If you are a New York landlord, there will come a time when you wish to raise the rent. Maybe it’s because you realize you set it too low initially and are struggling to pay your loan and bills. Perhaps due to inflation, the return you make no longer provides you with the lifestyle it once did. Or maybe you see others with similar properties charging much more.
It’s your property, so you can charge what you want, right? Not necessarily.
Is your property subject to rent stabilization?
Many New York properties fall under the protection of rent stabilization, limiting your right to raise rents as you see fit. If this does not apply, then there are still rules to abide by:
You must warn your tenant if you wish to raise the rent by more than 5%. How long in advance depends on how long they have lived there and how long the lease is for:
- If the lease is less than 12 months and the tenant has lived in the particular apartment for less than a year, you need only give them 30 days’ notice.
- If the lease is between one and two years, or the tenant has lived there between one and two years, you must give them 60 days’ notice.
- If the lease is at least two years or the tenant has lived there for two years or more, you must give them 90 days’ notice.
Understanding the rules you must abide by as a landlord can be challenging. Getting legal help to find out more reduces the chance you have legal problems with your tenants.