Posted by W Cramer on February 16, 1999 at 14:22:38:
In Reply to: Re: what is the current vacancy allowance? posted by Mark Smith on February 15, 1999 at 17:47:59:
I just signed a two year lease for a one bedroom apartment in Queen which was occupied by an elderly woman more than 20 years. When she vacated rent was $469. Because rent was below $500, I was signing a 2 year lease, and the because of the length of her tenancy the vacancy increase was 30%.
They then renovated the apartment: new kitchen floor, new stove, new refrigerator, new kitchen cabinets, new bathroom tiles and floor, new bathroom vanity, new venetion blinds , and resurface of wood floor...all with the exception of the floors were used for a 1/40 increase.
The resulting rent was $845. The landlord priced everything high but I won't complain..the apartment is beautiful and since the super showed it to me at $825..thats the agreed upon rental price on the lease.
This building is filled with old people...I hate to sound morbid but using this case as a sample I'd say the landlord was sitting on a potential windfall...all within regulation and law.
: what is the current vacancy allowance? I heard it is was 20%, but this sound high to me. This is for a rent stabalized building.
: The 1997 rent reform act calls for a minimum increase of 20% for a two-year lease. In accordance with that same law, that works out to an 18% increase for a one-year lease. The increase can be even larger, depending on how long the prior tenant lived in the apartment. And the landlord can also increase the monthly rent by 1/40 of the cost of any improvements made in the apartment.
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