 raising rent in NYS (by Mary [NY]) Sep 24, 2021 7:54 PM
 raising rent in NYS (by Richard [MI]) Sep 24, 2021 8:08 PM
raising rent in NYS (by Robert,OntarioCanada [ON]) Sep 24, 2021 9:54 PM
raising rent in NYS (by John [NY]) Sep 25, 2021 1:20 AM
raising rent in NYS (by Mary [NY]) Sep 25, 2021 8:12 AM
raising rent in NYS (by Mary [NY]) Sep 25, 2021 8:25 AM
raising rent in NYS (by DJ [VA]) Sep 25, 2021 8:43 AM
raising rent in NYS (by Mary [NY]) Sep 25, 2021 6:22 PM
raising rent in NYS (by John [NY]) Sep 26, 2021 1:26 AM
raising rent in NYS (by Small potatoes [NY]) Sep 26, 2021 2:22 AM
raising rent in NYS (by Mary [NY]) Sep 26, 2021 6:48 AM
raising rent in NYS (by Robert,OntarioCanada [ON]) Sep 26, 2021 11:07 AM
raising rent in NYS (by Ray-N-Pa [PA]) Sep 27, 2021 10:16 AM
raising rent in NYS (by Mary [NY]) Sep 27, 2021 4:39 PM
raising rent in NYS (by Chris [CT]) Sep 28, 2021 8:19 AM
raising rent in NYS (by Small potatoes [NY]) Sep 28, 2021 10:12 AM
raising rent in NYS (by Dodge [PA]) Sep 29, 2021 8:40 AM
raising rent in NYS (by Libi [NY]) Sep 29, 2021 2:54 PM
raising rent in NYS (by Mary [NY]) Posted on: Sep 24, 2021 7:54 PM
Message:
I recently took over the family apartment house that had been managed (mismanaged?)for years by my brother.Lots of things to fix but one thing is the low rents. They are a least 100.00 below market, (One bedrooms for 650 and we provide heat and hot water,..No,.. that heat/HW cannot be easily changed.,.....
But I want to raise the rents 100.00 which is still on the low side for the area.and the quality of the units.
One of the tenants ,..the biggest pain there ,..said I wasn't allowed by law to raise it that much.
All tenants are month to month. no rent control yet in the area.. but they are talking about it for the city so I want to do it fast. Some tenants have been there over 3 years so I understand that I have to give them 90 days,
Can I raise the rents this much? Even with a 100.00 hike, I don't think there is any place cheaper in this city.
--66.30.xx.xxx |
raising rent in NYS (by Richard [MI]) Posted on: Sep 24, 2021 8:08 PM
Message:
Get in touch with your local landlords association and join it. Your question shows you need to get up to speed with everything about landlording.
Have an eviction specialist and real estate lawyer in your area review all your leases and documents to make sure you are up to date. Get ALL your paperwork for every place up to date and all info on every tenant current. Review every deposit and every expense for the last 3 years at least to see exactly where you stand money wise on all the rentals. Previous management may have let things (both income and expenses) out of control or worse.
Get the lawyer to draw up needed paperwork, lease revisions, etc and get these out to all tenants with new rent schedules. If you don't already do this, get ALL rents set up with electronic debit from their account to the rental account-- take the money on the due day, don't hope they send it to you. Make this your new ONLY method of collecting rent, if you don't do it already. Any tenant that does not ant to cooperate, get rid of them.Make an example of the PITA's right away and be "fair but firm". If they get the idea that they are in control, it will lead to massive trouble. KNOW that they will test you to see what they can get away with. This is when you make an example of the PITA's since these will be the first ones to test you. Using the "fair but firm" language immediately remove the first PITA's and get rid of them. Make an example.
Keep going to the landlords assn meetings and learn. Come to this site and learn. Ask plenty of questions. There are many here that will help. --24.180.xx.xx |
raising rent in NYS (by Robert,OntarioCanada [ON]) Posted on: Sep 24, 2021 9:54 PM
Message:
If the rental units use hot water radiation heat it is matter of installing a wall mounted high efficiency gas boiler that vents directly outside without using a chimney. Changing out to where tenants pays and controls heat increases the value of the building after conversion is done. If a rental unit is vacant then one rental unit at a time. What happens if the government brings in rent control where the operating costs go up more then allow annual rent increases. When tenants pay for heat the windows are closed up tight in the winter along with no one ever complains about heat. Remember problem tenants have unpaid utilities and unpaid rent go hand in hand together where they can not qualify for rental unit where no discrimination here. Over time will get all money back then some along with being more environmentally friendly. --99.236.xxx.xxx |
raising rent in NYS (by John [NY]) Posted on: Sep 25, 2021 1:20 AM
Message:
It is specified in the eviction law the amount you
May raise rent. It probably is not $100, but 5 or 6 percent. --107.242.xxx.xx |
raising rent in NYS (by Mary [NY]) Posted on: Sep 25, 2021 8:12 AM
Message:
John,
I thought that was fot NYC,..is that for the whole state?
