Aside from knowing the building styles, names and types of dwellings, it’s essential to know how rent and approval works for each apt for rent in New York that you look at. In addition to the approval process, each will have a method in which rental price is determined. There are four main categories to define each type of Apt for Rent in New York.
1. Rent-Stabilized
On a yearly basis, the RGB (Rent Guidelines Board) evaluates how much the rent of certain dwellings is allowed to increase. As tenants renew their leases, rent-stabilized homes are subject to the laws and are protected from increases that exceed the fair and legal limit. There are numerous guidelines that determine whether an apartment is rent-stabilized, including the age of the building and the initial rental fee.
2. Non-Stabilized
Conversely, those not subject to rent-stabilized regulations can increase rent as much as they wish when a lease is due to renew. These homes are called non-stabilized or “free-market.” A non-stabilized dwelling can be an apartment, condominium or co-op.
3. Condominiums
When a building is divided into individual units that are owned, rather than rented, they’re called condominiums. Common areas like laundry facilities and lobbies are jointly owned. Individual units are often rented out or sub-leased.
4. Cooperatives
Co-ops work a bit differently than condos. A cooperative building is owned by a corporation. Rather than buying an actual apartment, owners will purchase shares of the corporation, which makes them part owner of the building. Many of these types of buildings do not allow owners to rent out their space, or they require a difficult approval process. Because of this, there aren’t many co-ops available for rent.
There is no right or wrong choice among these options. It’s simply a matter of what works best for you or what is available in the area you want to move to. Many of the newer buildings are being created specifically as condos, so you will be more likely to see those in rental listings. If you’d like to rent an older or pre-war apartment, you might have a more difficult time as those are most-often cooperative buildings.
However, there are no steadfast rules. The key to finding an apartment you are happy with begins with understanding the terms and knowing what features are most important to you. You can always enlist the help of an agent or request more information when an ad is unclear. At the very least, though, it’s wise to verify whether your apt for rent in New York is stabilized or non-stabilized. If it’s non-stabilized, you should also verify how much your rent can increase yearly.
