I want to renew the lease on my apartment for 2 years. How much percent (%) will the rent increase?
Disregard all of the answers prior to mine. They are clearly from persons who do not know the very unique situation in New York City. 1. If the apartment is either rent controlled or rent stabilized, then the landlord will almost certainly raise the rent by the maximum that the law allows, possibly more. If 10% exceeds the amount allowed by law, then you can go to court. If the law allows 10%, you can ask for whatever you want, but the landlord will say no. This applies even if the landlord is not able to find someone else willing to pay more. NY’s quirky laws allow the landlord to charge more in future years (after the economy recovers) if the rent is raised now and again later than if it is not raised now. If you are not willing to renew the lease at the amount that the landlord is requesting, then you must give the amount of notice of your intent to move that your current lease requires. 2. If the apartment is neither controlled nor rent stabilized, then the landlord can raise it as
When your lease expires your landlord can raise the rent to any amount she wants to. Your options are to either pay the higher rent or move out. You can certainly ask the landlord to maintain the rent where its at, but if she thinks she can find another tenant to pay a higher rent then you’re probably out of luck. Sometimes landlords will give you a little bit below market if you have proven to be a good tenant by paying on time and not complaining about every nit picky little thing, but that is entirely up to them.
This really goes back to the supply and demand along with current rates in your area. If you can get a bigger apartment for less money then you shouldnt have an increase. You can certainly offer whatever you like but it is just that an offer and they do not have to consider it if they don’t want to. Good Luck!
It is going to be a case by case basis. If it’s a prime apartment ideally located, you are going to pay a higher premium. If you feel that you can get a better deal somewhere else, I don’t see where it would be unfair to tell your landlord that. Did you get into your apartment on some kind of move-in special? I work in property management here in Michigan. Our rental rates have not increased in about three years. We do offer residents who are interested in leasing an apartment for a longer term a break, just as we would charge residents who want a six month lease a premium due to the fact that after their lease is up, they have the option to move out and we will have to turn the apartment again (paint, clean, replace carpet, repair any damage) which in turn costs us additional money. I don’t see why they wouldn’t want to keep a good resident vs. taking a risk of vacancy loss.
