Well the nice weather is here and apartment hunters are out in full force. With a slowing economy and a bit of a
weaker job market many would expect the rental market to take a bit of a breather as well. But this is NYC, the
city that never sleeps, and rentals haven't slowed much at all. Vacancy rates are at similar levels to last year and
landlords are holding their ground when it comes to the rents that they are asking of their tenants.
People tend to move from apartment to apartment depending on their life situations (jobs, romances, roommates,
etc). But if you're planning to stay past the term of your original lease, you're probably wondering what the
landlord is going to raise your rent to. When it comes to non rent stabilized apartments, if a tenant has paid their
rent on time and haven't caused too many disturbances they can expect an increase of about 4%. This amount
can be negotiable, just remember that although the landlord not only wants to get higher rents, but they love to
keep their good tenants! They'd rather keep the apartment occupied with a good tenant who they have a track
record with than have a vacant apartment and the risk that the next tenant is hard to handle.
weaker job market many would expect the rental market to take a bit of a breather as well. But this is NYC, the
city that never sleeps, and rentals haven't slowed much at all. Vacancy rates are at similar levels to last year and
landlords are holding their ground when it comes to the rents that they are asking of their tenants.
People tend to move from apartment to apartment depending on their life situations (jobs, romances, roommates,
etc). But if you're planning to stay past the term of your original lease, you're probably wondering what the
landlord is going to raise your rent to. When it comes to non rent stabilized apartments, if a tenant has paid their
rent on time and haven't caused too many disturbances they can expect an increase of about 4%. This amount
can be negotiable, just remember that although the landlord not only wants to get higher rents, but they love to
keep their good tenants! They'd rather keep the apartment occupied with a good tenant who they have a track
record with than have a vacant apartment and the risk that the next tenant is hard to handle.
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