The trend in co-ops in maintenance is, unfortunately, always up. There are many reasons. As mentioned below, rising fuel costs is one. Rising salaries of building employees is another. The biggest factor, though, is real estate taxes. When the real estate taxes rise, which they have been doing, the building must pass the cost on to the shareholders. Some buildings like to keep large reserves, others play it closer. Those with large reserve funds can absorb some increases without frequent maintenance increases, others can't. Another factor is Local Law 11. The exterior of buildings are periodically inspected by the city. That often results on work on the facade. That could be handled as a temporary assessment or, if reserves are low, a board may opt to increase the maintenance to have a cushion for the future after the work. The same goes for upgrades of lobbies, hallways, common areas, etc. They can cause an assessment or a maintenance raise.
Every building is different in how conservative or risky they play it with the reserves. Those that play it fast and loose, and I certainly know some that do (and they are not only small buildings) are more prone to increases if theunexpected hits.
Hope this helps.
Halstead Property, LLC
http://www.jenetlevy.halstead.com for all NYC listings
If you should have any additional Real Estate related questions, I am happy to help. My name is Lindsey Newman, a Licensed New York Real Estate Salesperson, specializing in working with buyers as a dedicated Buyer's Broker. Here is a link to my most Frequently Asked Questions Page: http://www.manhattan-condos-for-sale.com/Q___A.New-York-Apar
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Senior Real Estate Sales Associate
It all depends, what area you are referring to, size of apartment, are you speaking "5th ave coops" or like 2nd or 3rd aves, or west end/amsterdam vs central park west/south.....
Please feel free to email me with further questions at Laura@kwnyc.com
Once maintenance goes up, it tends to stay that way...
These "maintenance trends" in co-ops have a mulitude of factors to consider; how many staff are emlpoyed, is it a high end building, are you up for a land lease renewal, etc. All these factors will bring up the cost of your co-op maintenance. So it is really building specifric and hard to generalize as a trend.
Jennifer A. Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
127 E. 56th St., NY. NY 10022
212-688-1000 x 189