This office lease provision states that Base Rent shall be $25.50 per rentable square foot. During the Renewal Term, Base Rent shall be increased by the change, if any, in the Consumer Price Index. In no event will the Renewal Rental Rate be less than the Base Rent.
New York Provision Calculating the Rent Increase
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US-OL24017D
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How to fill out Provision Calculating The Rent Increase?
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FAQ
NYC Rent Guideline Board is responsible for choosing the maximum percent for a rent increase. In 2022, The Board set up a maximum of 3.25% increase for one-year lease periods and a maximum of 5% increase for a two-year lease agreement. These rules are in power for leases signed between October 2022 to September 2023.
Tenants in New York cannot be denied based on past legal conflicts with a landlord (for example, if they have previously sued a landlord). Landlords in New York are also not allowed to charge any additional fees for the processing, review, or acceptance of an application.
Specifically, the NYC Rent Guideline Board limits how much a landlord may increase your rent yearly. In June of 2022, the board set a 3.25% increase for one-year lease agreements and a 5% increase for a two-year lease agreement. This will apply to all leases signed between October 2022 and September 2023.
For a two-year lease commencing on or after October 1, 2023 and on or before September 30, 2024: For the first year of the lease, 2.75%; and. For the second year of the lease, 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.
Rent Increase Notice 60 days in advance for a tenant who has lived in the apartment for one to two years or for a tenant with a lease term of between one and two years. 90 days for a tenant who has lived in the apartment for more than two years or for a tenant with a lease term of at least two years.
