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I live in a rental block where I've lived for 2y and my landlord wants to increase the rent hugely. He gave me the lease renewal form on 11/1 for a renewal from 2/1/12, when do I have to return it to him to guarantee my tenancy continues even at his ridiculous rate? The leasing office have asked for it back by 11/30 and that they'll start showing other people aroun from 12/1, what would happen if someone offered while I'm still deciding?
If you do not renew your lease, you become a month to month tenant.
If your apartment is NOT rent stabilized, then 30 days notice is all that is required to terminate the tenancy.
As long as you pay the increase, the LL probably won't hassle you about signing the lease.
If you don't pay the increase, the LL will want you out.
When does your present lease expire? I presume on 1/31/12, correct? You have until that date to 'secure' the leasehold to your apartment, after which, as previously stated, your tenancy can be terminated upon 30 days notice, at the LL's discretion.
Of course, the above is predicated upon the apartment not being 'stabilized'. If the apartment is stabilized, then the facts of the scenario do not appear appropriate. If I recall correctly, the current renewal rates are 2% or 4%, for a 1 or 2 year lease, respectively. Is your increase greater than either of those percentages? If so, then one can only presume yours is a market rate, non-stabilized apartment.
If you do not renew your lease, you become a month to month tenant.
If your apartment is NOT rent stabilized, then 30 days notice is all that is required to terminate the tenancy.
As long as you pay the increase, the LL probably won't hassle you about signing the lease.
If you don't pay the increase, the LL will want you out.
When does your present lease expire? I presume on 1/31/12, correct? You have until that date to 'secure' the leasehold to your apartment, after which, as previously stated, your tenancy can be terminated upon 30 days notice, at the LL's discretion.
Of course, the above is predicated upon the apartment not being 'stabilized'. If the apartment is stabilized, then the facts of the scenario do not appear appropriate. If I recall correctly, the current renewal rates are 2% or 4%, for a 1 or 2 year lease, respectively. Is your increase greater than either of those percentages? If so, then one can only presume yours is a market rate, non-stabilized apartment.
Correction. The current RS renewal increase rates are 3.75% for a 1 yr renewal and 7.25% for a 2 year renewal. If your apartment happens to be Rent Stabilized, its quite possible you are paying a preferential rent or "discounted" rent and now the LL wants to collect a higher rent than what the increase percentages offers. And he can rightfully do that.
Thanks, the quoted legal rent is 5k the LL claims but everyone including me in the block pays a 'lower' (market) rate of around 3k for a 1BR. Its not a rent stabilized block. The rise was 5+ % this year for a 1y. I'm more worried that a new tenant comes to see the place and wants to move in from 2/1, and offers on say 12/15. What happens if I return the signed lease on 12/30? Do I have preferential occupancy rights or do the other person because they signed before I did. The lease says I have 60d to decide
The LL isn't negotiating, I want to negotiate a ~3% rise but I don't want to get kicked out for being too late to the game.
Correction. The current RS renewal increase rates are 3.75% for a 1 yr renewal and 7.25% for a 2 year renewal. If your apartment happens to be Rent Stabilized, its quite possible you are paying a preferential rent or "discounted" rent and now the LL wants to collect a higher rent than what the increase percentages offers. And he can rightfully do that.
one thing that always amazed me is how many folks dont understand how a 2 year lease works and think if they take a 2 year lease they are automatically getting a discount for doing so. they multiply the 3.75 times 2 for the 1 year and go thats 7.5% so the 7.25% for the 2 year is less.
its actually the reverse.you pay a premium on a 2 year to buy protection that the 2nd year may be more than the first year plus the cost of the protection.
that rarely has happened the last decade .
they dont realize you pay 7.25% the first year as well.
as an example if your rent is 1k a month a 2 year lease at 7.25% will run you 25,740.00
a one year figuring same increase of 3.75 is 12870 the first year and 12,917 the 2nd year equaling 25,367.00
your actually paying a premium of 373.00 for that protection.
bottom line is there is no discount for taking a 2 year, your paying a premium and making a bet the 2nd year will increase more than the increase you got the first year plus the premium for the protection.
Last edited by mathjak107; 11-11-2011 at 03:46 AM..
The quoted legal rent is 5k the LL claims but everyone including me in the block pays a 'lower' (market) rate of around 3k for a 1BR. Its not a rent stabilized block. The rise was 5+ % this year for a 1y renewal. I'm more worried that a new tenant comes to see the place and wants to move in from 2/1, and offers on say 12/15. What happens if I return the signed lease on 12/30? Do I have preferential occupancy rights or do the other person because they signed before I did. The lease says I have 60d to decide and 12/30 is 30d after I received the letter
The LL isn't negotiating, I want to negotiate a ~3% rise but I don't want to get kicked out for being too late to the game.
......................
Of course, the above is predicated upon the apartment not being 'stabilized'. If the apartment is stabilized, then the facts of the scenario do not appear appropriate. If I recall correctly, the current renewal rates are 2% or 4%, for a 1 or 2 year lease, respectively. ....
It could also be a "stabilized" apartment where the tenant has been paying a "preferential" (market) rent because the market rent was/is below the MBR.
It's happening a lot this year because rents have gone up so much.Recent increases in market rates across the city are giving landlords a chance to close the gap.I know that in my neighborhood,rents have actually gone up by about 10% in the last year or so despite whatever the official allowable increases are.
Rents on "stabilized" apartments can jump by huge amounts at any given time if there is a big difference between the maximum allowable "stabilized" rent and what has been the "market" rate rent.
A lot of people are in this situation and don't even know it until the increase notice comes because they don't understand what their lease says and what "preferential" rent means.
Does this basically mean the LL artificially increases the rent to have this option?
No actually Rent Stabilization artificially keeps rents higher than what they should be. Landlords who have RS apts. have to charge a little more for rent to compensate for the apts. that pay way below market. So if you rent a RS apt today for example, you'd be paying more than if Rent Stabilization didn't exist. Another horrible side effect of Rent Stabilization. Can't wait the day they get rid of it...if ever.
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