Increasing rents in NY

Question

Jan 14, 2007, 05:37 PM

Keylandlord

New Member

Join Date: Jan 2007

Posts: 1

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.

Answers

Jan 14, 2007, 08:10 PM	#2

Fr_Chuck Christianity Expert Join Date: Nov 2005 Location: Atlanta GA Posts: 26,270	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 mangement 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

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