Posted by MikeW on May 19, 1999 at 10:26:33:
In Reply to: raising rent for an eternity posted by Vivienne on May 18, 1999 at 21:26:57:
I essentially agree with Mark. In an unregulated apartment, the LL can charge what the market will bear. If demand is strong and continues to rise (as it is now) he can continualy get increases. Being unregulated, there is no statutory cap on what he can charge. If the economy stumbles and demand drops, he may not be able to get an increase, or may even cut the rent to find a tenant (don't laugh, I benefitted for exactly this situation in the early 90s recession).
: This may seem naive but can (and does) a LL raise the tenant's rent (unstabilized) every year. It seems plausible for a couple of years, however, at some point there has got to be a cap, right? I've been living in my apartment for three years with yearly rent raises of 5%-7%. It seems absurd for this trend to continue, the apt wouldn't be worth that much.
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