Market Conditions in 10036>Question Details

Kamesha, Renter in 10036

However, I just received my renewal and they are trying to raise my rent $100.

Asked by Kamesha, 10036 Wed May 23, 2012

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6
Unfortunately, or fortunatley (depending on which side of the market you are on ie renter vs landlord), the market has changed drastically in the last few years. Right now there is a less than 1% vacancy rate in NYC which means that apartments are in demand. High demand translates to an increase rent prices. Rental increases unless they are subsidized typically follow the trends in the market place.

You mentioned that you were told that your rent would only increase 10 dollars or so. I'm curious to know who told you that since unless it's specifically outlined in the lease and agreed upon by the landlord, it's not really binding.
1 vote Thank Flag Link Thu May 24, 2012
If you are unhappy with the increase, review information regarding recently rented similar units in the immediate area, see what the data suggests; any local agent/realty office can provide such information.
1 vote Thank Flag Link Wed May 23, 2012
Hi Kamesha,

I am sorry to hear that your rent is going up! That's never fun. The typical rent increase is anywhere from 1-6% annually. These are considered "fair" numbers, although the landlord can typically raise the rent as much as she sees fit. If this is a 20% increase, that is a significant raise in rent. Perhaps you should try to negotiate. If you have been a good tenant, your landlord would definitely rather negotiate a little to keep you there, rather than have to try and find a new tenant and hope that they are as good as you!

If you do decide to move, please don't hesitate to reach out to me directly. I specialize in Midtown West/Hell's Kitchen/Clinton areas. I would love to lend my expertise.

Best,
Alex

Alex Aberle
Licensed Real Estate Salesperson
Citi Habitats
114 Perry Street
New York, NY 10014

C. 917.691.9093
O. 212.400.2500
E. aaberle@citihabitats.com
0 votes Thank Flag Link Tue Mar 25, 2014
Please work with an experienced and licensed real estate broker. That is the best way to find a place in Manhattan. Be wary of brokers that work with only one company. Remember they are doing a job to rent out their unit. Work with a tenant's broker that can show you many places.

--
Thank you!

DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
Demsker Realty
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304 Park Avenue South
New York, NY 10010
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0 votes Thank Flag Link Tue May 29, 2012
What percentage is $100 of the total lease?
0 votes Thank Flag Link Wed May 23, 2012
about 20%
Flag Thu May 24, 2012
How did you go from the Market Value of your condo, to the RENT?
Are you buying or renting?

Market Values are increasing; and so is rent.
The Market is going back up.
The people who were waiting for the BOTTOM, are going to be disappointed.
0 votes Thank Flag Link Wed May 23, 2012
I'm renting. However, i was told that the reason my rent is increasing so much is to keep me up to par with the market value.
Flag Wed May 23, 2012
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