A real estate agent is helping a client find a rental apartment in New York City. The client asks about the difference in lease terms between market-rate and rent-stabilized apartments. What is the standard initial lease term for rent-stabilized apartments?
Correct Answer
D) One or two years at the tenant's choice
Rent-stabilized apartments must offer tenants the choice between one-year and two-year initial lease terms. Tenants can select their preferred term, with two-year leases typically having lower annual rent increases.
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Previous Question
Under current New York rent stabilization law, a rent-stabilized apartment can be removed from regulation in all of the following circumstances EXCEPT:
Next Question
Maria is a real estate agent in Manhattan representing a tenant looking for a rental apartment. She finds a rent-stabilized unit where the current tenant is paying $1,800 per month. The landlord tells Maria the apartment will be available next month and asks what rent can be charged to a new tenant. What should Maria advise regarding rent-stabilized apartments in New York City?