Posted by Mark Smith on February 15, 1999 at 17:47:59:
In Reply to: what is the current vacancy allowance? posted by Katy Hansen on February 15, 1999 at 12:42:59:
: what is the current vacancy allowance? I heard it is was 20%, but this sound high to me. This is for a rent stabalized building.
The 1997 rent reform act calls for a minimum increase of 20% for a two-year lease. In accordance with that same law, that works out to an 18% increase for a one-year lease. The increase can be even larger, depending on how long the prior tenant lived in the apartment. And the landlord can also increase the monthly rent by 1/40 of the cost of any improvements made in the apartment.
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