Rent-stabilized apartments in New York City are top choices for renters who aim at affordability and security against the common annual rent increases. Part of what makes them so desirable are the aforementioned rent increases, usually around one or two percentage points, and the automatic lease renewals available.
Being a part of the city’s initiative for protecting affordability, rent-stabilized units under the rent-stabilization program now make up about 44 percent of NYC’s inventory. Here is some useful and essential information to help you land a rent-stabilized apartment:
What Exactly is a Rent-stabilized Apartment?
Rent-stabilized apartments are, essentially, a statement of affordable and secure housing. Occupants won’t face high rent increases regularly and will have the opportunity to renew their leases.
Landlords don’t usually advertise stabilized units as they are, just as stabilized tenants hand onto their apartments, so persistence is needed when looking for an apartment. Apartments in buildings with six or more apartments built before July 1st, 1974 that are not “substantially rehabilitated” are stabilized.
Rent-stabilized apartments can be found in newer buildings that received tax benefits in return for offering rent-stabilized apartments. Addresses are also available on the website of the Division of Housing and Community Renewal, as well as the aptly-named site Am I Rent Stabilized.
Rent-stabilization riders are required to be included in lease paperwork. Most newcomers don’t even ask if the apartment is rent-stabilized while searching, and that is not a bad thing. It is smarter to find out on your own, that way, you secure your chances of getting it.
How are they Maintained?
You may have noticed that most rent-stabilized are located in older buildings. Generally, rent hikes can be justified because of building and apartment renovations, but this is now illegal, causing discouragement for remodeling and improving properties. Tax breaks, though, keep developers interested in investing in affordable housing so it is possible to have rent-stabilized apartments in new buildings.
How Much Does the Rent Go Up Yearly?
The annual rent increases are set by the Rent Guidelines Board, and it usually sets the raise at 6 percent, although now it is capped at 2 percent per year. The annual increases prioritize renovations needed in the building and its apartments. There are guidelines for renovations, such as the IAI, which makes sure that individual apartments are renovated properly and with the tenant’s consent.
There is no denying that affordable rent changed many lives, and housing laws still work in order to help tenants. Tenants who received preferential rent — rent that is lower than what is allowed for the area where it resides — may keep their preferential amount for their entire tenancy.
What are the Benefits?
The primary feature and undeniable benefit is security. Landlords are required to renew the lease every year. Renters are way more comfortable having a stable situation when it comes to where they live. From 90 to 150 days before your lease ending date, Landlords should offer you a renewal or provide you a notice of non-renewal for any valid reason.
Your rent can’t be raised until the lease renewal. Rent-stabilized apartments are also very merciful with evictions. If you are not complying with your obligations, such as not having the apartment as your primary residence, before getting evicted, a housing court judge will give you a chance to fix the problem.
As for relocation, which is very usual given the fact that Landlords can decide to use the premises for their family members, Landlords are limited to one apartment per building. The renter who is renting for 15 years, should be relocated to a superior or equivalent unit.
How Does It Work With Roommates? Who Can Be Added to the Lease? Are Lease Takeovers Allowed?
You can share your apartment with roommates, but it is important to know that your rent must be split evenly with them, even if someone has a bigger room or other privileges. It doesn’t mean that you can get evicted if you don’t follow, that would be the case if you were subletting the unit.
The only person allowed to be added to an existing lease is your spouse (and only if they live with you). In case you leave the apartment, takeovers are allowed for family members who have been living there as their primary residence for at least two years. It can also be someone with whom you have a close financial or emotional relationship.
