Free Market Apartment - No More Two-Year Leases Or Rent Guidelines Board Suggestion

[BKFREEDOM]

Hello,
My lease expires this year. My apartment is a mixture of co-op owners and renters. I've been renting in a sponsor unit for the past 15 years. Until this year, management has always offered one- or two-year leases with increases in rent being guided by suggestions from the NYC Rent Guidelines Board. Now, the new management company is offering ONLY one-year leases with a flat amount ($100) for the rent increase. They explained that these rent increases will repeat until the apartment "comes up to market rate." In addition, they are requesting an additional $100 security deposit. Does this all sound kosher? Thanks in advance for any insight.

 

[Zigner]

If $100 is less than the legally allowed increase percentage, then yes, it sounds perfectly fine.

 

[adjusterjack]

Does "guided by suggestions" mean that your unit is NOT subject to NYC rent stabilization law? If not, then the increases are legal.

If the unit IS subject to NYC rent stabilization law, the increases MUST follow the law.

You can call the Rent Guidelines Board to determine if your unit is or isn't.

https://www1.nyc.gov/site/rentguidelinesboard/index.page

 

[FarmerJ]

It is not unheard of for a landlord to have a tenant who had lived in a rental for many years with a lower deposit amount that the tenant paid years ago pay increases in the deposit funds on hand so the deposit becomes closer to more realistic amounts that newer tenants paid.