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Old 05-01-2008, 08:49 PM
 
10 posts, read 79,344 times
Reputation: 18

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Hello everyone,
I've recently renewed my apartment lease. To my surprise, the rent will increase by 25% this year. It's used be around 5% every year when renewal. It'd be harmful for me to pay for the amount, so that I have to start considering to move out. My questions are..
1: Is it legal to be increased that much?
2: Is the rent rise common in NYC?
3: Does the rent rise mean the owner is trying to kick out the old resident and get new people??
Any advise will be appreciated. Thank you!
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Old 05-01-2008, 09:27 PM
 
12,344 posts, read 24,028,012 times
Reputation: 10302
Is your apartment rent stablized or not? Your title mentions rent stabilization but in your post, you don't exactly say.

If you are rent stabilized, then the only way you could have a 25% increase is if your previous (current) rent was a preferential rent, or if the apartment is being de-controlled.
NYC Rent Guidelines Board
NYC Rent Guidelines Board

If you don't fall into either of these categories, the rent can't be raised more than what the rent stab. board decides in any given year. I think this year it is between 3 and 6% but you'd have to look it up.

If you are in a market rate apartment that is not subject to rent stabilization, then the landlord can raise it to whatever he wants at the end of the lease term. That's the way it goes.
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Old 05-05-2008, 11:35 PM
 
24 posts, read 81,738 times
Reputation: 10
25% Increase?
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Old 05-06-2008, 07:18 AM
 
Location: Bronx, NY
2,806 posts, read 15,713,207 times
Reputation: 1108
Quote:
Originally Posted by Cclass84 View Post
25% Increase?
Thats not out of line for very trendy neighborhoods.
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Old 05-06-2008, 07:31 AM
 
12,120 posts, read 31,018,272 times
Reputation: 3835
25%??? my increase for a 1 year lease was 3% and even that was a bit high (last year it was 2.75%)
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