Rent increase in non-stabilized building?

There are no rules about market apartments. The landlord is allowed to charge whatever they like. But generally this is not going to be more then the market will bear out at the time because if you have 20 options to get a similiar apt for less money youre going to take one of them.

No matter what, if youre told an apt youre renting is rent stabilized,
you will get a lease that quite clearly states that it is
lease for a stabilized apt
there will also be riders that clearly outline the legal rent and whether or not you are recieving a preferential rent (if legal rent is higher than market prices landlord is allowed to offer rent lower then legal)

i think its a good idea to have the agent confirm via email
(in writing) that the apt is stabilized.
My suggestion is to tell ,whoever, that you are ready to move forward
but would like to see a blank copy of the lease that will be used before giving them a deposit,so that you can "read and review it before the lease signing",ostensibly to make the lease signing it self very expedient.

If you dont get a lease for a rent stabilized apt,
scream bloody murder.

if you want to go the extra mile, check out the rent that was issued BEFORE the apartment was rented to you.

by law, they can only raise the rent 17.25% (or 20% for a novacancy fee) + 1/40th of the renovations they did (yes, thats a 40 in the 1/40)

Im very spruced up on this issue right now since I am being overcharged and in the process of getting it reduced and also getting money back.

DURING THE LEASE SIGNING, they need to show in the rider, everything they have done + receipts (if they admit to doing something)
Repairs do not count

Agree with everything that's bee said, but here's my two cents worth. Under the current rent stabilization law, a landlord gets an automatic rent increase when an apartment becomes vacant, this is added to the legal rent. The landlord is also entitled to add 2.5% of the cost of any improvements to monthly rent. Once the legal rent is above $2,000 per month, a vacant apartment is destabilized unless it is subject to a tax abatement like Mitchell Lama. A landlord can charge less (but not more) than the legal rent for a stabilized apartment, and can charge whatever the market will bear for a destabilized (free market) apartment.

Under the current laws it is not very difficult for a landlord to destabilize a vacant apartment, so I would assume that any apartment that your looking at is destabilized. A market rate lease for a recently destabilized apartment will often quote a rent of more than $2000 and a preferred tenant discount bringing it down to the market price. Your landlord gets no benefit out of your moving every one or two years (although your broker does) so a smart landlord will not try and gouge you on rent increases, often they stick to the rent guidelines board's increases, especially in the outer boroughs. Not all landlords are smart and there is nothing to stop a landlord demanding an excessive rent increase for a renewal, but you can walk away. You can always ask for a two year lease, actually as it's a market rate lease, you can ask for any term you like, but your landlord will have to agree to it.

Market rate leases often use the Rent Stabilization Association's standard lease.

You'd need to ask a landlord-tenant lawyer that question. The terms of the lease are binding. The major advantage for a tenant in a rent stabilized lease is that rent increases are capped by the Rent Guidelines Board and there is an absolute right to renew the lease, unless the landlord has a bona fide plan to demolish, or wants to take over an apartment for a family member. The downside is that because so many people perceive rent stabilization to offer tenant protections, stabilized tenants rarely relinquish their apartments, consequently landlord have very little incentive to do more than basic maintenance. I've lived in a number of cities around the world and I would have to say that New York's housing stock is among the lowest quality in the developed world.

LIAM wrote: thanks everyone for the replies. You've been very helpful

If the contract we sign is for a rent stabilized lease, is it binding, even if the building is not classified as rent stablilized?

We planned to ask for a two-year lease, but is there some sort of clause that we can ask for in the lease that addresses rent increase at renewal?

tenants of rent stabilized apts are automatically given either a one year or two year renewal option.
the two year lease is always a higher percentage.
(to account for there only being one increase over the two years instead of 2)

the percentage is determined and set by the rent stabilization board every
year for that year.
once you and the LL have signed your lease the % stated cannot change.

simply put if you sign a 2 year RENT STABILIZED lease it should clearly state exactly what the legal increase will be. you do not negotiate said increase nor does the landlord, as mentioned it is determined by the RSB.

HOWEVER
Landlord can provide "preferential rent" in cases where rent stabilized apt price is greater then comparable market apt price in order to be competetive .
proper paperwork must be filed.
and a preferential rent rider will accompany the lease.

were you able to verify its actually rent stabilized ?

strongly suggest you check out www.tenant.net

hitokiri wrote: I believe Bohuma is incorrect with his 2.5% number.

Call 311 and ask for the New York State Division of housing.
They told me 1/40th of the improvements to the apartment/building.

Everyone i spoke to after agreed as well. But call them up to verify.

edit:
phone # for NYS Division of Housing

718-739-6400

1/40 = 0.025 = 2.5%

:roll:

Carnivore wrote: [quote=hitokiri]I believe Bohuma is incorrect with his 2.5% number.

Call 311 and ask for the New York State Division of housing.
They told me 1/40th of the improvements to the apartment/building.

Everyone i spoke to after agreed as well. But call them up to verify.

edit:
phone # for NYS Division of Housing

718-739-6400

1/40 = 0.025 = 2.5%

ahahaha

you know, i converted it to 0.025, but for some reason it didnt strike me as 2.5% lol

how embarrassing.