Former Fla. resident needs rent control lease advice.

[Helen]

Hi:

It's time for me to renew my lease and I am never sure if I should go with the one or two year lease...it seems in today's economy, going for the one year lease is a crap-shoot because who knows how much they'll raise it next year. Does anyone have any advice or sense of whether signing the one or two year lease is best?

Also, thanks for your patience. I'm from Florida where they never raise the rent and this is still confusing for me.

Your time is greatly appreciated!!

[jot0n0]

NYC Rent Guideline Board sets the legally allowed rent inrease each year and currently

For a one-year renewal lease commencing on or after October 1, 2002 and on or before September 30, 2003: 2%

For a two-year renewal lease commencing on or after October 1, 2002 and on or before September 30, 2003: 4%

If your lease is rent stablized and your renewal date is before 10/1/03 and you have no objection to signing a two year lease, I would go for the two year. In my opinion, the rate increase will be high next year due to higher property tax, fuel cost, property insurance, poor NYC economy, etc. which get filtered down to the renters.

[LandlordZero]

Take the two year unless your planning to leave before then and you are at or close to market (in which case a landlord won't be happy you're leaving - and may not let you out of your lease).

RGB increases should go up more than they are now because real estate taxes are up with an 18.5% rate increase and various assessment increases, insurance is up and oil is through the roof.