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rent decrease?

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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rent decrease?

Postby mallikai » Fri May 03, 2002 8:18 am

I am about to renew my lease in queens new york for a rent control apartment.

is there any chance that next year the rent increases will be less than 4% for one year or 6% two years cause it will have an effect on whether i renew 1 or 2 years.

thanks
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Re: rent decrease?

Postby TenantNet » Fri May 03, 2002 1:46 pm

You must mean rent stabilized (RC tenants don't have active leases). There's no way of knowing what the increases will be as set by the RGB. See RGB info on the website. As the landlord's expenses have gone down this year, there's a chance the rates will be relatively low. Two year renewal would lock you in.
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Re: rent decrease?

Postby Lilly » Sat May 04, 2002 1:22 pm

It's a crap shoot-could be more, could be the same, could be less. I would lock in your rent by renewing for 2 years.
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Re: rent decrease?

Postby Phil Cohen » Thu May 16, 2002 10:31 am

First you should sit down and do the math. I've found that usually two 4% increases cost less than a 6% increase for two years.
There is a good chance that the increases will be less this year, or no more than 4-6 again. If I were in your shoes I'd opt for one year.
Keep in mind that I am a tenant. Not a lawyer!!!!!
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