[New York City apartment building photo courtesy Sue NYC on flickr]
From our inbox comes this cry of pain from a renter:
I was notified of my new rent agreement yesterday and was outraged by the increase. My building plans to increase the rent by 20%. I do not live in a condo or co-op, and the agreement we signed last year was not rent control. However, I find it hard to believe that my apartment is worth $500 more over the period of one year. Can you please let me know the rights of landlord has on establishing rent? Is this increase legal?
While we know the only thing the writer can do is cry, drink, or both, we thought it might help him cope to hear other tales of woe from this tight rental market.
· Curbed Roundtable: State of the Rental Market [Curbed]
· Tips for Surviving a Tight Rental Market [apartmentratings.com]