called, you can apply around the edges of affordability, simply because you don't know how your income may increase, but in the end you have to be quite firm about what your income at the time you're actually called can support.
It's been 0% for the better part of this decade. I think the math comes out to be 1% over the course of rent stabilization's life time, but don't quote me on that. The highest increase I had was 1.25% I think, and it happened after 3 years of 0%. To say the least, I wasn't sad about losing another $20.
My increase was about 2% in 2018 for a 2 year extension.
My increase was about 2% in 2018 for a 2 year extension.
I always do 1 year extensions, it seems to end up averaging out better but it's the luck of the draw. Last year I was going to do a 2 year, but did 1 instead, and this year ended up being 0% due to Covid so it worked out better than doing a 2 year. Plus, I don't want to be stuck if I find a better deal.
I think 1-years have come out on top for tenants over 2-years for a long time. You end up paying a premium for certainty.
This year poses an interesting question: take the 0% first year, 1% second year two-year deal, or just do a 0% one-year and cross your fingers? It's early on in my lease so I want to keep the base as low as possible for as long as possible.
(But, Javawood, if you're talking about your first EC lease, the two-year lease was at the same rent as the one-year! I couldn't believe it.)
I think 1-years have come out on top for tenants over 2-years for a long time. You end up paying a premium for certainty.
This year poses an interesting question: take the 0% first year, 1% second year two-year deal, or just do a 0% one-year and cross your fingers? It's early on in my lease so I want to keep the base as low as possible for as long as possible.
(But, Javawood, if you're talking about your first EC lease, the two-year lease was at the same rent as the one-year! I couldn't believe it.)
I was actually thinking about my old apartment since I had to sign that before I knew I was going to be in EC since the 2 year was around double I think? Good thing too since I took the EC apartment haha.
I did the 1 year for EC because I wasn't sure how much I'd like luxury given my personal qualms, but I'd say that my issues probably stemmed from having roommates when I last tried lux units. Just wish I got that 1bd
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