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Lease renewal with last year's rates

Rent stabilzed lease renewals and how to apply Rent Guidelines Board (RGB) percentage increases

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Lease renewal with last year's rates

Postby stevew55 » Mon May 23, 2016 3:06 pm

I read on this form that "For a new lease commencing on [October 1st], LLs will usually wait until the RGB votes so as to know the new percentage increases to put on the lease."

For such a rent stabilized lease renewal commencing 1 October 2016, I'm showing the 0 % for 1 year and 2% for 2 years rates. Is the typical thing to do to sign and return the renewal lease showing the rates at present? I believe my history has been that I get the executed copy of the lease returned (with the obsolete amounts), and I am charged the new rate beginning 1 October corresponding to whatever it is for the either one or two year lease. :roll:

Not ideal. I guess the LL is supposed to check box C as well indicating an unknown guideline amount.
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Re: Lease renewal with last year's rates

Postby TenantNet » Tue May 24, 2016 6:22 am

Sounds like you are a new RS tenant. Every year, the RGB votes in late June for the percentage increases that will apply to all leases that commence at any time from October through the end of the following September. Because of timing issues, landlords are required to offer renewal leases before the RGB vote and with unknown increases. Some LL will wait until after the vote; others will send out a lease with no percentages listed and a cover letter. Once received, tenants have 60 days to respond.

The rates for this year (Oct 2015 - Sept 2016) are 0/2%. For this coming October, the rates are not yet known.

I would send a letter to the LL stating it is your "intent to renew" (that language is important) but that you ask him to send you a renewal lease offer once the rates are known.
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