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So I was accepted for 650 W 42nd St and signing my lease and getting ready to move in, but I was told my the property management that if I take a one year lease, after the first year, that the rent is going to increase due to NYS Rent Guidelines Board's decision even though it is rent stabilized?
They said if I was to sign a 2 year, the rent would not increase after the first year but assuming that after the 2nd year, the rent is going to go up regardless?
I've never heard of that in terms of NYC Housing Lottery as I've heard that as long as you remain eligible, that the rent does not change.
You are mistaken. The agent is correct. You will have a rent-stabilized apartment. The rent usually goes up every year by a set amount. Rarely, there is a zero increase, but that is unusual.
You really thought you would never get a rent increase?
If the rent is the same, take the two-year lease.
Plus, you are wrong about "as long as you remain eligible." In most lottery buildings, you do not have to requalify every year. So you can earn more money, get married and have a second person move in, etc., without losing your apartment or being charged any more than the usual stabilized increase.
Yes, the rent will increase, very minimally. If you sign a 1 yr lease and at the end of the term, decide to renew, it’ll increase. my rent has increased so far every lease renewal.
I’ve been in my lottery apt approaching 6 years this November .
Twice i did a one year signing, and twice two year. In total, my rent has increased roughly $50
Yeah, I just did a quick research and I see that for one year leases, the rent goes up 1.5%.
But it states for 2 year leases, that the rent goes up 2.5%?
Also, the rent will go up EVERY renewal year?
If I did the math correctly, I'll be paying $2,500 a month for the 2 bedroom that will increase every year by $37.50 every year that I choose to renew?
Yes, the rent will increase, very minimally. If you sign a 1 yr lease and at the end of the term, decide to renew, it’ll increase. my rent has increased so far every lease renewal.
I’ve been in my lottery apt approaching 6 years this November .
Twice i did a one year signing, and twice two year. In total, my rent has increased roughly $50
Wow, that's pretty awesome compared to the market rate increases we see now!
Yeah, I just did a quick research and I see that for one year leases, the rent goes up 1.5%.
But it states for 2 year leases, that the rent goes up 2.5%?
Also, the rent will go up EVERY renewal year?
If I did the math correctly, I'll be paying $2,500 a month for the 2 bedroom that will increase every year by $37.50 every year that I choose to renew?
I believe you’re thinking of rent control. This is stabilized so it does go up but by a small percentage which is still VERY helpful to many.
Hey if you don't mind me asking what is your log# . Mine is 12,XXX. wondering if I still have some luck for a 1 bedroom
I'll be completely honest with you, I was actually log # 1xx but I don't know why I was one of the last to view the apartments.
When I went, there was only 1 one bedroom unit left and 2 two bedroom units.
The last one bedroom was more like a studio which was an insult so I went with one of the last remaining 2 bedroom units, the only plus side is that it has a very high ceiling but on the 2nd floor with no views.
After me, I know there is that one bedroom left and one last two bedroom left.
I'll be completely honest with you, I was actually log # 1xx but I don't know why I was one of the last to view the apartments.
When I went, there was only 1 one bedroom unit left and 2 two bedroom units.
The last one bedroom was more like a studio which was an insult so I went with one of the last remaining 2 bedroom units, the only plus side is that it has a very high ceiling but on the 2nd floor with no views.
After me, I know there is that one bedroom left and one last two bedroom left.
wow! and there is no CB for this either. Super interesting. Guess all of the lower numbers qualified and got units. Thanks for sharing.
Also, keep in mind that rent-stabilized increases will probably be higher in the years ahead because of inflation and a new administration in City Hall.
wow! and there is no CB for this either. Super interesting. Guess all of the lower numbers qualified and got units. Thanks for sharing.
Can say there is no hope for me in this one LOL
I'll be completely honest, if I was able to snag an actual one bedroom unit that was actually decent sized I would've been a bit more excited.
Regardless of which, I'm super excited to move into the building itself as the amenities are what got me.
I'm on a waiting list for The Summit so I'm hoping that'll come around in the next few years and I've applied to different lotteries still so if I get selected for either or, I'll definitely take those.
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