How New York Rent Hikes Affect Renters

By: ROS Team

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You may have heard the news if you reside in New York. The Rent Guidelines Board has proposed a 4% and 6% increase in rent stabilized apartments for one and two year leases. New York is not alone in this decision. Many other cities have also increased their rents because of severe housing affordability problems low-income people face.

As New York City’s rent stabilization is set for a dramatic vote in the next few months, tenants around the city face an uncertain future. Housing costs have significantly increased for years. It’s a problem affecting renters for decades now — and it appears to be getting worse as investors make deals to buy up rental properties at record levels. There has also been an increase in building projects, with many investors converting apartments into condominiums or financing them through government programs like the FHA’s ready-to-build program.

New York City Rent Stabilization

Landlords argue that higher rents are the only way to cover their rising business costs. While renters struggle to pay their rent-stabilized rent on already tight budgets. You must explore your choices if your rent is hiked so much that it’s no longer affordable.

Renter’s Guide To Rising Rents

1. Acquire Rights And Protections Information

Renters in New York City, especially those struggling with rising rents. Should review their leases and become informed about their rights and protections. These vary by location.

Many renters who live in New York City are not familiar with their rights and protections under the city’s rent regulation laws. What is a lease? What are some of the rights and protections associated with a lease? How can a tenant be protected against unreasonable evictions?

Tenants have many rights under rent regulation laws that vary by location. The regulations protect tenants from unreasonable eviction and require landlords to provide certain services at no cost to tenants. For example, in most cases, landlords must provide heat during winter months or face fines if they fail to do so.

2. Check the Lease Renewal Rate

Renters can also see how fair their lease renewal rate is by comparing it to the rents of similar apartments in their neighborhood.

Check the Lease Renewal Rate
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For instance, if you live in an expensive neighborhood and your apartment is $1,000 a month, but you see an apartment for rent that’s only $800 per month in a less expensive area, it might be time to rethink your lease renewal strategy. It could be that you’re paying a premium for location—maybe your landlord has increased the rent because of the value of the building itself or because they own land around it—or perhaps they’re just charging whatever they think they can get away with. Either way, it’s worth looking into if you want to ensure that your rent is fair and competitive.

3. Make Referral Deals

You may want to underline how courteous and quiet you are as a renter and why they should retain you. Or, if your landlord has openings, you may want to suggest friends in return for a rent reduction or concession. You may also ask your landlord. If you don’t see any vacancies but know of other people who would be interested in renting from them. Ask your landlord if they’d be willing to let you list their property with an online rental service like NYRentownsell or Zillow.

Make Referral Deals
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4. Negotiate on Delaying Hike

If you’re struggling to pay your rent, it’s time to make some changes. If your appliances are outdated or need an upgrade, you should consider renting a new one. If you’re going through a utility bill increase, talk to your property manager about how many months they want to wait before implementing the price change. If they agree to delay the hike until after six months, this might be the best compromise for both parties.

You may also be able to get a rent increase delayed by offering half of the rise first six months and then making up the rest in the next six months.

5. Assess your Needs

Determine if moving is in your best interest. You should be asking yourself whether staying in this location makes sense to you at this point. What was it about that location that pulled you in? Has anything changed? Is there a better place to get the help you need than this one? This rent increase may be a blessing in disguise, which will lead to your discovery of a better location.

Assess your Needs
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Final Thoughts

Making decisions about your renting despite the hikes needs to be done well before you have to act if you want to avoid losing your home. The most important thing to remember is that this change is happening, and with interest rates staying low and the housing market improving, they will likely continue to creep upward. This is just a fact of life that we must deal with. Whether you’re an apartment dweller or considering renting in the future, keep these considerations in mind before you sign your next lease.