Don’t believe that New York City is one of the most desirable places to live in the world? Well, just look at how many people are willing to pay high rents for small-sized studio apartments in NYC! Truth be told, there are many things to love about NYC. For instance, the city itself is exceedingly diverse, lively, energetic, and exude an atmosphere that is positive. What’s more, economic opportunities are aplenty. But if you are a renter in NYC, do you know that rent in NYC is about to increase?
NYC renters should know that the rent on stabilized lofts, apartments, and certain hotel units will be raised very soon. The decision to raise the rent was reached by the NYC Rent Guidelines Board, on April 25, 2017. If the lease renewal of your rental property is scheduled for October through September of 2018, chances are that you might see an increase in rent.
What Do NYC Renters Think About the Rent Hike?
Tenants who are affected by the rent hike are decidedly upset and actually hope for a rent freeze. You see, NYC renters have been enjoying two such rent freezes in the past couple of years. It is not surprising to know that they are praying for no rent increases again. Most of the tenants are paying more and more rent out of their household incomes. In addition, not many of those incomes increase significantly.
Surveys have shown that landlords and property owners alike are dissatisfied with the latest proposed increase in rent. The reason: rising costs. A number of these landlords and property owners feel that the increase should happen on a larger level. However, with the number of rent stabilized tenants decreasing, their argument is losing merit as well.
Rent Hike – How Much Will It Increase?
Though the deciding vote of the proposed amount of all or some of the rents took place last month, exact details have yet to be confirmed. Meanwhile, let’s take a look at April’s preliminary vote. Earlier votes suggested that rent for one-year leases should increase by 3%. Rents with two-year leases should increase by 4%. As a reminder, this was voted on by the Rent Guidelines Board.
What to Do if You Encounter Illegal Rent Raises
If you experience a case of illegal raising of rent, do not hesitate to speak with someone that is capable of helping you with legal representation. A lawyer, specializing in the real estate industry, can go over the rights of tenants and help you determine if you have a case against your property owner or landlord.
If you are currently renting a commercial property and feel that your rights as a renter have been violated, you should seek legal representation immediately. It may mean that your agreements made in a real estate deal have not been met or your rent was increased exponentially without cause.
Perhaps it’s the right time for current renters to look at buying a house in New York? It’s definitely going to be a cheaper financial decision if you look at it in the long run!