If this a rent stabilized building, the most the rent can increase is 3%. When is your lease up? If you signed during the winter months, you shouldn't see a dramatic increase. Are you interested in looking at other area's in the city to live? I concentrate in Lower Manhattan and prices are comparable to UES.
Feel free to contact me, if you like to get an idea of monthly rents.
Please Contact:Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435 (tel)
(917) 647-8966 (cell)
The first and most important question is your apartment rent stabilized? If it is, expect it now to go up by more than 2-3%. If it is a free market unit then you will have to succumb to market forces. It is true that the rental market has tightened up, but now that winter is upon us I expect it to flatline a little bit before it goes up. However expect to see a significant jump in your renewal, it is where the market is.
Your best bet is to shop around when you get your lease renewal so you know where the market is comparatively. See what other similar units in your building is asking for to get an idea.
Make sure to check out my article about higher rents in the city below.
Best of luck!
The Upper East Side, where we have many listings, is a slightly softer market than other areas of Manhattan, such as midtown. There is more supply relative to demand on the UES,
That said, there are still good deals to be had out there in rental homes. The best value apartments get snapped up quickly.
Lic Real Estate Salesperson