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"Rent stabilization exists only in New York City, Nassau, Rockland, and Westchester Counties.[7] It generally applies to units of six or greater built before 1974 and not subject to rent control (although owners of more recent buildings can agree to rent stabilization in exchange for tax benefits)..."
The OP lives in Manhattan, and has no real political draw towards rent stabilization nor hopes this discussion goes towards that.
I believe you have either a free market, or some level of government control- however NYC has a mixture of both which thus does NOT follow the laws of supply and demand as they exist in unregulated business.
However- I'm in a strange feeling situation. All 3 units in my building are going up 25%. The landlord knows to some extent our income, which shockingly- has not gone up 25% this year.
Is there any real minimum amount of time he should have given us for notice?
I know I can call and find out if there is any reason my building should be under some increase control... I'm going to try that tomorrow.
It's just a very big increase for a building that has had no work done on it in the last year.
Chances are that with only 3 units there are no controls.
The renewal notice time frame should be contained in your current lease.
You have to kind of forget the percentage increase and figure out whether the proposed new rent is out of line with recent rents on comparable units in the same neighborhood.That's the only comparison you can really make.If it's not too far out of line then the landlord will be tough and someone else will likely take the place even at such a high rent.That's the free market.It doesn't really matter whether any work has been done recently,it only matters what the market will bear in your neighborhood.
Get yourself a rent stabilized apartment and not have to worry about ever having a rent increase that much...or continue to live in market rate housing and have that possibility of moving almost every year. Guess it depends on what you enjoy doing more....or live in a neighborhood that isn't that high in demand....other than that, not much else can be suggested other than it sucks when rent shoots up like that, but that is life in a market rate apartment, your landlord can charge you whatever they think they can get out of their apartment because the bottom line for most landlords is to get top dollar for their units, ask hilltopjay if you want to know more about how landlords work.
That's a steep increase..if I have to increase the rent on my unit, I try to keep it under 5%. Had my tenant not announced her intent to not renew the lease, I had planned for a modest 1.5 or 2% increase just to keep it at market rate for other apartments in the area.
At 25% increase, my first thought is the LL wanted to kick me out and this was his way of doing it.
That's a steep increase..if I have to increase the rent on my unit, I try to keep it under 5%. Had my tenant not announced her intent to not renew the lease, I had planned for a modest 1.5 or 2% increase just to keep it at market rate for other apartments in the area.
At 25% increase, my first thought is the LL wanted to kick me out and this was his way of doing it.
I can believe that, sounds like a great way to kick people out of a building or end up fleecing them if they decide to pay it.
Get yourself a rent stabilized apartment and not have to worry about ever having a rent increase that much...or continue to live in market rate housing and have that possibility of moving almost every year. Guess it depends on what you enjoy doing more....or live in a neighborhood that isn't that high in demand....other than that, not much else can be suggested other than it sucks when rent shoots up like that, but that is life in a market rate apartment, your landlord can charge you whatever they think they can get out of their apartment because the bottom line for most landlords is to get top dollar for their units, ask hilltopjay if you want to know more about how landlords work.
rent stabilized can have its own issues. if you are a new tenant in a rent stabilized appartment you will more than likely be paying close to market .
what happens is when you have down turns like we had many non stabilized apartments saw no increases or rent roll backs while stabilized tenants saw some pretty hefty increases.
rent stabilized can have its own issues. if you are a new tenant in a rent stabilized appartment you will more than likely be paying close to market .
what happens is when you have down turns like we had many non stabilized apartments saw no increases or rent roll backs while stabilized tenants saw some pretty hefty increases.
It is basically a gamble one has to take, you might see your rent increase a small percentage no matter what or you could see your rent rise or fall greatly. It is just apart of apartment renting in general. Don't want to worry about rents going up, buy a place in with a fixed mortgage...but if you can't buy, this is just one of the things a renter must deal with.
I know the building that I am looking at is rent stabilized and they are more interested in keeping tenants than they are with raising rents.
I know the building that I am looking at is rent stabilized and they are more interested in keeping tenants than they are with raising rents.
That's because the current owner needs the rent money to pay the mortgage and other bills. How many units does the building have that you are looking to purchase?
that sucks and it sounds like
a rip off. can you move?
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