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The new 3.25% - 5% rent stabilization increases will go into effect for anyone who signs a lease between October 1 and September 30, 2023. I was able to avoid the increase because I signed my lease in September and I signed it for two years. Here's the question that I have: If I were to renew my lease in 2024, will the September 30, 2023 rent increase go into effect, or the one that will be proposed for 2024?
The new 3.25% - 5% rent stabilization increases will go into effect for anyone who signs a lease between October 1 and September 30, 2023. I was able to avoid the increase because I signed my lease in September and I signed it for two years. Here's the question that I have: If I were to renew my lease in 2024, will the September 30, 2023 rent increase go into effect, or the one that will be proposed for 2024?
October 1, 2021 through September 30, 2022 - voted upon in June 2021
October 1, 2022 through September 30, 2023 - voted upon in June 2022
October 1, 2023 through September 30, 2024 - voted upon in June 2023
October 1, 2024 through September 30, 2025 - voted upon in June 2024
Current lease ends in September 2024 and will be covered by whatever RGB votes upon in June of that year.
Things go by when lease is up for renewal, not when papers are sent. You cannot renew RS leases early, as in change whatever date they began. Absent a few unusual situations for life of lease end date will always be whenever it was when original lease was signed. So give, ten, fifteen, twenty or more years later you always know when current lease expires, date never changes.
My lease was renewed in August & I went for two years so I was lucky to still get a 2.5% increase instead of 5%. My next renewal will be in August 2024 so my case is similar to yours
Quote:
Originally Posted by stormgal
Thank you! I don't think it'll be 5% again for the two years, so that's a relief lol
Thank you! I don't think it'll be 5% again for the two years, so that's a relief lol
Historically increases ran between 2% and 3% for one year and about double for two. That was on low end, good many years increases were much higher. This was all before BdeB hijacked RGB and forced them to screw landlords to be strong on them.
It is highly unlikely there will ever be years of nil to 1% increases ever again. Best RGB tenants can hope for I'm afraid is again those historical norms of about 2%-3%....
Considering inflation along with other increases in LL costs have not gone away shouldn't get hopes up that increases voted upon in June 2023 will be that much different than last year's.
Indeed years of Fed keeping interest rates at nil to low single digits is likely not to return again anytime soon or ever.
I hope not, but it has happened before - higher increases.
As have said often; higher increases are only part of problem. Higher someone's rent is more they feel any increase even if only one or two percent.
For each $1k in rent a 1% per month increase equals $10. No where in NYC has a median RS rent at or lower than $1k/per month. So right away you can see where all this is going.
Posted in another thread people are already losing their minds after receiving renewal notices for 2.5% and 5%. For those with rents currently about $1450 to $1500 or so we're talking about increases on low end of about $32-$34 per month (one year renewal) and about $72-$75% on a two year.
As have said often; higher increases are only part of problem. Higher someone's rent is more they feel any increase even if only one or two percent.
For each $1k in rent a 1% per month increase equals $10. No where in NYC has a median RS rent at or lower than $1k/per month. So right away you can see where all this is going.
Posted in another thread people are already losing their minds after receiving renewal notices for 2.5% and 5%. For those with rents currently about $1450 to $1500 or so we're talking about increases on low end of about $32-$34 per month (one year renewal) and about $72-$75% on a two year.
Perhaps, but there are good number of persons who feel those paying $2k or more in rent do not need benefit of RS laws. Until 2019 when it was eliminated threshold for destabilization was around $2500 IIRC.
Now of course you have people in RS units with rents at or well north of $3k per month. There once were many such persons, but changes in laws allowing "luxury decontrol" dwindled those numbers. Again changes brought into effect as of 2019 turned things right back around.
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