This is undoubtedly impacting the value of rental property in NYC and for good reason, your ability, as a landlord, to increase rents and remove non-paying tenants has been dramatically reduced http://www.realestateindepth.c...3) Cap rates below financing rates, how are you going to get cashflow?

Then... keep an eye out and spend time/energy looking for deals of both. 

If you want to stay I would negotiate a longer term lease (3-5 years) with reduced rent bumps like 3%/year.

It usually reduces your return on investment.Leveraging up will give you the greatest return, even though it's not the best cash flow.

I also will remove them if the tenant prospect indicates they have their own, rent is not reduced. 

This will pay down your loan and thus reduce your interest much more than a refi will at this point.  

Reduce debt, improve your credit score. 7.

Also, utilize the MassSave program for any quick renovation upgrades (0% interest for 7 year loan on energy efficient household items).

It will be reduced by any expenses you put into it, renovations, ect, as well as buying and selling costs. 

Been asked on BP a million times...... quick raise to market or slow raise....no "right" answer....Its a balance..... big rapid jump often induces turnover...... and turnover costs $$ in the short term (rehab cost vacancy etc) but cant pay off in the long run..... getting to market faster recoups that expense for the rehab and vacancy etcSlow, smaller increase keep the tenant and reduced the short term expenses but doesn't maximize the return over the long haul necessarily......As stated before....make sure you are comparing apples to apples..... a lot of new landlords think their old beat up place will rent for the same as the nice new places just because its the same bedroom/bath/sq footage as the ones they looked up......Do they math.... if you can rehab it cheap and quick and jump up a lot to market, then you make you $$ back fast...... but don't fool yourself into thinking that always happens