Ask Experts Questions for FREE Help !
Ask
    Keylandlord's Avatar
    Keylandlord Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 14, 2007, 07:37 PM
    Increasing rents in NY
    Hi,
    I just obtained a property with a tenant who is paying way below the rent value for a 1 bedroom. She is a friend of the previous owner, who was doing the tenant a favor by letting her pay the low amount. I am the new owner and would like to raise the rent up to value for the 1 bedroom. I know I have to make sure I give a 30 d ay notice of the rental increase. Is this the only procedure that I must take? Are there laws in NY that say I must increase the rent by a certain percentage?
    The tenant does not have a lease.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Jan 14, 2007, 10:10 PM
    Yes I beleve there is, Esp if this is within NYC. Some even have rent controls that are very strict. A call to a real estate broker or a property management office in your area should get you the answer you need

    I am sorry I don't have the links, but I know when I used to live up there, they had many restrictions on my landlord
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Increasing Garage Wall Height [ 9 Answers ]

Hello Folks, I have a rather tough question: I have a garage that is 27 by 24 feet, and walls are 8 feet high. This is my workshop and I'd like to raise it up an additional 4 feet. Walls are 2x4 , I have no insulation or drywall, and the siding is about to be replaced. I just had the roof redone...

Increasing prices [ 5 Answers ]

I need to write a letter that talks about a price increase. Anyone got any suggestions for wording?:)

Increasing foot speed [ 4 Answers ]

Hi I have a 12 yr old who plays baseball and is very good except for foot speed. How do you increase the foot speed for a young person Ty

Tax on rents [ 1 Answers ]

Can someone please help me with the following question: During the 1996 Olympic Games many residents of Atlanta left the city and rented out there homes. Despite the increase in the quantity of housing available, rents soared. If during the 1996 Olympic Games, the city of Atlanta had imposed a...

Increasing knowledge [ 5 Answers ]

Dear Sir / Madam, I would like to enhance my 6 year old daughter's overall knowledge. I send her to the best school in the area, but still I would like her to have more knowledge than she acquires from her school. What should I do? Please help me in this regard.

View more questions Search