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Rent increase during term of lease

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Rent increase during term of lease

Postby Mike12308 » Fri Nov 16, 2012 10:52 am

Please note, this is is outside NYC and so NOT in rent control.

I'm wondering, as a friend of mind says he has the option of getting a 2 year lease instead of 6 month or 1 year and says that will guarantee no rent increase for two years. Is it possible for an apartment complex owner to increase rent in the event of some inordinately high tax increase by a municipal entity?

I guess is it poissible that a lease could contain a provision for an rent increase if a tax increase occurs, but how likely is it that such a provision is typically called "the fine print."

So that someone who says "I'm fine for two years" (because of a two year lease) but maybe they didn't read the "fine print."

If a provision for an increase during the lease is included, would it have to be worded like "rent increase......if taxes increase more than X%" or would a provision be worded more like "rent increase.....if taxes increase in excess of an amount as defined in Section 123 if the real property law or as defined in Section 456 of the General Obligations law..."

In other words if it was the latter provision where the tenant really needs to refer to the actual law to read "as defined." You know what I'm getting at, yes?
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Postby TenantNet » Fri Nov 16, 2012 11:00 am

FYI, Rent Control can occur outside NYC. There still might be a few rent control tenants in places like Albany or elsewhere. And in counties on Long Island and Westchester, there are many rent stabilized tenants.

For unregulated tenants, the lease between them and the LL would govern the rent, and increases. In most cases, the rent is set for the duration of the term of the lease. However, some leases might have provisions allowing increases for various reasons. How it might be worded is hypothetical. If it refers to a law, then perhaps you should read the law.
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Postby Mike12308 » Fri Nov 16, 2012 11:17 am

Yes, I know one should refer to a law. I dont even know whether there is a law that allows landlords to increase rent during a lease IF things like municipal taxes increase. There may be such a law but average people don't know every conceivable law that exists and even then, when you read them there is so much "except as otherwise noted," "as provided for in [refer you to yet another law]"

But what I'm really asking is more whether any provision--in a lease for an rent increase during the term of the lease--may end up more as "fine print," in other words, not clear to an average lay person.

So often, with contracts of any type, it comes down to reading the "fine print" and so many people don't read the fine print, with what's going on in this city, I'm trying to suggest maybe he should think carefully, or read carefully and be sure he understands fully the "except as otherwise noted" and the "as provided for...." etc (it's kind of like the people who had ARMs and couldn't understand why their mortgage payment jumped so much, DUH).
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Postby TenantNet » Fri Nov 16, 2012 11:49 am

What's the point of all this, that perhaps someone ought to read their lease?
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