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?
Correct Answer
D) The landlord can add a vacancy increase plus any approved improvements to the stabilized rent
Under New York's rent stabilization laws, when a rent-stabilized apartment becomes vacant, the landlord can charge the new tenant the previous stabilized rent plus a vacancy increase (typically a percentage set by regulations) and any approved individual apartment improvements (IAIs) that have been made. The apartment remains rent-stabilized.
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Previous Question
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?
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Under New York City's rent stabilization laws, a landlord may legally remove an apartment from rent stabilization in all of the following situations EXCEPT: