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View Full Version : What's a fair rental increase for non-regulated apt?



AlexisNYC
May 23rd, 2011, 10:48 PM
What do you think is a reasonable rent increase for a non-regulated apt in Brooklyn NY. I have good tenants who have only been late twice in the past two years, for minor reasons. I didn't raise there rent with our past renewal, but this year I will need to for sure. The apartment goes for $2350 to $2500 but I'm only charging $2100. Most people would of raised the rent the first year, but I'm a reasonable person so I'm here seeking honest feedback. I'm willing to do a 2 year lease as well. I look forward to reading your input.

lofter1
May 24th, 2011, 01:13 AM
From the renter's point of view, chances are their income hasn't increased much in the last 2 years. But you might ask $2,300 for a full two year term.

No doubt you know it, but a good tenant who pays on time (even with a little miss here and there) can be worth a lot. Get in a new one at a higher rate, and who knows what that might bring your way.

stache
May 24th, 2011, 03:06 AM
lofter is right, as usual.

AlexisNYC
May 24th, 2011, 04:23 PM
Thanks everyone for your input, I truly appreciate your help. This is what I'm thinking. I was thinking about increasing there rent to $200 a month $2300.... ouch I know. I would give them a 1 year lease with a clause or with an agreement stating they will have the right to renew there lease without increase for the next 2 yrs. 3 yrs in total as long as they pay rent on time with a maximum 2 lateness per year. If they exceed the 2 lateness per year the agreement would be void. Doesn't mean I will automatically increase the rent at the end of the 1 year lease, but the agreement will not be active. This means they are only paying $67 increase per month for 3 yrs. They are a couple so they will divide it like they do now. I think this is fair. What's u think?

stache
May 24th, 2011, 07:15 PM
I think it's more than fair. Unregulated apartments in my building go up 10% every year.