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Rent stabilized renewal question
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I'm trying to renew my lease, but I'm confused about what it says. Basically it looks like this (I changed my rent for the sake of simplicity):
| term | current rent | increase | new rent |
|---|---|---|---|
| 1 year | $1000 | (2.75%) $2.75 | $1027.50 |
| 2 years | same as above | (2.75% 3.20%) $2.75/$3.20 | $1027.50/$1032.00 |
My questions:
- If I opt for a 2 year lease, does my rent change from year 1 to year 2 (i.e. $1027.50 to $1032), or is it the same price the entire time? If it changes from year 1 to year 2, do I provide additional security deposit now, or next year?
- My reading of the rules makes it seem like it should be 5.25% (2.75% 3.20%) increase for a 2 year lease. I think my landlord messed up the math and calculated the increases without compounding. If we both sign this, will my lease be valid, or will I be subject to the 5.25%?
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- 2 weeks ago
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