Shifting rent tendencies

February 4, 2009 – 10:48 pm

By Petya Kirkova

Finding a rent-stabilized apartment in New York City has become harder in recent years. In the rough economic climate of today, tenants feel vulnerable about the next lease renewal, which might possibly come with a higher price tag. It seems unfair, especially when along with the landlord, everyone from Con Edison and KeySpan to the local grocery store is charging more for the offered commodities. The only constant in the bunch is your paycheck, and if you live in the uncertainty of renting a market priced home, every unexpected letter from the management becomes the bête noire of your day. The increase can rarely be avoided; however when the limitations of the amount of rent are fixed by law, the bite is a little easier to swallow.

Since the beginning of the recession rents have been plunging, but it doesn’t change the fact that New York remains among the most expensive real estate markets in the country. Many predict that in no time, the high prices can drive the middle class out of the City, but whispers of change are setting a different mood. According to the New York Times “a sweeping revision of the state regulations law that could return thousands of market-rate units to rent control" has been approved by the Assembly at Albany. If passed by the Senate, the revision will result into a lot more security for tenants, and the choice of rent-stabilized apartments will widen. The project still has a long way to go, and the road to completion is bumpy. It is something the financially drained people of the Big Apple can look forward to. May be it will give them a reason to think twice before renting that U-Haul and heading to a more affordable destination. Is the best yet to come?