What are your winner experiences? (Ovid: sublet, apartments, lease)

[random_user_name]

I've been on a waiting list and was asked for documents for a building and they said they want to schedule a time to see the unit this week. (I've probably submitted documents to 20 properties over the year, but never actually got one, so not being overly optimistic here.)

But, being this close has brought up a lot of questions I haven't seen answered in posts (please let me know if I missed them).

1. How long between seeing the unit and signing the lease?
2. Did you have to finish out your existing lease? Any tips on breaking an existing lease with the least amount of financial impact?
3. What has the experience in your new building been like? Do you feel like you belong? Do the amenities feel worth it?
4. Anything you wish you had known before winning?
5. If you've lived in a building a long time, was it worth it financially? (I'd be moving into an apartment more expensive than my current unit, but I'm hoping it gives me security over the next few decades.)

[randomperson2]

(1) Varies, but short. I think they gave me like three days to decide, which I stretched out by declining and then reversing my refusal (not recommended). You need to have your cash lined up.

(2) Broke my lease, paid more than I should have had to. Landlords are required to look for another tenant these days, but of course it's all in the execution. If you can find a replacement to recommend yourself, you should.

(3) My building is about 50/50 affordable/market rate. Haven't had any issues with staff, management, or fellow-tenants as an affordable. For the most part, everyone just lives right and tends to their own business. Of course it's annoying to know how cheap the finishes/construction are in my place vs. just down the hall, but I can live with it. Amenities are a good value, actually, but right now access is very limited (not the building's fault!).

(4) The rules on subletting are stricter than for ordinary rent-stabilized units. If you're low-income you won't be able to sublet at all (even while keeping the place as primary residence). If you're middle-income, the subletter has to meet the same income qualifications, which logistically must be such a bear that I have a hard time imagining setting it up with someone you weren't already connected to.

Note that if you're in one of the higher brackets, over the long term rent stabilization works more as a "sanity clause" than a bargain-maker. If you're paying $2500/mo. in rent, even a 1% increase is $25, which is more like what you would hope would be a normal rent increase than a great deal, and it will add up over time. Obviously if you're paying, say, $800/mo., the absolute increases are lower.

[dime99]

1. Definitely not the same for everyone. Ours only took 2-3 days?
2. Landlord was good, no issues at all - family friend owned.
3. New building, 100% loving it. They treat everyone the same. All the finishes are the same except for the in-unit laundry, affordable units have 1 combo unit - martket rate has separate washer/dryer. Amenity is worth it, so much to do here.
4. If I had waited 1 more month - I would have gotten 2 months free - Covid19.
5. The main goal for us was the rent-stabiliez rates - it's reassuring as heck.

Overall happy rating 95/100

[stormgal]

How long between seeing the unit and signing the lease?

Very short time. They will be harassing you asking you to provide them with a date to come in and sign the lease. They will tell you others are waiting.

Did you have to finish out your existing lease? Any tips on breaking an existing lease with the least amount of financial impact?

I got lucky because my former landlord wanted rent stabilized people to leave. So the office offered me thousands to leave and I took it (once I won the lottery of course). This was before COVID of course.

What has the experience in your new building been like? Do you feel like you belong? Do the amenities feel worth it?

The building I live in is very quiet. I wouldn't worry about belonging as most people are courteous and mind their business.

Anything you wish you had known before winning?

I wish I would've known about the upcoming lockdown. I don't know if I would've stayed back at my old place, as it was much bigger, or would have moved. It definitely would have made my decision to move a lot harder, though.


If you've lived in a building a long time, was it worth it financially? (I'd be moving into an apartment more expensive than my current unit, but I'm hoping it gives me security over the next few decades.)

Most of these lotteries are always more expensive than regular rent stabilized older buildings. I had to pay about 500 more in rent for the new lottery apartment. But, I received a few raises at work since that time, so now I am at the same place financially when at my last apartment.

Good luck!

[popartist]

Originally Posted by random_user_name

I've been on a waiting list and was asked for documents for a building and they said they want to schedule a time to see the unit this week. (I've probably submitted documents to 20 properties over the year, but never actually got one, so not being overly optimistic here.)

