R.E.M. Residential is equipped with rent regulation experts. Rent control NYC is hotly scrutinized in investment opportunities and rental terms. It’s crucial that your property manager knows the rent control details and fluctuations of each building you own and rent.
Let’s look at some of the most common questions renters have on the topic:
What is rent control in New York City?
Rent control in NYC refers to residential buildings constructed before February 1947 in 51 declared municipalities in which tenants (or lawful successors) continuously living in the space since before 1971 get to pay a fixed rent.
What is the current status of rent control?
About 27,000 buildings are currently covered under rent control, protecting many older, lower income individuals and families.
When will rent control end?
It is unclear when rent control will trickle and fade, but the end goal in NYC is to have zero rent-controlled apartments.
My mother passed away – do I live rent controlled in her apartment?
You can live rent controlled in her apartment if you’ve lived with her the two years leading up to her death. Some exceptions apply to disabled or elderly successors.
The tenant before me was rent controlled. What is my potential increase in rent?
The landlord can ask for any price that the market supports. However, the tenant has the right to file a Fair Market Rent Appeal within 90 days of the landlord sharing the previously controlled rent information. If no notice is provided, the tenant has four years since the rent control tenant left to appeal.
To understand more about rent control in NYC or hire apartment rental management to oversee rent control rules and regulations, reach out to us at R.E.M. Residential.