How much can rent be raised in a lease renewal?

Get Legal Help Today

 Secured with SHA-256 Encryption

How much can rent be raised in a lease renewal?

Is there any limitation for a landlord to raise the amount of rental fee after the 1st year of rental contract or is it a fairly reasonable that the new rental rate is hiked to any price? Right now, I am renting my studio for $1,800 and the corporation asks me for $2,200 if I want to renew. The building was constructed at least 50 years ago.

Asked on July 26, 2012 under Real Estate Law, New York

Answers:

Mark Siegel / Law Office of Mark A. Siegel

Answered 8 years ago | Contributor

In NY the amount a landlord may charge as a rent increase for a residential apartment depends on whether or not the premises are subject to either the rent stabilization law or the rent control law. These laws regulate the amount of rent a landlord can charge a tenant & also create various landlord & tenant rights & obligations.

Generally, a building containing less than 6 residential units is not subject to the rent stabilization law. A rent controlled apartment would have to become legally "decontrolled" as provided in the rent control statute. If the apartment is not rent stabilized or the rent controlled, then the landlord is allowed to charge a free market rent, which is usually consistent with what the fair market rental value is for similar apartments in that neighborhood or general area. Good luck!

 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption