Monday, March 7, 2011

Rent Stabilized tenants: Calculate your MCI increase (more or less)

Thanks to tenant Janak Ramakrishnan for creating an on-line calculator.  It is for tenants who choose to pay off the retroactive part of the MCI (Major Capital Improvement) month by month.  (There is no disadvantage if you do that.)

If you click here, you can type in the rent on your current lease and the number of bedrooms in your apartment, and calculate approximately 
  • your rent bill for April 2011 
  • your permanent MCI increase
  • how many months it will take you to pay off the retroactive amount in installments
  • your monthly installment (paying off the retroactive amount) for the first year
  • your monthly installment (paying off the retroactive amount)  for some months into the second year.
This figure will only be APPROXIMATE since it does not take into account when and whether your lease will be renewed during this period, and whether any lease renewal is for one or two years.

The MCI increase is on top of any lease renewal increase.  So if your lease renewal increase is 6% for example, and the MCI is roughly 6%, that would make roughly a 12% increase in your current rent.

Click here or above for the calculator