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Market rent is just what the apartment is worth to a new tenant. So long as that is under the maximum legal rent he can jack it up to that level
There are, believe it or not, some landlords that charge less than market and also rent stabilized apartments whose legal rent is higher than the market will bear (these are mostly uptown and in the outer boroughs)
Neither of those answered the question. The rent history is not needed because I've been the one renting the apartment for the past 2 years. Preferential rent still doesn't explain it because it is rent stabilized which means they can only raise it 4% this year. My question is are they allowed to raise it based on this a called "market rate"
Market rent is just what the apartment is worth to a new tenant. So long as that is under the maximum legal rent he can jack it up to that level
There are, believe it or not, some landlords that charge less than market and also rent stabilized apartments whose legal rent is higher than the market will bear (these are mostly uptown and in the outer boroughs)
All true--but the original (vacancy) lease MUST disclose the legal rent if the tenant is being charged a preferential rent (i.e., less than the legal rent). If it doesn't, the landlord loses the ability to charge the legal rent, and the tenant's actual rent becomes the new base rent.
All true--but the original (vacancy) lease MUST disclose the legal rent if the tenant is being charged a preferential rent (i.e., less than the legal rent). If it doesn't, the landlord loses the ability to charge the legal rent, and the tenant's actual rent becomes the new base rent.
Neither of those answered the question. The rent history is not needed because I've been the one renting the apartment for the past 2 years. Preferential rent still doesn't explain it because it is rent stabilized which means they can only raise it 4% this year. My question is are they allowed to raise it based on this a called "market rate"
The 4% rent increase gets applied to the higher legal regulated rent, not the preferential rent. If the previous owner increased your preferential rent to the same percentages of the RGB increases, thats fine however that doesn't mean the next landlord has to do the same.
Legally the landlord can charge you any amount of rent as long as it does not surpass the legal regulated rent.
So if your legal rent is say $1,800, when your lease expires, the new landlord can charge you any rent amount equal or lower than the $1,800 legal regulated rent. The landlord is under no obligation to apply the say 4% rent increase on your discounted preferential rent. If the landlord chooses to, then thats his poraggative, but that doesn't mean the next landlord has to.
The 4% rent increase gets applied to the higher legal regulated rent, not the preferential rent. If the previous owner increased your preferential rent to the same percentages of the RGB increases, thats fine however that doesn't mean the next landlord has to do the same.
Legally the landlord can charge you any amount of rent as long as it does not surpass the legal regulated rent.
So if your legal rent is say $1,800, when your lease expires, the new landlord can charge you any rent amount equal or lower than the $1,800 legal regulated rent. The landlord is under no obligation to apply the say 4% rent increase on your discounted preferential rent. If the landlord chooses to, then thats his poraggative, but that doesn't mean the next landlord has to.
BUT if a lease does not disclose the "legal" rent than the subject is moot...the "legal" rent ceases to have any legal meaning. It no longer exists. A new landlord is bound by the present lease...he cannot rewrite a new one.
BUT if a lease does not disclose the "legal" rent than the subject is moot...the "legal" rent ceases to have any legal meaning. It no longer exists. A new landlord is bound by the present lease...he cannot rewrite a new one.
Fortunately, the tenant is not bound by the present lease if it proves illegal.
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