What amount increase should I expect?

[brxgrl]

I'm just a little confused. My two year lease is up on my rent stabalized apt. in April. When I re-signed two years ago I had the option of 4% or 6%. Obviously I chose the 6% 2 year lease. I spoke to a neighbor of mine that just renewed his lease with either a 2% or 4% option for one year or two year respectively. I was under the assumption that it was either again a 4% or 6% increase.

Any replies are appreciated.

Thanks.

[NYCkid]

Each year the Rent Guidelines Board sets the allowed percentages for raises in rent. What you signed two years ago was right then, just as what your neighbor signed this year is right now. It fluctuates. Next year the percentages will probably be much higher than the 2 and 4% it is at now because of the property tax hike. That said, it is a good idea to take the two year lease at 4%.

[jot0n0]

Every year the NYC RENT GUIDELINES BOARD issue a new set of "Order" determining how much LL can increase rent on stabliized units. If your lease renew between 10/1/01 - 9/30/02, then it falls under Order #33 with 4% for 1 year & 6% for 2 year renewals. If your neighbor renewed his lease between 10/1/02 - 9/30/03, then the increase is governed by Order #34 (latest) with 2% for 1 year & 4% for 2 year terms. For more information you can go to

http://www.housingnyc.com/guidelines/apt.html