New York City is an appealing place to live. It is vibrant, there is always something to do or see, and it is a mecca for many industries like technology, finance, and media. If you are considering moving to the city that never sleeps, you will be joining 8.6 million other New York City residents. That number was determined by the Department of City Planning after they looked at Census Bureau data. This is almost 450,000 more residents than the 2010 census.
The first thing to know before moving to New York is that you could easily pay up to $3,000 per month to rent an apartment. And chances are, you are more likely to find an apartment in a rent-stabilized building than a rent-controlled building.
Fifty percent of New York apartments are in rent-stabilized buildings (there are approximately one million apartments in the city, meaning that 68 percent of residents rent their homes). Rent-stabilized apartments are in buildings that were constructed before 1974 and have at least six units. Landlords can only raise the rent at the end of a lease (if you wish to renew) and the percentage they can raise the rent is determined by the Rent Guidelines Board.
In the past, landlords could raise rents in rent-stabilized buildings as much as twenty percent between tenants. But new housing laws passed in 2019 have curtailed that practice. When you move into a rent-stabilized apartment, the landlord should include a rider that notifies you of your rights as a tenant, but it is a good idea to do your own research as well or hire an attorney such as Melvin Monachan to advise you.
Rent-controlled apartments are significantly harder to come by in New York. In the 1950s, there were over two million rent-controlled apartments in New York; now there are only around 22,000. Apartments are rent-controlled when a tenant has lived in one continuously since 1971 and the building was constructed before 1947. So unless you have been living with your grandmother in her rent-controlled apartment and she has passed away, your chances of getting a rent-controlled apartment are slim. Non-family member roommates of rent-controlled apartments have no rights to take over the lease after the tenant has died.
Melvin Monachan, Landlord/Tenant Advisor
Whether you are a landlord who wants to make sure you are abiding by the recent changes made to New York housing laws, or you are a tenant who is having troubles with your new landlord, Melvin Monachan is here to help. Initial consultations are free, so call 516-714-5763 or fill out a contact form today.