U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-01-2012, 10:19 AM
 
Location: Harlem World
555 posts, read 1,109,429 times
Reputation: 311

Advertisements

Just wondering is there a such thing as a two year lease anymore?
I see/hear about less and less of them.
I heard the lease use to go 1 2 and 5 year..is that right?
Should I bring it up when looking for an apartment?
I like the Archstone in midtown west
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-01-2012, 12:39 PM
 
37,684 posts, read 37,977,785 times
Reputation: 17551
Rent stabilized tenants are offered the option of a one or two year lease every time they renew their rental contract.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 12:56 PM
 
Location: Manhattan
1,853 posts, read 3,953,352 times
Reputation: 2812
I think most landlords like to start with a one year lease and then after that year is up they *may* offer a two year lease if the tenant and landlord get along.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 01:00 PM
 
Location: Brooklyn New York
16,906 posts, read 28,368,714 times
Reputation: 23966
it still equated to the same amount of money just payments are different, from one year to the next.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 01:10 PM
 
92,427 posts, read 89,957,329 times
Reputation: 66925
look again, 2 year leases have been higher than 2 seperate 1 year leases in the recent past.

you pay a premium to lock in that 2nd year . . the way the rents were on stabilized leases the last good couple of years the better deal was the 1 year.

you pay more both year 1 and year 2 with a two year. the 2nd year really has to come in way higher for a 2 year lease to pay off.

right now a 1 year is 3.75% and next year is not known.. lets say its 5% ... 5% on top of the 3.75% the year before is alot cheaper than a 2 year .

with a 2 year you pay 7.25% year 1 and 7.25% year 2 .

Last edited by mathjak107; 05-01-2012 at 01:24 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 01:28 PM
 
Location: Harlem World
555 posts, read 1,109,429 times
Reputation: 311
I could see this being a good Idea in a lux building. I remember in 2008/9 places was renting for 2500 and the next year they jacked the rent up to 3500-4000 market rate..I hate to be in a situation like that
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 01:55 PM
 
13,024 posts, read 12,034,120 times
Reputation: 17315
I think once upon a time there used to be 10 year leases!

Landlords are too greedy now.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 01:59 PM
 
92,427 posts, read 89,957,329 times
Reputation: 66925
most people are fooled by the 2 year. you see 3.75% for a one year and 7.25% for a 2 year so you think thats the total jump over 2 years. its not , the 7.25% starts right on day 1 and goes on for 24 months. thats an insane premium.

rents would have to jump an amazing amout to be worth the 2 year rate.


see the example below if you have any doubts thats how it works.


NYC Rent Guidelines Board

Last edited by mathjak107; 05-01-2012 at 02:16 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 02:14 PM
 
Location: Brooklyn New York
16,906 posts, read 28,368,714 times
Reputation: 23966
Quote:
Originally Posted by Cida View Post
I think once upon a time there used to be 10 year leases!

Landlords are too greedy now.


Didn't the Mr & Mrs. Ricardo have a 99 year lease from their LL Mr. Mertz?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-01-2012, 02:35 PM
 
Location: Harlem World
555 posts, read 1,109,429 times
Reputation: 311
LOL wow...those are the people land lords really hate.
A friend of mine nieghbor is paying under $150 to live downtown, and the bad part is she is behind on rent...of course she is well into her 80s I think
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top