Lease Renewal Commercial to Residential

[Shamus]

I have a commercial lease on a loft that has come up for renewal. It is a non-regulated apartment. Last year the rent increase was 7% and this year they want 3%. The building, as of March 2002, was rezoned for Residential use, but the LL has yet to convert any lease to residential. What rights do I have now that I know it is residential as opposed to commercial? Also, the rent increase has been given without any notice or any type of new lease agreement. Please give suggestions or ideas for negotiating with LL. Thanks.

[Chimera]

As long as this new increase takes place after your lease is up, no notice is needed. If you continue staying there without a lease you will automatically become a month-to-month tenant. Normally the terms of the original (commercial) lease would apply to your new tenancy, though I am unsure how the rezoning will affect your situation.