NYC Apartments Covered by Rent Regulations Infographic
According to this report, the vacancy rate for NYC rentals is 3%. That means that 97% of the market is unknown to renters as we try to determine if our rent is fair. RentHackr is solving this problem by sourcing lease information from current renters, not from listings for vacancies.
Renters have no way of knowing when 97% of the market is going to come up for lease or become an available apartment. RentHackr is solving this problem by displaying predicted availability for each apartment added by our users, based on what tenants are planning to do. RentHackrs are able to know about apartment availability months in advance, even before landlords.
The nice infographic on NYC Rentals is from this piece by the NY Post. We’ve taken the useful bits about rent regulation and put them together for you below.
Rent Stabilized - 45%
About 45.4 percent of the housing stock is rent-stabilized — where the rent can be raised by a maximum of 3.75 percent a year. The average rent of those apartments is $1,050 a month.
Nonrergulated - 39%
The average rent for a nonregulated apartment is $1,369 a month.
Rent Controlled - 1.8%
About 1.8 percent of the city’s rental-housing stock is rent-controlled, according to the city’s 2011 housing-vacancy survey. The average price of the city’s 38,374 rent-controlled units is $800 a month.
To qualify for rent control, a tenant or family member must have been inhabiting the unit continuously since before July 1, 1971. For that reason, rent control is slowly waning to a close.
If they file paperwork with the state, landlords can raise the price of rent-controlled units by 7.5 percent a year until it reaches the “maximum base rent,” determined every two years by the state based on real-estate taxes and other building operating expenses.
We’re looking into enabling users to see if a building has rent stabilized units on RentHackr.com. Do you want to be able to see rent stabilization?