The Market

And the biggest rent hikes go to...tenants I know by name

By Teri Karush Rogers | March 25, 2011 - 11:42AM

If you want to keep your rent increases on the lowish side at lease renewal time, step inside your landlord's brain for a moment, courtesy of this recent comment posted by a building owner on BrickUnderground:

"So here's how many landlords work," he or she explains. "Upon lease renewal for a market rate apartment I have a business decision to make. What price to offer the next lease? Let's say that the tenant always pays on time. Generally for me this means I don't know the tenants name. A tenant I don't know is a tenant I want to keep."

In other words, renters, keep your head down and your checks prompt if you want to catch a break at renewal time.

It's worth noting that this particular landlord's point is that he may lose the flexibility to cut trouble free tenants a break if the $2,000-a-month threshold for turning rent-regulated apartments into market-rate apartments goes up.  For the latest developments on that political hot potato, check out CurbedNY's 'rent wars' coverage

Related posts:

Twentysomething renters would bear brunt of rent regulation change

Teri Karush Rogers

Founder & Publisher

Founder and publisher Teri Karush Rogers launched Brick Underground in 2009. As a freelance journalist, she covered New York City real estate for the The New York Times. Teri has been featured as an expert on New York City residential real estate by The New York Times, New York Daily News, amNew York, NBC Nightly News, The Real Deal, Business Insider, the Huffington Post, and NY1 News, among others. Teri holds a BA in journalism and a law degree from New York University. 

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