Average rent raise on $2000 3 bedroom apt, heart of BP?

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Inquiries & Offers -> New York related Inquiries

View latest: 24h 48h 72h

How much is the average raise on a $2,00 apartment, as described above?

$100

45%

[ 5 ]

$150

18%

[ 2 ]

$200

18%

[ 2 ]

Other, please specify

18%

[ 2 ]

Total Votes : 11

amother

Blonde

Tue, Apr 14 2015, 1:14 pm

Apartment very easily goes for $2500 for this 3 bedroom 2 bathroom apartment. Tenants had more than one child since they rented the apartment (more noise, more water, etc), and another child is on the way. Tenant painted and scraped floors when they moved in, but no new kitchen was put in either by them or landlord.

Last edited by amother on Mon, Aug 06 2018, 8:34 pm; edited 1 time in total

Scrabble123

Tue, Apr 14 2015, 1:19 pm

Raised how often? You cannot raise rent by $100.00 every year. That would make it totally unafforable and above market very quickly.....

tweety1

Tue, Apr 14 2015, 1:20 pm

I dunno your financial state and or mortgage but if I wouldn't be desperate I wouldmt raise more than $100. Really also depends how long they're living there. If they're living there 5 yrs and haven't gotten a raise ever than you can more than $100 otherwise I wouldn't. I like to be a nice landlord. Landlord doesn't equal mean.

amother

Blonde

Tue, Apr 14 2015, 1:21 pm

Scrabble123 wrote:

Raised how often? You cannot raise rent by $100.00 every year. That would make it totally unafforable and above market very quickly.....

Lease expired years ago and the tenant was never raised. This would be the first raise.

Last edited by amother on Mon, Aug 06 2018, 8:34 pm; edited 1 time in total

vintagebknyc

Tue, Apr 14 2015, 1:23 pm

rents under $2500 still fall under rent stabilization laws, in you're in building with four or more apartments. ergo, rent will go up xx percent each year.

tweety1

Tue, Apr 14 2015, 1:26 pm

Mevater wrote:

Lease expired years ago and the tenant was never raised. This would be the first raise.

I think you can do $150 if its that long. But I'd try to keep on the nice side and give no more than $125. This is such a broad spectrum question really. Cuz also depends on when you plan on raising next. If you can guarantee that you won't raise before next 5 yrs $150 is very reasonable. There are many factors you have to consider before giving a big raise.

MagentaYenta

Tue, Apr 14 2015, 1:34 pm

Wouldn't you need a 5 year lease in order to keep the rent from being raised during that time frame?

vintagebknyc

Tue, Apr 14 2015, 1:36 pm

MagentaYenta wrote:

Wouldn't you need a 5 year lease in order to keep the rent from being raised during that time frame?

I don't believe that there are five year leases in NYC rent stabilized apartments. one or two year, with increases decided by the city

MagentaYenta

Tue, Apr 14 2015, 1:46 pm

vintagebknyc wrote:

I don't believe that there are five year leases in NYC rent stabilized apartments. one or two year, with increases decided by the city

Thanks for the info. This thread is interesting since I don't live in NYC and know little about their rent stabilization. I live in a college town where rents get over inflated so much that all LLs must permit HUD vouchers for any building. The only folks around here who get long term leases (3-5 years) are older stable folks.

Mevater

Tue, Apr 14 2015, 2:57 pm

I have never heard of rent stabilization laws applying to homes in NYC that are smaller than 6 family homes.

See below:

http://www.nycrgb.org/html/res......html

Rent Control:

The rent control program generally applies to residential buildings constructed before February 1947 in municipalities that have not declared an end to the postwar rental housing emergency. A total of 51 municipalities have rent control, including New York City, Albany, Buffalo and various cities, towns, and villages in Albany, Erie, Nassau, Rensselaer, Schenectady and Westchester counties.

For an apartment to be under rent control, the tenant (or their lawful successor such as a family member, spouse, or adult lifetime partner) must have been living in that apartment continuously since before July 1, 1971. When a rent controlled apartment becomes vacant, it either becomes rent stabilized, or, if it is in a building with fewer than six units, it is generally removed from regulation. For more information on succession and the definition of a family member, check out the fact sheet.

An apartment in a one- or two-family house must have a tenant in continuous occupancy since April 1, 1953 in order to be subject to rent control. Once it is vacated after that date, it is no longer subject to regulation. Previously controlled apartments may have been decontrolled on various other grounds. On rare occasions, a decontrolled apartment is ordered back under rent control as a penalty for certain violations of the rent laws.

