Market Rate Rent Increases (real estate, apartments, renter)

[pierrepont7731]

I know that landlords can increase the rent to whatever they want, but I get the impression that there's an average in general. For example, in one of my residences, studio lofts go for $1750, and one bedrooms go for around $2100 - 2300. Rents seem to go up about $100 each year depending on the place and the tenant.

[BugsyPal]

Originally Posted by pierrepont7731

I know that landlords can increase the rent to whatever they want, but I get the impression that there's an average in general. For example, in one of my residences, studio lofts go for $1750, and one bedrooms go for around $2100 - 2300. Rents seem to go up about $100 each year depending on the place and the tenant.

Try Googling or whatever "average rent increases NYC", and am sure you'll get some hits.


Many real estate or related companies/websites post average asking rents and other information for market rate apartments.

[Javawood]

It's hard to say, my friend got hit with a $200 rent increase in the Financial District. Now he's in the LES and his increases are around $20. Both apartments are market rate. % wise, $100+ increases are rather insane.

[Ruready4Bklyn]

You have to try to negotiate but landlords are going to go as close as possible with what the market rates are for a comparable apartment in your area. So if you are paying $2,000 for a 1 bedroom and all comparable 1 bedrooms are going for $2,150 in your area, he will increase it by that much. Realistically increases hover around 5% for low end, 8% higher end (you better believe a new build will be on the high end). I have heard horror stories like people paying $3,000 and than too renew a lease it went up to $3,405, that is a 13.5% increase (ouch).

[pierrepont7731]

Originally Posted by Ruready4Bklyn

You have to try to negotiate but landlords are going to go as close as possible with what the market rates are for a comparable apartment in your area. So if you are paying $2,000 for a 1 bedroom and all comparable 1 bedrooms are going for $2,150 in your area, he will increase it by that much. Realistically increases hover around 5% for low end, 8% higher end (you better believe a new build will be on the high end). I have heard horror stories like people paying $3,000 and than too renew a lease it went up to $3,405, that is a 13.5% increase (ouch).

Well this landlord is greedy. He had a few new apartments available, but I knew his asking price was too high so I turned them down ($1799 for one loft and $1899 for another), but even now his asking price is too much. $1750 for a studio loft... For $50 more you can get a one bedroom. The lofts are renovated but obviously smaller than a one bedroom. I played hardball with him a got a decent deal, but I'm sure he'll be looking for $1700-1800 once my current lease runs out in a few years.

[LOVEROFNYC]

As per NYC.gov :

'Market rate apartment rental rates and lease terms are negotiated between the owner and tenant.'
Fair market landlords can raise your rent as much as they want

A landlord with a mortgage will charge whatever the market will bear. If no one is renting, their rent is too high. He will adjust accordingly.
Everyone wants to get the most for their investment, as they should. Every renter wants to get a good deal. May the odds be forever in their favor.



Viva la capitalism!!!!

[city living]

Before I bought a coop, the landlord always raised it $50/month per new lease.

After the first two years, we signed a two year lease for an increase of $50/month. We knew we weren't going to be moving so I figured I'd save the money.

[silverbullnyc]

Landlords can do whatever they want from $25 to $500 dollars (whatever they want), i see it every month, every year.