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Updated over 6 years ago on . Most recent reply
Procedure on increasing tenants rent in NYC
Hello :
I am brand new here on BP and fairly brand new to real estate. My father passed a few years ago and my my mother is aging and she has asked me to help her with a rental property she owns in New York City, Queens to be exact. One of my first tasks is to increase one of the tenants rent. In the past my mother would raise the rent verbally and in past years my parents never used leases. A few years ago I started drawing up leases for my mom and I was in charge of renewing leases and for the first time she has asked me to increase a tenants rent.
What is the proper procedure on increasing a tenants rent in New York City? I would appreciate any help.
Thank you,
Joe
Most Popular Reply
Is the tenant rent regulated or free market? If the tenant is in a 2-3 or 4 family home, then the tenant is likely not rent regulated so you can increase the rent at lease renewal time as much as you want, just make sure the rent is in the lease renewal.