Rent Stabilization:

In NYC, rent stabilized apartments are generally those apartments in buildings of six or more units built between February 1, 1947 and January 1, 1974.

Tenants in buildings of six or more units built before February 1, 1947 and who moved in after June 30, 1971 are also covered by rent stabilization.

A third category of rent stabilized apartments covers buildings with three or more apartments constructed or extensively renovated since 1974 with special tax benefits. Generally, these buildings are stabilized only while the tax benefits continue.

Exceptions:

There are numerous exceptions to both of these general categories. For example, if the legal rent exceeded $2,500 following a vacancy the unit may be deregulated. Or, if the unit was in a building converted to a co-op it may be deregulated upon vacancy.

To determine if your apartment is under rent stabilization or rent control, contact the New York State Division of Housing and Community Renewal.

vintagebknyc

Tue, Apr 14 2015, 8:03 pm

Mevater wrote:

you're correct, I was wrong. apologies

Sanguine

Wed, Apr 15 2015, 12:37 am

I have to put my story here even though it's OT cause I just heard it. My grandparents rented an apartment in Flatbush my whole life. I knew they had lived in Boro Park when my mother was young but I assumed they rented there too. Last week my aunt told me that my grandparents had owned a house in the heart of Boro Park. She said it was a three family house with a tremendous yard. They sold it (I think around 1935-45) for $19,000!!! What would that have been worth now?? I can't stop crying about my lost riches Crying

(not really). My aunt thought they sold it cause they had trouble with one of the tenants or they couldn't afford to paint the house. My mother says I should be glad that they got out of it. My grandfather was certainly not the landlord personality (I know that). Oh well. We're happy, but it would have been nice to be wealthy too Confused

Mevater

Wed, Apr 15 2015, 5:22 am

Sanguine wrote:

She said it was a three family house with a tremendous yard. They sold it (I think around 1935-45) for $19,000!!! What would that have been worth now?

Prices of homes have gone up drastically since 1935 in most areas of the city similarly. Its not only in Boro Park. I heard a Dr. tell someone that when he retired after many years of working as a very busy successful Dr., he made way more money selling his home than his entire savings after working for more than 40 years and investments combined.

The huge luxurious one families in the Five Towns currently selling for close to $2,000,000 probably sold in the 1930's for close to $19,000 as well.

Sanguine

Wed, Apr 15 2015, 5:35 am

Mevater wrote:

The huge luxurious one families in the Five Towns currently selling for close to $2,000,000 probably sold in the 1930's for close to $19,000 as well.

I could have been a millionaire

. My grandparents had just 7 grandchildren. We could have shared it nicely.

Mevater

Wed, Apr 15 2015, 5:45 am

Sanguine wrote:

I could have been a millionaire

. My grandparents had just 7 grandchildren. We could have shared it nicely.

How would you have been a millionaire? Two million, just to round off the figure, divided by seven isnt a million a piece.

Some people hate being homeowners, with maintenance expenses, taxes, etc, owners of multi-family homes having to deal with tenants, shoveling snow, etc. Those who made money over the years in the Stock Market, when it was extremely profitable, made that much money and more over a shorter time, with no expenses.

Sanguine

Wed, Apr 15 2015, 5:54 am

Mevater wrote:

How would you have been a millionaire? Two million, just to round off the figure, divided by seven isnt a million a piece.

Well it's just my mother and my aunt. So I think each daughter would have received 1 million. Then I'm the (spoiled) youngest of my siblings so I think I could have taken it all Very Happy

sourstix

Mon, Apr 20 2015, 10:53 am

what?! I owned a home in the heart of bp and just recently sold. it was a very old house. 3 bedrooms and a porch. I painted and scraped. that was 4 yrs ago. I started charging 1700. and I never raised them even though I had a lease to raise after 2 yrs. cause they paid on time and were generally decent pp. tho one of them never followed decent manners when it came to garbage. but otherwise they were good. why I didnt raise? I felt bad charging so much. dh saw they were paying on time. that to me is better then charging more and seeing it once in a couple of months. I also had my mortgage paid already. but I like to be mentchlich. understand another jew. newly wed. and some other things. but to go up more then 2000, why? is this recently built? I am shocked to even see this. please explain this. why go up higher then this?
ps I also love to raise but I have a heart for another jew/human being. both are hardworking pp. just cause we can charge doesnt mean we need to. I think its heartless.

Page 1 of 1