Taking Over a Rent Stabilized Lease for a Current Tenant (sublet, apartment)
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Quick question about a rent stabilized situation that I was wondering if anyone can help with.
I am working with the current tenant of a rent stabilized apartment that needs to break her lease due to job relocation. When I asked the management company whether there was any room for negotiation in the rent, I was told it was impossible, as I would be assuming the SAME rent as the current tenant because she is breaking her lease. Is this how these situations work? Would this not qualify as a "vacancy lease" (i.e. no corresponding 16.5% increase)?
I would just like to know whether I am really getting a fair deal (current tenant has been renewing for 5 years) or if they are bluffing...
If your name is not on the current lease, then you are creating a new lease, which would come with a "vacancy" increase, and possibly other increases like for improvements if they have that in mind
you cannot take over her lease. its a new vacancy.. if the landlord wants to let you thats up to them.
she could sublet to you but needs the landlords concent or the landlords valid reason for denial . the problem is she can only sublet to you if this is still going to remain her primary residence and prove it if challenged..
the landlord is under no obligation to issue you a lease at the end of the tenants lease.
I had a similar situation moving to NYC. She is not breaking her lease if you are taking her spot, never leaving the apartment vacant. What you'd be doing is an assignment of lease (which is what I did) - meaning that basically the management company switches her name on the lease to yours, and the lease term will end when hers would.
When I moved here in August, I took an assignment that ended in October. I then had to resign a lease if I wanted to stay, subject to the standard annual rent stabilization increase (i.e. $20 more a month or so).
I think the landlord is correct that the rent is not really negotiable, as you are really just taking over her current lease.
I had a similar situation moving to NYC. She is not breaking her lease if you are taking her spot, never leaving the apartment vacant. What you'd be doing is an assignment of lease (which is what I did) - meaning that basically the management company switches her name on the lease to yours, and the lease term will end when hers would.
When I moved here in August, I took an assignment that ended in October. I then had to resign a lease if I wanted to stay, subject to the standard annual rent stabilization increase (i.e. $20 more a month or so).
I think the landlord is correct that the rent is not really negotiable, as you are really just taking over her current lease.
The landlord was stupid to allow you to assume the lease. For one, the LL loses the higher vacancy rate increase. Number 2, the original leaseholder was screened and approved by the landlord. The landlord made sure the original leaseholder met the required 40x the rent criteria. The way it sounds, you took over the lease without the LL approving you and checking out your finanacials to see if you meet the criteria or if you can afford the apartment.
what an idiot to take an assignment of a lease in a stabilized building.
the putz will probley complain about having stabilized tenants bringing down his rent roll. any landlord who does that deserves getting less than market rate returns on their investment.
Lease assignment is a standard right of rent stabilized tenants, and there are procedures in place for it.
When you want to assign your lease, the assignee must meet the landlord's requirements. You can't just choose someone... the landlord has to approve them. Then the assignee continues the lease under the current terms until it ends, at which time he/she can choose to renew or not. The standard rent increase would apply to the new lease.
Here's the sticking point: the landlord doesn't have to approve your assignee. Then in order to break your lease without penalty, you have to prove the landlord was being "unreasonable" in not approving your assignee. Which gives you the legal right to be released from your lease within 30 days. If the person's financials and tenant record match the landlord's requirements, it's pretty easy to prove.
The landlord of course would rather charge the existing tenant a penalty equalling the rest of the lease, then re-rent to someone else and get the vacancy allowance. But that's double-dipping, and it's illegal. He can either charge the penalty OR re-rent. Not both.
So what usually happens if a mutually acceptable assignee can't be found is the tenant agrees to forfeit his/her security deposit in exchange for breaking the lease early, and the landlord agrees to find someone else and get his vacancy allowance. Landlords like those. A lot. And then they can also raise the rent by claiming they did improvements on the unit. They like that too. A few cans of paint and some shiny-floor stuff won't cost him much, but he can raise the rent for it.
Basically, the lower your rent, the more "reasonable" your landlord is likely to be.
the landlord agrees to find someone else and get his vacancy allowance. Landlords like those. A lot. And then they can also raise the rent by claiming they did improvements on the unit. They like that too. A few cans of paint and some shiny-floor stuff won't cost him much, but he can raise the rent for it.
Basically, the lower your rent, the more "reasonable" your landlord is likely to be.
I think it's fair to say MissTrish is a rent stabilized tenant the way she presents her bias opinion quoted above. Lol
I think it's fair to say MissTrish is a rent stabilized tenant the way she presents her bias opinion quoted above. Lol
Actually, I'm not. I don't even have a lease... rent month-to-month from a private landlord who hasn't raised my rent in 6 years!
But I used to be a RS tenant, for many years. And I know what RS landlords do to "improve" units before re-renting. As little as possible. Most just paint and slap a coat of sealant over the floors to make them look shiny and new. And they get a nice bump in the rent for it.
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