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Old 04-18-2022, 12:30 PM
 
171 posts, read 196,519 times
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Hi, I know this might be a silly question but i was curious to know. When you when the lottery, is the rent the exact amount posted in your AMI or is the rent recalculated once your paper work is received?
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Old 04-18-2022, 12:33 PM
 
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I'm also curious about this one - I am quite sure that the rent is as advertised, but does anyone know whether that figure includes concessions (you pay the advertised rent once taking into account a free month or two) or not? Do you end up paying less with concessions for year 1?
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Old 04-18-2022, 12:36 PM
 
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Yup it's what's posted next to your AMI. Remember though once you sign a lease the rent will go up during renewal but it will only go up what rent stabilization laws currently allow.
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Old 04-18-2022, 12:45 PM
 
Location: New York City
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Quote:
Originally Posted by Mimilove View Post
Yup it's what's posted next to your AMI. Remember though once you sign a lease the rent will go up during renewal but it will only go up what rent stabilization laws current allow.
This is correct. The only possible difference is if you are offered both an initial 1-year and an initial 2-year least to choose between, I have heard of the initial 2 year having a slightly higher rent either for the whole lease or in year 2. I did not have this experience. When I moved into my current lottery building in 2019, I was offered both a 1 and 2 year lease both at the exact rent listed on HC for my AMI when I applied, with no increases in year 2 of the 2-year lease.
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Old 04-18-2022, 01:00 PM
 
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I will be paying the exact rent as describe within the application details pertaining to my specific AMI. I just signed my lease on Friday and opted for a 2 year contract. Fortunately, there are no extra fees for the amenities within the building. Apart from the rent , I will have to pay for electricity.
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Old 04-18-2022, 01:26 PM
 
171 posts, read 196,519 times
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Hi Everyone, Thanks for the replies. I figured but was curious to know!! Considering the buildings are new, when i win (i have to manifest it) lol I will sign a 2 year just to lock in that rate. I'm familiar with the rent increases once the lease is up. When its rent stabilized its not that much of a increase (I'm currently in a rent stabilized unit).

I appreciate all of the responses :-)
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Old 04-18-2022, 01:29 PM
 
171 posts, read 196,519 times
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@ceebvndy - Congrats again :-) I'm still keeping my fingers crossed for APEX, i fall into 3 AMI's as you already know lol. My gut tells me they are on to Gen Pop by now but hey you never know. I received extremely low log# for all of my other applications. The one building i really want and have CB i'm 49,xxx unreal. (Still hoping and Praying).
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Old 04-18-2022, 01:46 PM
 
290 posts, read 322,785 times
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Quote:
Originally Posted by JMS6777 View Post
@ceebvndy - Congrats again :-) I'm still keeping my fingers crossed for APEX, i fall into 3 AMI's as you already know lol. My gut tells me they are on to Gen Pop by now but hey you never know. I received extremely low log# for all of my other applications. The one building i really want and have CB i'm 49,xxx unreal. (Still hoping and Praying).
Thank you! You’re going to get contacted in no time!! Praying for you!!! Keep us posted!
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