Rent Increase and Possible Sale of Property in 2022

[Dave Aiken]

We own a two family duplex.  We have long term tenants of 4 years (rent $1300) versus new tenants paying $1500 per month.  Both units are yearly leases.  We had planned to increase our long term tenants rent but with Covid, did not.  The lease for the long term tenants is up at the end of June and they are looking to buy a house but not sure what may happen in this crazy market.

We would like to raise their rent to comparable market  rent of  $1500 as well as offer a a month to month lease.  We are currently thinking about selling the property this year.

 Do we have to notify them in writing 90 days before the lease expiration of a rent increase of more than 5%?  They are currently on a yearly lease and we want to offer a month to month lease in case we sell the property and we have an owner occupied buyer.  This may be more advantageous to the current renters if they do purchase a home.

Thoughts, do we have to notify them 90 days in advance of an increase of more than 10% in rent; do we have to notify them of the change to month to month lease more than 60 days prior to the current lease expiration.

  Thank you - I found this information here:

https://ag.ny.gov/sites/defaul...