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One year lease or two ?

Posted by Ken on November 20, 2000 at 22:55:07:

In Reply to: Rent stabilization increases voted on once a year? posted by kerryann on November 20, 2000 at 17:58:26:

Hello Kerryann,

Yes, the Rent Guidelines Board sets rent increases for city rent stabilized apartments every June after a period of public comment.

We had a debate here regarding one or two year leases a while back. Some people believe that over the long term (20 years or so) a two year lease would be cheaper, but it really depends on the amount of increases approved of each year. My 2 cents: base your decision on how long you intend to stay in your apartment. If you know you'll be there for life, take the 2 year option. If you could see yourself going elsewhere within a couple of years, take the one year.

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