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Condo Rental Concerns??

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Condo Rental Concerns??

Postby <BB> » Tue Apr 02, 2002 12:29 am

Hi All,
A friend is about to rent a studio condo (from the owner of the studio) in Brooklyn. As a renter with a standard one year lease, are there any different Tenant laws that apply to her? She has lived in stabilized and non stabilized apts before, and just wants to make sure that the same laws apply as is this was a non stable apt. Any comments would be appreciated...
Thanks
<BB>
 

Re: Condo Rental Concerns??

Postby <ralphrrr> » Wed Apr 03, 2002 10:30 am

As with any free market apartment, she should NEVER plan on getting a renewal lease, or at the same rent..........So she should budget accordingly.
<ralphrrr>
 

Re: Condo Rental Concerns??

Postby <Red Zephyr> » Thu Apr 04, 2002 7:50 pm

What Ralph said is true -- however it applies to ALL apartments, not just free market ones. With a rent stabilized lease you are GUARANTEED a rent increase every year. (I know several free market tenants who have not had increases for several years, and there are cases, such as near the WTC site, of free market rents going down). Also, never count on renting any apartment for years and years -- there are always ways that the owners can retake possesion.

Renting an apartment in a condo building does raise the additional concern of condo association rules, fees, etc. -- find out about these before signing any lease.

Bottom line: If its a good apartment on good terms, take it.
<Red Zephyr>
 


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