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YAYA, if you signed a 2 year lease you are set for the time being. in 2 years, you expect another offer for 1 year renewal with something like a 2.5% increase or like $50 or a 2 year renewal for 4% increase at $75. The 2 year rate is often higher because your rate is locked in for a longer time. The rental board sets the increase rates annually and impacts your next lease. The a/c fee can also change but i would imagine its might change by $5 a unit in the worst case. Rent stabilization takes away almost all of the market pressure. As macnyc2003 said there could be some extra increase at renewal but those are for capital improvements and there is a formula. I wouldn't worry about those. In the 5 years we have been in the complex, I don't think we have had one of those but if we did in the future, i think the 30 year amortization period makes the amounts workable.
531PCV, everything you said is good and expressed very well. And thanks for that excellent link!
Examples of what? MCIs? I gave examples in a previous post: new windows, wiring, elevators, etc. Those are from a long time ago, but they are still on my rent. At the time, the MCI charges were added to the rent in perpetuity. Now, with the new rent law, they are added for "only" 30 years.
For example, back in 1993, I chose to be rewired because I wanted air conditioning. That added $150 a month to my rent. Over time, that $150 has grown to probably several hundred dollars a month, because every year the rent increase applied also to the $150.
Fun fact: About half the residents at the time chose not to get rewired!
Last edited by macnyc2003; 08-23-2022 at 08:16 AM..
YAYA, if you signed a 2 year lease you are set for the time being. in 2 years, you expect another offer for 1 year renewal with something like a 2.5% increase or like $50 or a 2 year renewal for 4% increase at $75. The 2 year rate is often higher because your rate is locked in for a longer time. The rental board sets the increase rates annually and impacts your next lease. The a/c fee can also change but i would imagine its might change by $5 a unit in the worst case. Rent stabilization takes away almost all of the market pressure. As macnyc2003 said there could be some extra increase at renewal but those are for capital improvements and there is a formula. I wouldn't worry about those. In the 5 years we have been in the complex, I don't think we have had one of those but if we did in the future, i think the 30 year amortization period makes the amounts workable.
macnyc2003, do you have an example you can share?
I currently already live in a rent stabalized building and already know how it works but thanks for your response anyway.
Please note that during my last 10 years in my rent stabalized apt, there have been times where there were no rent increased at all for a 1 year lease renewal.
Until I see what increase is voted on the year I have to renew, every thing is speculation
531PCV, everything you said is good and expressed very well. And thanks for that excellent link!
Examples of what? MCIs? I gave examples in a previous post: new windows, wiring, elevators, etc. Those are from a long time ago, but they are still on my rent. At the time, the MCI charges were added to the rent in perpetuity. Now, with the new rent law, they are added for "only" 30 years.
For example, back in 1993, I chose to be rewired because I wanted air conditioning. That added $150 a month to my rent. Over time, that $150 has grown to probably several hundred dollars a month, because every year the rent increase applied also to the $150.
Fun fact: About half the residents at the time chose not to get rewired!
Thanks! I saw the examples but did not know what the $range was for. $150 is not a small amount. I can understand why people would opt out. Has there been small increase that you would consider incidental.
The rewiring was a major project, costing millions of dollars back then. Yes, $150 a month is a big increase, considering my rent was $900 a month at the time.
The windows were also a big ticket. I don't know how much that was a month because it was before I lived here. Other "improvements" were less money. I would have to look back through my records to see.
Basically, I think the law is so unfair because tenants are basically paying for all the upkeep the landlord wants to do. And in buildings constructed in 1947, there is a lot to be fixing.
Now, at least, new MCI charges come off after 30 years, and the percentage paid by the tenants is a bit less than it used to be. Owner Met Life had an army of lawyers and accountants, all devoting their daily lives to making us pay more money!
There was a period where we were getting MCIs every year.
Last edited by macnyc2003; 08-23-2022 at 12:09 PM..
In PCV the apartments are bigger, but there are fewer buildings. And the size of the property is smaller. Is that what you meant?
I think they were referring to a comment a little ways back about there being less counter space in the lottery finish PCV apartment they received as compared to StuyTown kitchens. I assume this is because PCV has eat in kitchens, so that area would be empty.
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