Friday, August 28, 2020

New lease form for rent stabilized tenants for Oct. 2020-Sept. 2021

In June 2020, the Rent Guidelines Board voted that for rent stabilized tenants whose lease renewals begin any time from Oct. 1, 2020 through Sept. 30, 2021, a 1-year lease renewal would have NO increase, and a 2-year lease renewal would have NO increase the first year, and a 1% increase the second year.   This does NOT apply to you if your lease renewal does not begin during that period. 

So if you are rent stabilized and your renewal lease will start any time between Oct. 1, 2020 and September 30,20201,  your lease renewal form will look a little different than it has before.  (Click on the link for what the new one looks like.)

Under line 2, it should say:  

**Rent Guidelines Board Order #52 applies to leases commencing between 10/1/20 and 9/30/21.  It allows the two(2) year lease guideline increase to ONLY be collected in the second year of the lease. There is no increase in the first year.