what is a fair rent increase

15%

3-10% Unless your LL thinks your last lease was a bit under market. It's a negotiation.

The real question is what will it cost you to move??

It may depend on what you're already paying

approx 1700??

0

No one has said the obvious... is the current rent under market? Over market?

You can't just throw out a random %.

current market price is 1750.

rent sounds high, i'd look around

4%?

5% for it to be within market price

A fair rent increase is , if you like the tenant, that rate which gets them up to market rate less the cost of finding a similar nice tenant. So i'd say market rate less 10-15% if you really like the tenant. This can be justified by knowing this is someone who will pay the bills on time and won't wreck the place and cause you grief.

>This can be justified by knowing this is someone who will pay the bills on time and won't wreck the place and cause you grief.

Nowhere did the OP say he's a one-off tenant of an small-time individual apartment owner.

>Brooks2
about 3 hours ago
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rent sounds high, i'd look around

How much should it be?

The only thing that matters is the fair market rent. You say it's $1,750, and you pay $1,700. Since the cost of moving would be at least $3,000 for a maximum of a 24-month-lease, anything under 1,750 + (3000/24) = $1,875 would be fair. The LL will try to get you as close to $2,000 as possible, you will try to stay as close to $1,700 as possible.

0%

"anything under 1,750 + (3000/24) = $1,875 would be fair."

That's not fair, that's skewed. By the same argument, vacancy and painting would cost the LL $3000, so anything over $1750 - ($3000/24) = $1625 would be fair.

Landlord is painting every 3 years anyway.

Yeah, it is a game of chicken. It is a negotiation. The landlord doesn't want to have the place empty for a month or two, and the tenant doesn't want to have to spend time looking for a place, and spend money moving. This is nothing new. Just tell the LL, "look I don't want to have to look around for another place, but I will if I have to...$1750...deal?"

Ino, that's the tenant argument: I like the apartment, and would like to renew, but I'm paying market value so I don't want a rent increase ( subtext: do you really want to have the place empty for month to get $100 more a month at best?)
That would also be fair. Fairness is a range, not a number.

Is there a maximum percentage that your rent can legally increase? My rent went up 17.5% -- from $3062 to $3600.

jhochle
about 2 hours ago
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report abuse Yeah, it is a game of chicken. It is a negotiation. The landlord doesn't want to have the place empty for a month or two, and the tenant doesn't want to have to spend time looking for a place, and spend money moving. This is nothing new. Just tell the LL, "look I don't want to have to look around for another place, but I will if I have to...$1750...deal?"

What makes you think a $1700 per month rental will be on the market for more than two weeks, let alone a month or two?

Answer: The % which brings it to 'market rent' is 'fair rent' for both you and your LL

3% or less? i think 3% is what rent stabs had for this year. given that inflation is low, increases should be low too.

> Since the cost of moving would be at least $3,000 for a maximum of a 24-month-lease, anything under 1,750 + (3000/24) = $1,875 would be fair.

yep, the cost of moving is the issue for the renters. that's why rent stabs are so awesome, the "cost of moving" in NOT being included in annual increases, just the increase in operations.

on the other hand, the cost for the LL would be vacancy costs. if he's a small time investor, the negative cashflow will hurt him harder than the cost of moving will hurt the renter. how many months of rent vacancy will the LL go through if you vacate? check out how many months does it take LLs to rent a similar place for the price he/she is demanding.

The RGB stabilized increase this year was 3.75% on a one year lease and 7.25% on a two.

> The RGB stabilized increase this year was 3.75% on a one year lease and 7.25% on a two.

wow, that's pretty steep given that heating costs with natural gas actually went down. wonder how much of the cost increase came from inefficient ways of heating. it's always covered on the rent stab, right?

@ Pixelle

No, not if your a regular apartment (if your rent stabilized or rent control different story).

>The RGB stabilized increase this year was 3.75% on a one year lease and 7.25% on a two.

financeguy, how do you feel about an increase that's significantly ahead of inflation?

(that increase is set by the government)

Up to 5-7% increase is a very good deal as there is a scarcity of rental studios in the city. Very few listings at less than $2000 for studios unless it is really far from the subway, walkup, or not a decent building. Your negotiating power depends on what else you have available. You can do a street easy search and I am sure your landlord is doing the same.

