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Old 04-01-2008, 03:31 PM
 
1 posts, read 5,787 times
Reputation: 10

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Hi. I have lived in the same apartment for the past few years. My landlord has proposed increasing next year's rent $100, which I believe is at least a couple hundred dollars under market value. When I asked about signing a 2 year lease, he proposed that I pay an additional $50 the second year. I plan to stay in NYC and would like to stay where I live, but anything could happen in two years. Typically, I have no concern about breaking a lease and finding new renters, but I am wondering whether anyone feels I should be concerned about signing a two year lease, given the current market. Also, are his proposed rent increases in line with what other landlords are doing right now? Its hard for me to judge, given that I do believe my apartment is under market value.
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Old 04-02-2008, 05:02 PM
 
Location: NYC
278 posts, read 1,139,327 times
Reputation: 89
Quote:
Originally Posted by rjn207 View Post
Hi. I have lived in the same apartment for the past few years. My landlord has proposed increasing next year's rent $100, which I believe is at least a couple hundred dollars under market value. When I asked about signing a 2 year lease, he proposed that I pay an additional $50 the second year. I plan to stay in NYC and would like to stay where I live, but anything could happen in two years. Typically, I have no concern about breaking a lease and finding new renters, but I am wondering whether anyone feels I should be concerned about signing a two year lease, given the current market. Also, are his proposed rent increases in line with what other landlords are doing right now? Its hard for me to judge, given that I do believe my apartment is under market value.
If you love your apartment why not? At least you'll have a place already lined up and not having to be worried about being thrown out. I say if you have a stable job and love NYC go ahead and do it. Those rates seem about rate, nothing over the top.
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Old 04-02-2008, 11:13 PM
 
Location: Brooklyn, New York
878 posts, read 2,648,788 times
Reputation: 315
If you believe that your apartment is not market rent and you enjoy it, signing the 2 year lease sounds like a good deal. At least you know ahead of time, how much your rent increase is going to be for the second year. Also, the way your landlord is proposing is not typical of the way 2 year leases are handled. Normally, you pay the same price for the duration of the lease. This sounds like a good deal too me.
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Old 04-02-2008, 11:25 PM
 
Location: UWS -- Lucky Me!
757 posts, read 3,198,864 times
Reputation: 205
If landlord raises it by the same amount next year, you'll end up paying more over the two years. My gut tells me we're in an inflationary cycle that won't let up any time soon, and if I were in your shoes, I'd sign for the longer lease.

BTW, I am assuming that you are not in a rent stabilized unit. Correct? If you are stabilized, it's a total crap shoot. Tenants once had the option of renewing for one, two or three years. One year, I thought the increase for the third year was a bit more than my income could handle comfortably, so I opted for two. It put me on a different cycle from many of my friends -- to my advantage -- just because of the years the RECB adopted higher vs. lower increases.
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Old 04-03-2008, 03:56 PM
 
Location: Brooklyn, New York
878 posts, read 2,648,788 times
Reputation: 315
Quote:
Originally Posted by Carbro View Post
If landlord raises it by the same amount next year, you'll end up paying more over the two years. My gut tells me we're in an inflationary cycle that won't let up any time soon, and if I were in your shoes, I'd sign for the longer lease.
I think that the landlord was raising the rent $100 for the first year and then an additional $50 the 2nd year.
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Old 04-03-2008, 04:05 PM
 
Location: Central, NJ
2,599 posts, read 5,589,038 times
Reputation: 3841
I always sign a two year lease. I also think they could get maybe $300 a month more for my apt.
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Old 04-03-2008, 05:34 PM
 
Location: UWS -- Lucky Me!
757 posts, read 3,198,864 times
Reputation: 205
Quote:
Originally Posted by drkman View Post
I think that the landlord was raising the rent $100 for the first year and then an additional $50 the 2nd year.
I just did the math, and it turns out equal over two years, assuming landlord does not demand a higher increase at the end of a hypothetical 1-yr lease. My opinion? I would not feel comfortable making that assumption this year.
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