Market Conditions in Queens>Question Details

Gdashv, Other/Just Looking in Queens, NY

what is a fair rent increse for a house in bayside ny in 2010 and 2011?

Asked by Gdashv, Queens, NY Mon Apr 26, 2010

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As Filomena indicated good tenants are hard to find, and any increases should be carefully considered. However if you have the need to increase the rent, and you wish to be fair consider the NY Rent Guidelines Board has voted, and One-year leases will jump 3.75 percent and two-year leases will increase 7.2 percent. The increases this year were slightly higher than last year's increases. Last year, one-year leases rose 2.25 percent and two-year leases 4.5 percent.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Wed Jul 6, 2011
Let's see now! I have been doing rentals for over 18 yrs. and own several rental properties. What I would advise you to say to your Landlord is as follows: "If you are happy with your tenant, if the rent is always paid on time, if the tenant takes good care of the property, consider the fact that good tenants are very hard to find in this economy, therefore if at all possible " DO NOT INCREASE THE RENT! Point out that If the tenant moves out, and the property stays empty for a few months, then the landlord woud be losing a lot of money, much more then can be recuperated by a rent increase on the next rental.
0 votes Thank Flag Link Wed Jul 6, 2011
I just ran into this question and im sure its too late,but I was just emailed by one of my landlord clients and he told me the tenant I placed in his unit was working out great asked me if I thought a 5 percent increase was unreasonable,and that he planned on upgrading the bath room also.First thing that comes to my mind is how good is this tenant in New York we have what you would call a tenant friendly situation, the law tilts in the tenants favor in the event of eviction. Good tenants are to be cherished. My answer was that was I didnt think it was a good idea and if he must raise the rent to keep the request at just enough to cover increased expenses and no more. The market rental values have not increased here and many people are struggling. To have a tenant that is good in every way is a blessing . So my answer is do a market research and see if your competition is charging what you want to increase it to.If you charge too much your competition may get your good tenant. For a market study contact your local Realtor If your a client he or she should do it as a courtesy and if not it will only be a nominal fee. You need to know how many units are on the market what the rented ones rented for and how long they took to become rented.you will also need to know what every one else is asking. pricing it wrond will lose you income by not having it rented in a thirty day window. The same rules apply when selling a property.
0 votes Thank Flag Link Fri Jul 23, 2010
Depends--are utilities included, current rent, etc.
0 votes Thank Flag Link Mon Apr 26, 2010
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