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Posted by Grace Testani on February 04, 1998 at 19:11:37:

My neice is trying to get an apt in NYC (having just graduated from college). She has found a doorman building in the 2o's and Park Ave with A/C and dishwasher included.
the rent quoted for this 700 sq ft one bedroom is $1750.

This is the deal the broker has presented.

She was originally to pay the broker 15% of the first years rent.
She negotiated him down $350 off the top and then 6 months worth of the
second years rent increase which amounts to about $600. Their lease is a 2
year lease and the second year the rent goes up 5%

2 questions:

(1) is this a reasonable fee for the broker
(2) Can the landlord extract a 5% rent increase WITHIN a 2 year lease?

I have lived in NY City for 26 years and have never heard of such a thing. I thought one of the the purposes of a lease was to prohibit the landloard from jacking up the rent (at least for the duration of the lease.)

Your help is very much appreciated.
She needs to make a decision ASAP.

Thanks,
Grace

Follow Ups:

• Re: Brokers and "fishy" rent TenantNet 2/07/98 (0)

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Comments:
: My neice is trying to get an apt in NYC (having just graduated from college).  She has found a doorman building in the 2o's and Park Ave with A/C and dishwasher included.
: the rent quoted for this 700 sq ft one bedroom is $1750.

: This is the deal the broker has presented.

: She was originally to pay the broker 15% of the first years rent.  
: She negotiated him down $350 off the top and then 6 months worth of the 
: second years rent increase which amounts to about $600.  Their lease is a 2 
: year lease and the second year the rent goes up 5%

: 2 questions:

: (1) is this a reasonable fee for the broker
: (2) Can the landlord extract a 5% rent increase WITHIN a 2 year lease?

: I have lived in NY City for 26 years and have never heard of such a thing.  I thought one of the the purposes of a lease was to prohibit the landloard from jacking up the rent (at least for the duration of the lease.)

: Your help is very much appreciated.
: She needs to make a decision ASAP.

: Thanks,
: Grace



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