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Lease for 2 year up by 1%

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

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Lease for 2 year up by 1%

Postby asthu2003 » Fri Jul 23, 2021 2:20 pm

Hello all,

My lease ends Aug 31 2021 and new one starts Sep 1 2021.

For 1 year term, the rent is staying the same but for a 2 year term the rent increases to 1% .
1) Does it mean for the 1st year there is no increase and management company can collect 1% more for the 2nd term?
2) If I don't renew for 2 years, how much will the rent increase be for term starting Sep 1 2022?

Thanks in advance!
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Re: Lease for 2 year up by 1%

Postby TenantNet » Fri Jul 23, 2021 4:14 pm

Moved this thread to Lease Renewals RGB.

For RS tenants, if your lease expires prior to 10/1/21 (i.e., 9/30 and before), then you are covered by RGB order #52 at https://rentguidelinesboard.cityofnewyo ... -order-52/

I don't recall the bifurcated treatment of a 2 year renewal, but it ways for 2 years, it's 0% for the first year and 1% for the second year. The plain reading is as you would think ... from 9/1/21 to 8/31/22 there is no increase in rent. For the second year, there's a 1% increase.

If you choose a one-year renewal, it's 0% through 8/31/22, but then you would have to choose again next year and no one knows what the increases will be. An educated guess is that they will be higher, because...

1. Eric Adams is generally pro-landlord (if he wins the mayor's race)
2. We will likely be post-Covid and there would be less political pressure to keep rents low
3. There have been several years of low increases, and the RGB tends to go in cycles, and
4. We're already seeing across-the-board inflation; expect that will continue.

My feeling is that you would be better off - for right now - with a 2 year extension, but of course that depends on your own circumstances.

There is also a new RTP-8 lease renewal form out from DHCR - make sure you get that. There's a link to it on a separate post.
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Re: Lease for 2 year up by 1%

Postby asthu2003 » Fri Jul 23, 2021 5:44 pm

That is very useful info. Thank you for confirming and also for moving the post to the proper group (a little embarrassed that I didn't post in the right place). Management did send me the RTP-8 form.

I have a few follow-up questions to this
1) In case I go with 2 year but have to break it due to unforeseen circumstances, are there serious repercussions? Asking since I have good credit history, never been late in rent etc.

2) Do rent stabilized places offer month-month? Dumb question but I couldn't find any answer at https://rentguidelinesboard.cityofnewyork.us/resources/faqs/rent-increases/


Sincere thanks!
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Re: Lease for 2 year up by 1%

Postby TenantNet » Fri Jul 23, 2021 6:12 pm

Make sure it's the right RTP-8. The newest version is from June 2012. They can still use the old one if the difference between the two isn't material.

Tenants can now break leases without being liable for the rent for the rest of the term in certain circumstances. See the Judge Lebovits articles in the HSTPA section. Generally the LL must have made a good-faith effort to re-rent the place at the same or higher rent.

I don't think rent payments are figured into rent histories, but double-check that.

No, RS is for 1 or 2 years. If a LL fails to offer a lease renewal, the tenant falls into a M2M type situation, but I'm not certain of the legalities of that. Of course LLs and Ts make side deals all the time - but they might not be legal. A tenant attorney would likely know.
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Re: Lease for 2 year up by 1%

Postby asthu2003 » Sun Jul 25, 2021 2:36 pm

Thanks again for the details. I looked up the article under "Duty to Mitigate Damages by Renting Apartment" and it does say LL have to make an effort to rent the place and not place burden on the tenant. Crossing fingers.

It appears that rent payments are figured into credit history as a "responsible payer"
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Re: Lease for 2 year up by 1%

Postby TenantNet » Sun Jul 25, 2021 2:48 pm

It's a bit ambiguous if rent payments are considered in credit histories. I've seen discussions that say they are not. But either way, it's only if it gets reported to a credit bureau. To be honest, I've never seen that happen.
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Re: Lease for 2 year up by 1%

Postby asthu2003 » Mon Jul 26, 2021 12:12 pm

Ah dicey subject..

Looks like the RTP-8 form they sent is RTP-8 (6/20). And they added new Resident Charge Back Sheet (which wasn't there last year in the lease) detailing how a tenant would be charged for Apartment cleaning, tile or tub or cabinet cleaning/replacement and a whole list of others saying this is not limited to below only. Pretty scary. Is this standard?

Not sure if this RTP-8 form mandates this or something new LL came up. A little wary of this new form now which I have to sign and date. Anyone receive this as part of the lease package?
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Re: Lease for 2 year up by 1%

Postby TenantNet » Mon Jul 26, 2021 12:24 pm

The newer RTP-8 covers the split renewal increases, but that's for leases that commence 10/1/21 or later.

"Resident Charge Back Sheet" -- never heard of this. Do you mean Chargeback (one word)?

Can you send us a copy of this by private mail (use the PM button and attach a PDF (preferred) or JPG file to the message). Do not post in the public area of the forum.

Better scanned at 300 dpi greyscale or full color (not B&W), but a phone photo might work if in focus. Make sure you get ALL pages and the FULL page, not partial pages.

This sounds like an illegal scam, but would like to see what they are up to.

Chances are you do not - and should not - sign or return it. But need to see it. It's quite common for LLs to try to impose new terms or conditions on a RS lease.
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Re: Lease for 2 year up by 1%

Postby asthu2003 » Tue Jul 27, 2021 9:08 am

Thanks. Just sent.

It's a bit scary to me and I'm not sure what to do. I need to tell them whether I'll renew or leave by end of July (this month) and rushing to find a place but looks like demand is high again in nyc
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Re: Lease for 2 year up by 1%

Postby TenantNet » Tue Jul 27, 2021 9:43 am

Don't get worried. First, the time to reply to a lease offer is not absolute. I've seen MANY cases where if a tenant misses the 60 days, that does not mean they are out. OTOH, I've never seen a case that evicts a tenant if they miss the "deadline."

Second, if you intend to leave, there's no law that says that you must give them notice ... even if it's in your lease. Why, because at that point your lease will have expired and no one is bound by it. Many LLs say you must give them notice, but it's just not true.

If, at the end of a lease and if you stay, if the LL accepts your rent (at the same level), you would be a month-2-month tenant (with RS rights). That means the old lease is extended month-by-month as long as the LL accepts the rent. If he doesn't then you become a "holdover" and the LL would have to commence a holdover proceeding in Housing Court. And realistically there is a huge backlog these days in Housing Court- although we aren't sure if that's just for non-payments or if it includes holdovers.

Bottom line, don't worry.

If you want to move, then do so (you don't need to give notice even though there's a box for that in the RTP-8 form). If you don't want to move, then don't.

I will look at what you sent me.
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Re: Lease for 2 year up by 1%

Postby asthu2003 » Tue Jul 27, 2021 9:14 pm

Appreciate the guidance and the de-stressors. It definitely is a thought evoking response. About giving notice or considering a M-M situation.
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Re: Lease for 2 year up by 1%

Postby TenantNet » Tue Jul 27, 2021 9:30 pm

Yes, but you're referring to comments on a different thread. On forums you need to keep everything in one thread. Otherwise they get lost and I will get mad. See the Forum Rules No. 8
http://tenant.net/phpBB3/viewtopic.php?t=4809
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