What Percentage Is a Fair Percentage to Raise Rent in New York City?
What counts as a fair rise in New York City depends on whether "fair" means legal or reasonable. The state's laws govern the allowable rises for two types of property: rent controlled and rent stabilized. In other properties, rent increases are not regulated and are purely a matter of negotiation between the landlord and tenant, subject to any conditions in the tenancy agreement.
Qualification
Properties in New York City can qualify for two types of protection. Rent control applies only to a tenant who has been living continuously in the same apartment since July 1, 1971. With buildings that are homes for one or two families (in effect, a house), the tenant must have been in place since March 31, 1953.
When such a tenant leaves a property, it ceases to be rent controlled. If it is a property with fewer than six accommodation units (in effect, a house or small apartment block) it becomes deregulated and the rent is subject to market negotiation. If the property has six or more accommodation units, it becomes rent stabilized.
Rent-Controlled Properties
Rent increases in rent-controlled properties are subject to two limits. First, the rent cannot go up by more than 7.5 percent a year. Second, the rent cannot exceed a designated maximum base rent, which is set by the city and based on operating costs such as real estate taxes and water and sewer charges. The initial maximum base rent for an apartment is set individually, while a standard increase is applied to all maximum base rents every two years based on cost increases at the time.
Rent-Stabilization Properties
When a tenant moves into a rent-stabilized property, the landlord and tenant can negotiate a rent. The tenant then has four years in which he can challenge this rent by requesting a Fair Market Rent Appeal, which involves independent scrutiny to determine whether the rent is excessive in comparison to prevailing market rents.
Whatever the negotiated rent (or the rent after a successful appeal), it increases automatically each year by a proportion determined by the city based on costs, and applied to all rent-stabilized properties. For renewals between October 1, 2009 and September 30, 2010, the standard increase was 3 percent for a one-year lease and 6 percent for a two-year lease.
In the event that the rent increases past $2,000 a month and either the property becomes vacant or the tenant's household income exceeds $175,000 for two years, the property ceases to be rent stabilized and the rent becomes unregulated.
Unregulated Properties
What is a fair increase in an unregulated property is a matter of opinion and morals. Two surveys published in 2011 found the average annual rental rise in the city was 6 percent and 8 percent respectively. Rents can fall, too. The latter survey found average rentals were slightly lower in 2011 than in 2008.
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