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Good News for Landlords With 6 Units and More!

Friday, September 6, 2013   /   by June Quilantang

Good News for Landlords With 6 Units and More!

At a recent meeting held in June, 2013 the Board decided that there will be 3% increase for a One (1) year lease term and 4% increase for a two (2) year lease term for leases renewed between October 1, 2013 and September 30, 2014. Please note a minimum increase of $15.00 per month for a one (1) year lease term and $20.00 per month for a two (2) year lease term will be imposed. A landlord's failure to timely file a current apartment registration with DHCR bars the collection of any guidelines increase. If you need help filing registrations, please contact our office for more information.


 


Under state law, the vacancy increases remain at 20% for two (2) year vacancy leases and 19% for one year leases.  Additionally, you may add 0.6% per year if the vacancy was more than eight years ago.  For rents under $300.00 there is a $100.00 bonus that may be added.  For rents between $300.00 and $500.00 per month, the increase is the greater of the percenage increase or $100.00 mentioned above. Note the renewal guidelines do not apply on vacancy. 


 


Generally, when the Board approves an increase of rent, landlords may increase tenants' rents based on the applicable percentage increase from the prior year's rents (percentages which are calculated based on whether the landlord gives a one-year or a two-year lease renewal). However, landlords must timely offer lease renewal forms (in Westchester County, between 90 and 120 days before the current lease is set to expire) and give notice to the tenants of the increases via certified mail in order to collect the applicable increase under DHCR regulations.

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The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Rummy Dhanoa - eXp Realty - New York Real Estate Experts are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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