Those who call New York City home know just how difficult it can be to secure housing at an affordable price. It is for this very reason why so many may fear the potential of eviction. Some might see this concern and proclaim that as long as one stays current on their rent payments, those fears are not warranted.
Yet as the many of those subject to the 2.3 million evictions that NPR reports occurred in the U.S. in 2016 alone can attest to, agreeing to pay rent means that one often puts themselves at the mercy of a landlord’s investment ambitions. It is understandable that a property owner will want to get the most out of their investment. That said, one has to wonder whether there are regulations that keep their desires to raise their tenants’ rent in check.
Understanding New York City’s guidelines regulating rent increases
Fortunately, there is. According to the Mayor’s Office to Protect Tenants, a landlord wanting to raise the rent on their properties must provide tenants with the following notice periods:
- 30 days in advance of the renewal date on a lease of less than one year
- 60 days in advance of the renewal date on a lease between one to two years
- 90 days in advance of the renewal date on a lease or more than two years
One should keep mind, however, that these regulations apply only to rent increases of greater than 5%.
Managing late payment fees
In addition, landlords cannot set their own late rent payment fees. Indeed, such penalties must be the lesser of either $50 or 5% of the monthly rent. Plus, such fees can only become due if a tenant is more than five days late with their rent payment.