What is the legal rent increase percentage per year?

[Degirlznyc]

Does anyone know what the legal increase a landlord can charge each year? My landlord lists one rental amount as the current legal rent of $2519.71 and the "preferential" rate as $1618.06.
Are they allowed to up the rent each year & if so, are they also allowed to up the deposit?

Tnx

[lofter1]

Is the apartment in question Rent Stabilized?

[Degirlznyc]

No, it is not rent stabilized.

[lofter1]

Then if it's not RS then there is no minimum increase allowable -- the LL can charge whatever increase the market will bear (or what you agree to pay).

I've never heard of a Non-Rent Stabilized apartment with a Preferential Rent, and see no reason that such an alternative rent would be noted in a Non-RS lease.

Have you ever checked with DHCR to see if this apartment is actually a Rent Stabilized unit?

[Degirlznyc]

No, I didn't know that I could, how do you do that?

[lofter1]

Search this forum for "Rent History"

LL's will many times not let a tenant know that an RS unit is covered by the RS laws; it's illegal, but it's done all the time. If this is the case then it's possible (likely) that you are being taken advantage of.

Here's the link to DHCR, the agency that covers Rent Stabilized units:

http://www.dhcr.state.ny.us/AboutUs/contact.htm#ora

Some time & energy may be required on your part to find out if the unit is indeed covered by RS, as the owner may have failed to register the unit and created other sorts of subterfuge to disguise the fact that the unit is RS.

[Degirlznyc]

Thank you!!

[Degirlznyc]

Didnt find anything on rent history, but I will go to the DHCR, thank so much!!

[lofter1]

Meanwhile, read up and fill your brain with info:

PREFERENTIAL RENTS:

> Rent Guidelines Board: Fact Sheet #40-Preferential Rents

http://www.housingnyc.com/html/resource ... hcr40.html

> NY TIMES: Can a Bargain Rent Have Staying Power?

http://www.nytimes.com/2008/05/11/reale ... 1home.html