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What is the appropriate year two increase for a 1 year lease with option to renew?

Started by ChrisL
over 16 years ago
Posts: 2
Member since: Nov 2008
Discussion about
I am about to rent a coop for one year with a one-year option to renew at a specified % increase for year 2. What is the normal rate these days for that? Is there a benchmark to use instead of an absolute value?
Response by divvie
over 16 years ago
Posts: 456
Member since: Mar 2007

You may get a lot of ppl saying that rents are heading even further down but hopefully you have negotiated a good discount for your first year so the standard seems to be 5% increase for the 2nd year option.

It is an option so if rents do drop further then you can negotiate again for the 2nd year.

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