Stable fees: how cheap is it to rent an apartment in new York

New York is your dream, but moving to his beloved city keeps its expensiveness? Sky-high housing prices in the Big Apple have become a byword. But today you will learn how to rent an apartment in the most expensive area of Manhattan for a ridiculous price.

A sure way to gain a foothold in the elite part of the beloved city — to find housing with stabilized (rent stabilized) or controlled (rent control) rent. What is the difference — we’ll see!

Apartment rent control

Controlled rents — it’s a happy chance to live in the heart of new York city, permanently renting a house for mere pennies. But such proposals — a rarity on the real estate market: only 2% of all rented apartments in the city. Rent control applies only to houses built before February 1, 1947, to the same one and the same family had continuously live in such a house before July 1, 1971. The apartment is inherited only in case, if the next responsible tenant lived in it together with the previous at least 2 years.

Another interesting point: when selling a home in which there are flats with controlled rent, change of ownership does not affect the prisoner before the indefinite contract.

Rents for apartments with rent control can not increase by more than 7% per year. The maximum increase is calculated according to a formula, but many homeowners prefer not to disturb the eternal «public sector» in such matters.

How to remove

As a rule, an outsider to get such an apartment is not something that is difficult, but absolutely impossible. She, like a family heirloom, carefully passed on from generation to generation.

Apartments are rent stabilized

Stable rent apply to houses of 6 or more units built before 1974, but not related to the apartment or cooperative buildings.

These apartments in new York much more (50%), so to remove this cheap accommodation is quite real. The term rent stabilized means that the government limits rent increases in certain interest rate.

So, if you are going to extend the lease commencing on 1 October 2017 and expiring on 30 September 2018, for 1 year, the increased fees would be 1.25% for 2 years – 2%. By the way, the state at the legislative level to protect such tenants from arbitrary eviction of tenants and gives the latter the right to renew the lease each year. It is not surprising that some landlords are dreaming to short-sighted tenants voluntarily picked up and moved out of the house… But who in their right mind would refuse his own benefit?

How to remove

Apartments with controlled rent in new York a million. However, to remove one of them is not easy, because:

Stable fees: how cheap is it to rent an apartment in new York Few of the tenants refuses to renew the lease.

Stable fees: how cheap is it to rent an apartment in new York Renting such housing is very rarely occurs with the participation of brokers. Come many prefer to assign their apartment to friends or relatives or private friends report that she is released.

But the chance to catch the tail of luck is always there. Therefore, when you search, pay attention to:

Stable fees: how cheap is it to rent an apartment in new YorkDistrict. Most of the rent stabilized rents in Washington Heights, Inwood (Manhattan) and Crown Heights (Brooklyn).

Stable fees: how cheap is it to rent an apartment in new YorkThe age of the building. You need homes built between 1947 and 1974.

Stable fees: how cheap is it to rent an apartment in new YorkThe number of rooms. The apartment with regulated rent real shoot in the format of a Studio than with multiple bedrooms.

Earlier we have published more detailed advice on how and where to rent inexpensive housing in new York city.

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