300, wrong, I know someone, I won't mention that person by name, who could rent a $1 million apartment for $2000.

hburg, haha. we all know who that is. the calcs sadly may only work for very high end apartments aspirationally priced at 2-3mm+. For what most people can afford, it is very hard to find a decent rental for less than $4 per REAL sq ft.

I recently helped a friend get a place in Hell's Kitchen. Boutique walkup, great light, nicely renovated w/ Viking stove & whatnot. Originally listed at $4 ppsf, was cut to $3.5 ppsf, he got it for a shade under $3 ppsf. That does not include a very nice little terrace. The place is not high-end.

>Boutique walkup

?

It's in Hell's Kitchen and a walkup. With great light and a little terrace, how many flights up?

I'm still laughing about the "boutique walkup" and the mention of the Viking stove. Sometimes Inododo's language is very similar to a broker's. hmmmm

that sounds cheap for midtown west especially doorman

nada, what is sq footage?

ss400k, i do not see doorman in Nada's description.

Nada, walk-ups are typically in $2.5-$3.25 range for stated sq footage. Obviously, most of them do not have viking.

1 day ago
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report abuse I recently helped a friend get a place in Hell's Kitchen. Boutique walkup, great light, nicely renovated w/ Viking stove & whatnot. Originally listed at $4 ppsf, was cut to $3.5 ppsf, he got it for a shade under $3 ppsf. That does not include a very nice little terrace. The place is not high-end.

so inonada "helped" a friend source an overpriced tenement in a still marginal neighborhood and "negotiated" to just about market rent. but hey, it's got a nice stove. well done.

also "great light" in a walk up is code for a a 4th or 5th floor in a walk-up.

>ss400k, i do not see doorman in Nada's description.

Nope, walkup.

Oops, I meant "boutique walkup"

>also "great light" in a walk up is code for a a 4th or 5th floor in a walk-up.

Yup

>Obviously, most of them do not have viking.

How much is a Viking when you consider it over the course of a 12 to 24 month lease?

Between 1000 and 1400 sq ft (staying vague on purpose), plus a terrace, not 4th or 5th floor. 9-10' ceilings, no doorman obviously. Condition / light / location were preferable to him vs. a similarly-price recently-built condo with somewhat lesser sq footage and higher ppsf. The condo was price at $3.8 ppsf with direct comps placing sales in the neighborhood of $1100 ppsf. The walkup represented a slightly better deal, but it really came down to preference.

In any case, achieving 25x price-to-rent at the $1M point was no problem.

Bullshit.

>The walkup represented a slightly better deal, but it really came down to preference.

Are we to now understand that this wasn't actually a great rental deal on this 2nd or 3rd floor walkup apartment with a terrace??, but rather just a quirky preference of the renter vs. a more normal option?

>In any case, achieving 25x price-to-rent at the $1M point was no problem.

Is this botique walkup apartment actually available to purchase?

"Bullshit."

What's the rent vs. price on your own apt?

>What's the rent vs. price on your own apt?

To clarify between the two of you, does your math back out monthly fixed costs - maintenance and taxes - or leave those in?

inonada
6 minutes ago "Bullshit."

What's the rent vs. price on your own apt?

this isn't about me. it's about your self-agrandizing made-up bullshit. cocksucking liar faggot. 1400 square foot walk-up in hell's kitchen. in what fucking alternate universe LIAR?

ago
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report abuse "Bullshit."

What's the rent vs. price on your own apt?

i'd say it is plus or minus fuck you and your ugly whore of a mother. give or take a point or two. satisfy you? cunt.

>1400 square foot walk-up in hell's kitchen. in what fucking alternate universe LIAR?

It's a "boutique."

">In any case, achieving 25x price-to-rent at the $1M point was no problem.

Is this botique walkup apartment actually available to purchase?"

No -- the 25x price-to-rent is for the condo.

check out where columbiacounty calls inonada an idiot:
http://streeteasy.com/nyc/talk/discussion/30081-what-cost-more-feeding-the-car-or-the-family