Preferential versus Legal Rent
Started by bigdude2103
over 16 years ago
Posts: 46
Member since: Jul 2009
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Yes. Unless it is written into your lease that the "preferential rent" status is for the duration of your tenancy, your rent can be jacked the "F" up!
Yes, the preferential rent can be eliminated and the legal rent charged at the end of your lease. However, these are terms normally used for rent stabilized buildings, and I didn't see the Sessanta (address which I believe is 229 W 60th) on the list of rent stabilized buildings: http://www.housingnyc.com/downloads/resources/sta_bldngs/DHCR2007-Manhattan.pdf. I could be wrong.
bigdude - how big is your apt? I had this type of language on my lease and inquired about it. Basically I was assured that my rent wasn't going to jacked up to 6K (I live in a 1 BR). I also wanted to ensure that they weren't going to increase it over 20% in the next round. I've lived here for a year and LL just reduced rent for us. Is $8k the going rent for comparable units in your area? If not, I doubt they would jack it up like that.
I may have been naive to accept this but it worked out.
The preferential rent doesn't mean a thing. They can jack it up 10% next year if they deem necessary. The rent stabilized units in your building are the only ones that will have the 3% cap. Those are units rented below the 2000/mo amount (I believe...)