NYC rent stabilization increase for 2014 on stabilized apartments, lofts and hotels get voted on every year by Rent Guidelines Board and it’s time for new guideline in which these apartments can be legally increased by landlords. The result of the this year vote state rent increases are:
1 year lease – 1%
2 year lease – 2.75%
NYC rent stabilization increase for 2014 will take effective October 1, 2014 through September 30, 2015. Mayor Bill De Blasio was pushing to have zero increase on one-year lease renewals which clearly did not happen but this is the lowest increase ever in New York City so count it as a victory. Landlords were seeking a 6 percent increase for one-year lease and 9.5 percent for two-year lease. Keep in mind these increases voted on by New York City Rent Guidelines Board are for rent stabilized apartments only. Private landlords and apartment that do not fall under the rent stabilize guidelines can increase tenants rents to whatever they deem necessary, but the goods ones use these guilds too. If they are not a a tenant who wants to stay put in a unstabilized rental make your suggested rent increase plea based on these guidelines to stay. You never know what will happen. Overall my recommendation is to renew a one-year lease if you are not nuts and your lease renewal falls under October 2014 to September 2015 term. Even for long term renters who have lived in the same rent stabilized apartments for years signing a one year lease has always save you a few more dollars than doing a two year lease renewal over the years if you do the math. While NYC rent stabilized apartment hold good value to New Yorkers as long a you rent, your rent will continue to go up so you really should be calculating how you can save to buy a home. If you don’t see owning a home as something you can do, let’s talk and see how we can make that dream a reality by contacting us today. You’d be surprise what mortgage instruments are available to you as long as you can prove your income and have good credit. Learn what last year increase were HERE.