It's the great time of gambling on the rent board increases. I have to decide on signing a one or two year lease. For the past three or four years the increase amounts have been 3% for a one year and 6% for a two year lease. This year, shocker of shockers, it's 2%(2013) and 4%(2014). I am also paying a preferential rate and the legal rent is what I'm seeing for market rate one bedrooms in the area. Empty studios in this building are currently being rented out at rates less than $100 from what I pay for a huge 1 bedroom.
I would save money by signing a 2 year lease if the 2014 one year increase is 4% or more. Also, if the management company decides to raise the rent to the legal rent for the year after next I'm out of a place.
So, in the gamble, do anyone have any advice? I've only been playing the rent stab. game for 4 or 5 years, what are the odds of the percentage going up for the following year and by how much?