Annual apartment registration form - huh?

christina

I just received an "annual apartment registration" form in the mail
stating that my legal regulated rent on April 1 was $1466.70,
but that I pay a preferrential rate of $1,300.
Underneath that it says that the lease is in effect from September 1,
06 until August 31, 07 - which is BS, my lease was from April of last
year until the end of March of this year.
So... does this mean my landlord will potentially give me a new lease
starting in September - and he'll raise the rent to where it should be?
No no no!!!

veets

Hey he is a Landlord and will do what he wants even with the constraints of rent Stabilization. I would hold tight and pray. But reality is.. sometimes Landlords will keep the lower rent ($1,300)... especially for a good tenant for various reasons. One obvious..that $160 differential gets eaten up pretty quickly if the apt is vacant for even a month after you move out.
Good luck.

garfunky

The annual regi form is a formality.
Everybody gets them, or seemingly everybody ...

As for the date discrepancy , i have no clue.

But i do understand the dollar amount difference and why it confuses you.

LL is required to keep you informed of the legal rent regardless of the fact that youre paying a pref rent.

"preferential rent" is discounted monthly rate offered by the landlord on a rent stabilized apt. WHY is the apt lower then legal rent ? for whatever reason the legal rent actually exceeds market value of the apt . which effectively means that the owner would have a terrible time of trying to rent the place should (s)he try to collect full legal rent. so LL offers discount and you sign a lease that is rent stabilized and additionally you sign the preferential rent rider.

This setup , which includes following the law and making sure to inform you on the annual regi of the actual legal rent, allows the landlord to revert to the legal rent ( and then add whatever vacancy or contstruction increase to the LEGAL rent) if/when you vacate the apt.

YOUR rent stabilized yearly increases will be based on the PREFERENTIAL.
(pref rent + current years rent stabilized %)

Landlord cannot revert to legal rent unless you vacate.
fairly sure that preferential rent can be "passed on" thru lease assignment, but suggest you check w a lawyer should the situation arise.
( ie you move out but your daughter moves in / takes over the lease rent stays at preferential + yearly increase)

christina

Thanks, that sounds good. Apart from the daughter that I didn't know I had :-)

ben

Garfunky wrote: The annual regi form is a formality.
Everybody gets them, or seemingly everybody ...

As for the date discrepancy , i have no clue.

But i do understand the dollar amount difference and why it confuses you.

LL is required to keep you informed of the legal rent regardless of the fact that youre paying a pref rent.

"preferential rent" is discounted monthly rate offered by the landlord on a rent stabilized apt. WHY is the apt lower then legal rent ? for whatever reason the legal rent actually exceeds market value of the apt . which effectively means that the owner would have a terrible time of trying to rent the place should (s)he try to collect full legal rent. so LL offers discount and you sign a lease that is rent stabilized and additionally you sign the preferential rent rider.

This setup , which includes following the law and making sure to inform you on the annual regi of the actual legal rent, allows the landlord to revert to the legal rent ( and then add whatever vacancy or contstruction increase to the LEGAL rent) if/when you vacate the apt.

YOUR rent stabilized yearly increases will be based on the PREFERENTIAL.
(pref rent + current years rent stabilized %)

Landlord cannot revert to legal rent unless you vacate.
fairly sure that preferential rent can be "passed on" thru lease assignment, but suggest you check w a lawyer should the situation arise.
( ie you move out but your daughter moves in / takes over the lease rent stays at preferential + yearly increase)

This was changed a few years back. If the preferential rent was documented in the lease or via a rider when the lease was first signed the LL can revert to the legal rent upon lease renewal. They no longer have to wait for a vacancy.

ilovecarbs

Thanks. This was very helpful. I got kind of panicky when I received the annual notice too, since mine said it was a legal regulated rent of $1400plus and i pay a pref rent of 900plus.

garfunky

Ben wrote:
This was changed a few years back. If the preferential rent was documented in the lease or via a rider when the lease was first signed the LL can revert to the legal rent upon lease renewal. They no longer have to wait for a vacancy.

Interesting ... i will look into that , thank you for the heads up.

do you know if people who signed a pref rent lease prior to law change are grandfathered ? any link would be appreciated.

this highlights why it always best to speak to a real estate attorney, whenever feasible , regarding such matters.