New Rent Increase Amounts for Rent Stabilized Apartments

Rent stabilized apartments

The Rent Guidelines Board has ruled in regard to rent stabilized apartments in New York!

As usual, neither tenants nor landlords are happy. And as usual, landlords say they are on the way to the poorhouse and tenants say that nobody but the very rich will be able to live in New York. And as usual, thousands of people will be competing to rent apartments in New York City this year, next year, and beyond.

So what’s the verdict?

For leases commencing between October 1, 2011 through September 30, 2012, rent stabilized tenants will be able to renew their leases for one year at an increase of 3.75%. Two year lease renewals come in at 7.25%.

When an apartment is vacated, the landlord will be allowed to tack on a vacancy allowance that will be factored into the next tenant’s new rent. On a one year lease, the vacancy allowance is 16.5%. On a two year lease, the allowance is 20%.

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Written by Lorenzo

Lorenzo has been hanging around the RDNY.com office for the past 20 years, and, in the process, has become the president of RDNY.com, Rent-Direct.com, and Acmelistings.com. His mission is to build RDNY.com into New York's largest no fee apartment rental service. Before RDNY.com, Lorenzo was a Regional Sales Manager for Time Equities, Inc., one of New York's largest converters of rental buildings to coops and condos. Lorenzo was once a part owner of Swift & Watson Real Estate in NYC's Greenwich Village.

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