I'm renting in New York, I am curious.
What legal percent rate the rent supposed to raise every year ?
2007-11-16 02:17:56 · 4 answers · asked by LIZA 4 in Business & Finance ➔ Renting & Real Estate
i am sure that it depends on what state that u live in but they do have a limit of what they can raise your rent call the better housing bureau or equal opportunity they can lead you in the right direction
2007-11-16 03:22:59 · answer #1 · answered by ? 5 · 0⤊ 0⤋
And it varies by county and state. When I lived in NYC, if you took a one year lease the increase was 2%, a two year lease was 3% and three year lease was 3.5%. That was for a building in one of the boroughs, rent stabilized, over 6 units...and about 25 years ago.
When we moved from Queens to Brooklyn, we got a flat, and the rent changed at the landlady's whim. She told us the day after Christmas in 1986 our rent would go up $100 in January. No, we didn't have a lease.
2007-11-16 02:37:43 · answer #2 · answered by Debdeb 7 · 0⤊ 0⤋
If it's privately owned, not government or government subsidized, rentals, there is no legal limit they can go up. The can increase the rent as much or as little as they want to
2007-11-16 02:27:56 · answer #3 · answered by Jan Luv 7 · 0⤊ 0⤋
As a landlord anything over 5% would be unreasonable and be a good reason for a tenant to move.
2007-11-16 16:33:47 · answer #4 · answered by Classy Granny 7 · 0⤊ 0⤋