Lease renewal question for rent increase

[aris3892]

Yea she just confirmed it was rent controlled so I'm going to guess it's always a small increase every renewal? or depended on whatever % is voted on, from a quick search I saw it recently hit the highest at something like a 4% increase for a a two year lease?

I got into the 130% ami. I saw the studio back in Feb. but it was way too small, like barely 400 squared feet for about $1900 and change.

They recently contacted me again for the 1 bed at around $2000 or so a month. It does seem like it's much bigger but I'm still waiting to see it in person.

[linamonroll]

Originally Posted by aris3892

Yea she just confirmed it was rent controlled so I'm going to guess it's always a small increase every renewal? or depended on whatever % is voted on, from a quick search I saw it recently hit the highest at something like a 4% increase for a a two year lease?

I got into the 130% ami. I saw the studio back in Feb. but it was way too small, like barely 400 squared feet for about $1900 and change.

They recently contacted me again for the 1 bed at around $2000 or so a month. It does seem like it's much bigger but I'm still waiting to see it in person.

Basically correct. You'll be subject to the rent increases approved by the rent guidelines board at each renewal. Usually its a small increase of a few % on a 1-year renewal and a little less than 2x the 1yr % on a 2-year lease. Sometimes there is also a rent freeze and thus a 0% increase but you should expect small increases each renewal.

[BugsyPal]

Originally Posted by linamonroll

Basically correct. You'll be subject to the rent increases approved by the rent guidelines board at each renewal. Usually its a small increase of a few % on a 1-year renewal and a little less than 2x the 1yr % on a 2-year lease. Sometimes there is also a rent freeze and thus a 0% increase but you should expect small increases each renewal.

There is no "sometimes" about it; eejit BdeB forced RGB to enact those zero percent increases for first time in history for no other reason than to be strong on LLs, this to score points with the usual suspects that made up his base. It proved a disaster because city/RGB shot their wad and when tenants really could have used zero percent increases (such as 2020, 2020) it couldn't be done. Best RGB could muster was that complicated BS of 0% for half year and 1.5% for rest on a one year, and about 2% for two year renewal.

As one posted above historical record for years before idiot BdeB got hold of RGB was about 2-3% on one year and nearly twice whatever number on two year leases.

For those who math is not up their street allow me to break things down like a fraction; for each $1k in rent a 1% increase represents $10 a month more in rent. For $2k per month that's $20 and so on.

Few people absent old to very that have been living in RS apartments since God made dirt and spit have rents < $1000. Everyone else is around the average of $1500 month for old apartments; new construction is closer to or above $2k/per month.

In grand scheme of things people so busted an extra $10 or $20 per month is not a lot of money. However given the moaning that goes on each year at RGB increases that does not seem to be the case.

[linamonroll]

Originally Posted by BugsyPal

There is no "sometimes" about it; eejit BdeB forced RGB to enact those zero percent increases for first time in history for no other reason than to be strong on LLs, this to score points with the usual suspects that made up his base. It proved a disaster because city/RGB shot their wad and when tenants really could have used zero percent increases (such as 2020, 2020) it couldn't be done. Best RGB could muster was that complicated BS of 0% for half year and 1.5% for rest on a one year, and about 2% for two year renewal.

As one posted above historical record for years before idiot BdeB got hold of RGB was about 2-3% on one year and nearly twice whatever number on two year leases.

For those who math is not up their street allow me to break things down like a fraction; for each $1k in rent a 1% increase represents $10 a month more in rent. For $2k per month that's $20 and so on.

Few people absent old to very that have been living in RS apartments since God made dirt and spit have rents < $1000. Everyone else is around the average of $1500 month for old apartments; new construction is closer to or above $2k/per month.

In grand scheme of things people so busted an extra $10 or $20 per month is not a lot of money. However given the moaning that goes on each year at RGB increases that does not seem to be the case.

Um, yeah...

Originally Posted by linamonroll

Basically correct. You'll be subject to the rent increases approved by the rent guidelines board at each renewal. Usually its a small increase of a few % on a 1-year renewal and a little less than 2x the 1yr % on a 2-year lease. Sometimes there is also a rent freeze and thus a 0% increase but you should expect small increases each renewal.

[macnyc2003]

Originally Posted by aris3892

Yea she just confirmed it was rent controlled so I'm going to guess it's always a small increase every renewal? or depended on whatever % is voted on, from a quick search I saw it recently hit the highest at something like a 4% increase for a a two year lease?

Small point: You wouldn't be rent controlled, you would be rent stabilized. Two different programs.

[WildAboutHarry]

Originally Posted by macnyc2003

Small point: You wouldn't be rent controlled, you would be rent stabilized. Two different programs.

I agree. “Rent Regulated” is sometimes used to describe situations where both rent control, rent stabilized might be in effect. New construction would not be rent control which operates as legacy for many decades now.