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Did anyone watch the debate tonight
Visual Storyteller
I hope my morning coffee cart guy is OK :(
Rising Star
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Chief
Did you get a COVID deal on your initial lease? Go on Streeteasy and look at prior rent prices for your building. You’ll likely find that your $1400 increase takes you back to slightly above what it was at in 2019
EY4 I disagree. Landlords will still raise prices even if property taxes stay the same
Pretty simple move - they have rights to raise prices just as you have the rights to switch jobs for higher pay. Just higher demand dictates that they can make more money. You’d do the same too if you were in their position.
Or would you have paid more during COVID instead of the deal you got, since they were too nice to offer you a discount?
Market rate! Would you call yourself greedy for switching jobs to secure market rate if your company is underpaying you?
Still why NY?
Rising Star
I’m for free market but I think that should apply if a tenant is voluntarily leaving and rent goes to market price. But if it’s a renewing lease, no more than 10% increase bc you’re asking them to make a huge change to their disposable income. This sounds like it’s in the 30% or more increase
Rising Star
There are state specific leases available online and you can build on it but there are laws regarding security deposits and late fees that depend on state
Did you get a fat COVID discount one year ago? Smh all these people who imagined that would last forever. That was a once in a lifetime deal.
Chief
Insanely jealous
That’s insane. I was quite annoyed that my management asked me $750 raise. I ended up negotiating at $550. If I were you, I would not renew the lease. Who knows how much they will raise next year.
That is crazy asking for that much do you get a butler with that what amenities are you getting
It’s a free market. As long as there is enough demand/desirability and enough people willing to pay those obscene prices, landlords will continue to charge them. The reason they’re able to ask those prices is because there are enough people out there WILLING to pay them. The goal of landlords is to extract as much money as humanly possible from renters! Owning your home is the ONLY way to beat the system.
It’s actually the landlords passing the tax hikes onto the tenants. So you should ask the city and state why the tax hikes are so high.
Don’t forget passing on increased heating costs for buildings where each unit doesn’t have its own electric heat—up north. Not an issue in the south.
We have received a new lease agreement, 70% hike from a covid price after living here for 18 months. It is going to be now $700 higher than is was in 2019 for this 1br. Definitely moving out. Too bad, it was a good place. Nobody seems to be interested in retaining existing tenants.
Market sets the price. Demand is at an all time high now with people returning to the city.
There's a few bills floating around Albany for preventing evictions and limiting rent hike to inflation around 3%. I haven't read all the details but this causes landlords to freak and lock in as many tenants as they can at highest rates they can so when the laws land they can still raise rent at high rates later and survive blow a few years more until they figure out another scheme.
Gotta make up for the covid deal and the inflation. You can always move.
It’s a great job market. Get a new offer and you’ll make up for inflation and then some.
What about rent control? Doesn’t nyc have that
Actually a lot of new builds do have stabilization under a tax abatement (but starting rents are still insane). It’s the older but renovated buildings that are mostly all free market.
Dude this is FMV welcome to reality. Last year was not reality.
This is becoming a country wide problem. Has been a major influx of Private Equity and Corps that have moved into residential real estate and they are effing everyone
Thanks for reminding me. I should really raise my rents 👍🏽
NYC’s government isn’t interested in protecting rents for those of us making 6-7 figures, and justifiably so…
Also nyc real estate has a few king makers for the election cycle, so you sort of have to kiss the ring and protect their market power there
If its an increase due to free months or something I get it. But raising rent astronomical amounts on a renewal is crazy. DC caps increases at 10% which I think is fair. Landlords should have gone the free month route so gross would still be close to market. Hearing some ridiculous other stories too though. Sounds like they’re trying to put a cap into place.
Visual Storyteller
Where do you live in the city and what rent were you paying for how many beds/baths? My guess is you got the mega discount and didn’t think they’d Jack you up to market rate - not legal definition, but the amount you should pay based on past history and rents.
It’s called a free market. (Full disclosure—the company I cofounded invests in commercial real estate—including multifamily.)