My expenses are going up more than that. --66.30.xx.xxx |
raising rent in NYS (by Mary [NY]) Posted on: Sep 25, 2021 8:25 AM
Message:
John,
I thought that was fot NYC,..is that for the whole state?
My expenses are going up more than that. --66.30.xx.xxx |
raising rent in NYS (by DJ [VA]) Posted on: Sep 25, 2021 8:43 AM
Message:
Look in the upper left area of this page where it says "Landlord/Tenant State Laws" and follow the link to NY.
Or google it.
Print, Read, StudyLearn & apply it. --68.229.xxx.xxx |
raising rent in NYS (by Mary [NY]) Posted on: Sep 25, 2021 6:22 PM
Message:
OK this is what I'm reading under NYS new laws
I'm wondering if I am interrupting it correctly...
All the tenants are MTM.
Office of the New York State Attorney General | Letitia JamesBetter
Notice of Rent Increases and Lease Non-Renewals
• If you live in an apartment that is not rent stabilized or controlled, there is still no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more --66.30.xx.xxx |
raising rent in NYS (by John [NY]) Posted on: Sep 26, 2021 1:26 AM
Message:
That’s the attorney generals statement. The law is under what passed in 2019. You’ll have to check in there to find what it says. --107.242.xxx.xx |
raising rent in NYS (by Small potatoes [NY]) Posted on: Sep 26, 2021 2:22 AM
Message:
That statement is how the law reads, and if you go above 5% and don't have 'justification' a tenant w a lawyer can get it clawed back most likely. Yes on 90 day notice. 100 below is not that much considering how much rents have gone up, still money though. If you have to do some capital improvements, use that as justification. --172.58.xx.xx |
raising rent in NYS (by Mary [NY]) Posted on: Sep 26, 2021 6:48 AM
Message:
I did get that from the 2019 statement
See:
ag.ny.gov/sites/default/files/changes-in-nys-rent-law.pdf
--66.30.xx.xxx |
raising rent in NYS (by Robert,OntarioCanada [ON]) Posted on: Sep 26, 2021 11:07 AM
Message:
It is better to raise rent consumer price index every year where if there is a problem tenant then raise higher. Some apartment buildings require a lot of renovation as things were not done in the past. If utilities are separated out then operating expenses will be less. No one knows what the price for electricity, natural gas will be in the future. When rent is brought up to market then the rental units have to be at market level as well. In a rent controlled jurisdictions vacancy rates are at zero or one per cent on and off where it is take or leave it. Tenants visit friends and relatives in market rent areas then do not see how government intervention tenants are paying higher rent along with less value for rent. --99.236.xxx.xxx |
raising rent in NYS (by Ray-N-Pa [PA]) Posted on: Sep 27, 2021 10:16 AM
Message:
If you are trusting your own judgement, you can either join an apt association or hire an attorney.
Since you are picking up the pieces on a mismanaged property, I hope you join the association and show that you are adding some level of value. If not, I recommend you go to the drug store today and buy a large container of aspirin --24.101.xxx.xxx |
raising rent in NYS (by Mary [NY]) Posted on: Sep 27, 2021 4:39 PM
Message:
Well I am taking over a mismanaged family property and I live over 300 miles away. The only LL association I found is also even farther away. Doesn't seem very local, not that in this question it has to be since it seems like a state wide law/rule. However I did mess up by sending a notice about 3 weeks ago about the rent raise to the tenants.
I did give them 90 days before its implamented as it seemed that I had to according to the fairly new NYS law.
However it SEEMS to me that if they are MTM and not in rent control,..the law/rule I stated says I can raise it (w/o a percentage).
I just wondered if any NYS LLs knew if this is true.
I recently got a lead on a lawyer but they have yet to turn my call.
--96.236.xxx.xxx |
raising rent in NYS (by Chris [CT]) Posted on: Sep 28, 2021 8:19 AM
Message:
Since the tenants are month to month can you send them a none renewal? Say you have to renovate the unit.
Then renovate the units and go to market.
--24.45.xxx.xxx |
raising rent in NYS (by Small potatoes [NY]) Posted on: Sep 28, 2021 10:12 AM
Message:
Mary as I mentioned in my reply you can raise it above 5%.if you are challenged then it may be clawed back without you justifying the increase. In other words you can't look like you are jacking up the rent just for the income. --172.58.xx.xxx |
raising rent in NYS (by Dodge [PA]) Posted on: Sep 29, 2021 8:40 AM
Message:
Would it be worth not renewing their lease? Rent it to someone new at market rent. --174.198.xxx.xx |
raising rent in NYS (by Libi [NY]) Posted on: Sep 29, 2021 2:54 PM
Message:
If you are increasing rent by 4.99% you don't need to wait 90 days. If you want to have bigger increase tell them it will come in 90 days.
The other ideas from MrLandlord:
- Ask them how much they are willing to pay. Maybe they will pick the number suitable for you.
- Offer a biweekly payment plan.
--65.51.xxx.xxx |
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