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How Soon Is Too Soon to Ask My Landlord About a Rent Increase?

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Q: My husband and I have rented a market price apartment on the Upper West Side for nine years. The building recently changed owners and during the transition period the apartment was intentionally left vacant until the new owner took over. Now that new managers are running the building, our comparable units are renting at much higher rents than we pay. Our lease will be renewed in October, but We are concerned about the potential increase we may face. Should I ask my landlord about the renewal terms early or should I wait? How can you approach the conversation?

A: You have reason to worry. The median rent in Manhattan was $4,050 a month in June, up almost 25% from the same period last year, according to . Douglas EllimanAnd there is little hope that things will improve before October, when the lease is due for renewal.

Your new management has revealed plans to raise rents significantly. “The letters are on the wall,” he said. don’t worryreal estate salesman Douglas Elliman added, “may hit them with unreasonable increases just to get them out.”

I have lived in an apartment for over two years. Landlord must give 90 days notice If the rent increases by 5% or more or if the lease is not renewed. But that doesn’t mean you shouldn’t ask for information before then.

Write a letter to your landlord and ask for information about renewing your lease. Explain what you are trying to budget for and what you would like to know more about for lease renewal terms. Just asking this question does not change the landlord’s calculations. That decision may have already been made.

“The best thing they can do is give the search an edge instead of relying on prayers,” Sanai said.

If the rent increase is reasonable, or close to reasonable, ask if it’s negotiable. Perhaps you can lock in a two-year lease with slightly less rent than the landlord requested. , it’s time to start looking elsewhere.

Research neighborhoods and buildings to find one that fits your budget. Talk to your real estate agent or property manager now, explaining that you want to sign a new lease in the fall. Ask if they will alert you to upcoming vacancies before the apartment hits the market. The sooner you know what will happen, the sooner you can start planning your next move.

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