Rent Controlled Kitchen
I have a rent controlled tenant. The last owners installed a high end bathroom and my tenant is currently paying 1/3 of the market rent. He wants a new kitchen, how much can i increase his rent by? Thanks
I have a rent controlled tenant. The last owners installed a high end bathroom and my tenant is currently paying 1/3 of the market rent. He wants a new kitchen, how much can i increase his rent by? Thanks
Thank you everyone. They are a rent controlled tenant. I bought the house knowing this and no regrets so far.
DIBS: “1/40th???? No wonder RC buildings remain in such bad shape. Such an assinine law.”
30% per year is an extraordinarily high return for the government to guarantee landlords. Especially since there is no reason to think that landlords actually spend as much as they claim to, so the actual returns are probably higher.
But why do you think that a 30% guaranteed return would result in underinvestment?
Possibly, Leucas, because some people use “rent controlled” as a synonym for “rent regulated,” rather than the more specific category that it is.
In my last RS apartment, my landlord gave me permission to renovate the kitchen at my own expense. Another option.
The dude above says RC twice — why does everybody keep talking about RS?
as posters have already noted, you can add 1/40th the cost of the capital improvement to the monthly rent in perpetuity. But you need to have paperwork. If you feel the tenant will cooperate then do a full renovation, it will more than pay for itself. If the tenant is difficult then I would just make sure that the kitchen is serviceable. Many rent-stabilized apartments have kitchens that date to the Eisenhower Administrations. It is one of those fun “only in New York” things.
reason I said totally forget for RC – is that don’t want to encourage to stay at all……Possible to charge market rate after vacancy….
For RS – if tenant leaves….get vacancy increase for new lease but still not going to be able to charge market rate anyway.
Yes RC and RS are different animals, but as I pointed out above you can collect an increase of 1/40th the cost in either case. For RS you need tenant’s written consent. For RC you need that and you need to file the form with DHCR.
Rent-controlled or rent-stabilized? Totally different animals.
1/40th???? No wonder RC buildings remain in such bad shape. Such an assinine law.