As you’ve probably come to learn by now, New York City real estate is a beast entirely of its own. There’s a veritable minefield of intricacies and pitfalls to navigate around, which are entirely unique to New York.
One of those areas is what to do when your landlord increases your rent. We’ve compiled a few tips to help you through the process, and ensure you’re not being taken advantage of by an unscrupulous landlord.
When can a landlord raise my rent?
PC: GIPHY
The driver behind most of the absurd, or even predatory, real estate regularities in NYC can be summed up in 4 words; the market allows it. So when can your landlord raise your rent, and by what rate?
Unfortunately, landlords have most of the bargaining power, and the short answer is pretty much, When your lease is up for renewal and they feel like it, and by however much they think you will tolerate.
When can’t a landlord raise your rent?
- During the middle of your lease terms
- As retaliation towards you for some transgression they feel you are guilty of
- When you are in a rent-stabilized apartment (they may raise your rent annually – however, they can’t raise it any higher than the decided upon percentage set by the Rental Guidelines Board of New York)
So, Deal?..Or no Deal?
PC: NBC.com
So your lease renewal is up. Your landlord knows you don’t want to be responsible for moving your nice leather furniture out of your 4th floor walk-up and how convenient this place is for you because of the 10-minute commute to work. The rent gets jacked up 15%.
So, now you’re faced with a decision. Consider the pros and cons of moving out versus staying in the property and agreeing to pay the higher rate.
If you leave, you’ll have to move, go through the apartment search process again, re-familiarize yourself with a new neighborhood, meet new neighbors, and more.
If you stay, you’ll be paying more (obviously), there may be some resentment between you and your landlord, and now a precedent has been established that you will accept rent hikes. You have to decide whether or not the decision is right for you, given the size of the NYC rent increase.
We recommend itemizing the amenities and detriments of your property and ascribing a dollar-amount value of what you believe you are receiving. Use this value to determine the annual NYC rent increase you would tolerate before deciding whether to move out or stay.
How do you protect yourself?
PC: Refinery 29
Proactivity is the name of the game. A few ways you can prepare for a rent increase is to meticulously detail your experience within the building, including how long your landlord takes to respond to maintenance requests, what additions or renovations you’ve made to the unit, your record as a responsible tenant, etc.
These things should be documented beforehand so that when your landlord approaches you about potentially raising the prices on your apartment, you can have a response prepared for them on why you already make a good tenant at the price you’re currently paying. If they won’t budge, you have two primary options:
- Threaten to Move: If faced with a sizable NYC rent increase, remind your landlord that you always reserve the option to find another place. If the money they’ll miss out on as a result of your vacancy exceeds what they could make with the rent increase, they may agree to your terms.
- Try to Negotiate: You could try to negotiate longer lease terms. Sure, you’ll be paying the NYC rent increase, but it allows you to lock those terms in for a longer period of time so that you aren’t doing the same song and dance 12 months later.
With market demand seemingly ever-increasing, an NYC rent increase seems like an inevitability that New Yorkers will always face.If your landlord is raising your rent too far and they won’t budge, start exploring your options with our dedicated client service team on (212) 235-1123.
