I have just received my Renewal Lease form from my landlord and am trying to decide whether to renew for 1 year at no increase or 2 years at 2%. This decision is driven mostly be my desire to stay below the new $2,700 rent threshold for high income decontrol as long as I can (I am aware that the threshold will increase annually by the amount of the 1 year increase put in place by the RGB.)
My legal rent is currently $2,259 and with a 2% increase will go up to $2,304. I am also fairly certain that the owner of the building will be doing significant improvements to the building in the near future and seeking MCI increases- so my legal rent will likely increase from those as well.
So with this all in mind, am I better off taking the 1 year no increase renewal or the 2% 2 year? Any thoughts are greatly appreciated.