Today, it was decided that the rent increases for rent stabilized apartments in New York will be 3% on 1 year leases and 6% on 2 year leases. These rent increases are down from last year but definitely higher than rumored earlier this month. The topic has attracted much publicity in the New York area over the past few weeks. It had been thought that the rent increases would be denied and the current rental rates for this year would freeze for the time being. Now that the increase has been approved, landlords for Rent Stabilized buildings can begin to prepare for offering their renewal leases with the increased rates.
We will post more about this topic in the next week. If you are a landlord in a rent stabilized building and need assistance preparing a renewal lease or commencing eviction proceedings, please feel free to call (516) 858-2620 to speak with a Landlord Tenant Attorney!
Section 2523.5(a) of the NY Rent Stabilization code provides the following in pertinent part:
On a form prescribed or a facsimile of such form approved by the DHCR, dated by the owner, every owner, other than an owner of hotel accommodations, shall notify the tenant named in the expiring lease not more than 150 days and not less than 90 days prior to the end of the tenant’s lease term, by mail or personal delivery, of the expiration of the lease term, and offer to renew the lease or rental agreement at the legal regulated rent permitted for such renewal lease and otherwise on the same terms and conditions as the expiring lease. The owner shall give such tenant a period of 60 days from the date of service of such notice to accept the offer and renew such lease….
Landlord Tenant Attorney in Mineola
As always, The Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you with your Landlord-tenant matters. We are conveniently located in the heart of Nassau County, Long Island. Contact us at (516) 858-2620 to arrange a consultation.