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Dtinvestor, Home Owner in New York, NY

We own a studio condo-John St 650sf, and we might renew the lease soon. What would be a reasonable increase in rent? Building had no impact by Sandy.

Asked by Dtinvestor, New York, NY Mon Apr 29, 2013

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8
3 to 6% generally considered the standard. As the Financial District has had a fairly large increase in the last year you may be more likely to get away with the upper end. It also depends on where you have it priced now.
0 votes Thank Flag Link Fri Jun 6, 2014
If you have good tenants then you should consider the right increase: 3 TO 6%
Otherwise, you can furnish your condo and increase your income as well. It all depends on how much you want to get for your condo, Bi-annually and annually.
Best of luck!
Fern Hamberger
Associate broker
fhamberger@corcoran.com
The fern Hamberger Team
Corcoran
0 votes Thank Flag Link Mon Jul 1, 2013
Typical increases are anywhere from 3.5% to 7% of the yearly rent.
0 votes Thank Flag Link Mon Jul 1, 2013
You should check what apartments on the building and in the area are currently renting for and make adjustments. Your rent increase strategy should also depend on whether you want to keep the existing tenant or would rather get a higher rent and look for a new tenant.
0 votes Thank Flag Link Sun May 19, 2013
Your increase for your current tenant could be $100/month. I think you have to consider the cost associated with evaluating new tenants, especially if you have good stable tenants.

Warm regards,
Whitnie Payne | Senior Associate Salesperson
CITI HABITATS
37 Third Avenue | New York, NY 10003
Cell 646.245.4140 | Fax 917.262.7680
wpayne@citihabitats.com
Sales+ Rentals. Knowledge + Guidance
0 votes Thank Flag Link Mon Apr 29, 2013
650sqf makes it a pretty large Studio...Larger then plenty of one bedroom apts out there.
Depending on the condition I'd say anywhere between 2800 and 3100

Omer Levy
DSA Realty

646 286 4424
0 votes Thank Flag Link Mon Apr 29, 2013
Studios in FiDi are priced anywhere from $2295 to $2995 right now. This is a very good size Studio, so I would recommend the high end.
Do not hesitate to contact me if you would like assistance finding a fully qualified tenant for your property.
Good luck to you!
John Jourden
The Spire Group
646-841-4164
john.jourden@spiregroupny.com
Trulia.com/profile/johnjourden
Zillow.com/profile/john-jourden
0 votes Thank Flag Link Mon Apr 29, 2013
Need to know what the rent is in order to comment on reasonable increases.
0 votes Thank Flag Link Mon Apr 29, 2013
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