But, being this close has brought up a lot of questions I haven't seen answered in posts (please let me know if I missed them).

1. How long between seeing the unit and signing the lease?
2. Did you have to finish out your existing lease? Any tips on breaking an existing lease with the least amount of financial impact?
3. What has the experience in your new building been like? Do you feel like you belong? Do the amenities feel worth it?
4. Anything you wish you had known before winning?
5. If you've lived in a building a long time, was it worth it financially? (I'd be moving into an apartment more expensive than my current unit, but I'm hoping it gives me security over the next few decades.)

1. 11 days from viewing (which was after approval) to lease signing, although I had the weekend before I needed to say yes or no.
2. Fortunately the timing was perfect and coincided with an expiring lease.
3. Yes, no problems with feeling like I belong - dynamics are such that it's actually really hard to determine who's lottery and who's not. Amenities are no charge in my building so of course it's worth it, not sure I can go back to a building with no fitness center.
4. How patient you need to be - am actually going through the process again right now on a re-rental in an even better building and the wait is excruciating.
5. I think so, yes, my previous apartment was much farther away from public transportation and while the building was well maintained the apartment was dumpy. Love having a nice kitchen and bath.

[random_user_name]

Thank you so much for all of these responses!

[Javawood]

1. How long between seeing the unit and signing the lease? 2-3 days.
2. Did you have to finish out your existing lease? Any tips on breaking an existing lease with the least amount of financial impact? No. Told the landlord that I was moving out end of next month and did. This is largely dependent on your situation.
3. What has the experience in your new building been like? Do you feel like you belong? Do the amenities feel worth it? 1) It's fine, I've lived in luxury apartments before. 2) I make friends with most of the people working, and my gf seems to make friendly acquaintances with the people who live here. I'll say yes. 3) Pre-covid yes. Now, no. The elevator beats walking up stairs though.
4. Anything you wish you had known before winning? The credit check has to be a money order!! Going to a cash check place in East Harlem was abysmal, but it is what it is.
5. If you've lived in a building a long time, was it worth it financially? (I'd be moving into an apartment more expensive than my current unit, but I'm hoping it gives me security over the next few decades.) It was, pre-covid. Even as part of 165% AMI studio, the tenement studios in the LES were going for $2000+. 135% AMI and below for my building, hell yes. Sadly, they ran out of 135% when my log # came up.

[randomperson2]

Are they charging you the amenities fee right now, JW? Complain to Justin (persistently) and they'll reverse them off.

[vas51879]

Originally Posted by Javawood

1. How long between seeing the unit and signing the lease? 2-3 days.
2. Did you have to finish out your existing lease? Any tips on breaking an existing lease with the least amount of financial impact? No. Told the landlord that I was moving out end of next month and did. This is largely dependent on your situation.
3. What has the experience in your new building been like? Do you feel like you belong? Do the amenities feel worth it? 1) It's fine, I've lived in luxury apartments before. 2) I make friends with most of the people working, and my gf seems to make friendly acquaintances with the people who live here. I'll say yes. 3) Pre-covid yes. Now, no. The elevator beats walking up stairs though.
4. Anything you wish you had known before winning? The credit check has to be a money order!! Going to a cash check place in East Harlem was abysmal, but it is what it is.
5. If you've lived in a building a long time, was it worth it financially? (I'd be moving into an apartment more expensive than my current unit, but I'm hoping it gives me security over the next few decades.) It was, pre-covid. Even as part of 165% AMI studio, the tenement studios in the LES were going for $2000+. 135% AMI and below for my building, hell yes. Sadly, they ran out of 135% when my log # came up.

When did they ask for the credit check/money order?

[Javawood]

Originally Posted by randomperson2

Are they charging you the amenities fee right now, JW? Complain to Justin (persistently) and they'll reverse them off.

I really should. We went to the roof yesterday, but cold + covid closures of the lounges really is making that $33/mo a waste lol. I'll contact him today.