Brooklyn’s Most Affordable Living — Searching for Your Own Rent-Regulated Apartment
Apr 18, 2022 brooklyn,brooklyn real estate,brooklyn real estate agents,brooklyn realty,brooklyn rentals,Brooklyn Renters,new york,renting in brooklyn
Finding a rent-stabilized apartment in Brooklyn can feel like striking gold. The affordability —and the promise to stay that way for years to come— can literally change renters’ lives. But what is life like in these buildings and units, and how can you snag one of your own? We’ll dive into all of the details in the post below.
What It’s Like to Live in a Rent-Regulated Apartment
Living life in a rent-regulated apartment is just like anywhere else, except more affordable! But this hasn’t always been the case. New programs offer landlords tax abatements for repairing these living spaces, so maintenance isn’t skimped on like it was notorious for in the past.
The prices can vary, starting out significantly below or near the same as the market rate for similar buildings and units. The real benefit comes with the increases — which are currently frozen due to the pandemic and will move forward at 1.5% per lease renewal after that.
Sometimes raises can be larger, specifically when large building maintenance projects are required, but even these hikes are capped at 6%.
The Secrets Behind Spotting a Rent-Stabilized or Rent-Controlled Apartment
Even though these living spaces tend to be held onto, they do go on the market from time to time. And even though landlords do not list them as rent-regulated or rent-controlled, there are signs to search for that can let you in on the secret.
Most rent-regulated apartments:
- Were built before July 1st, 1974.
- Contain more than 6 units.
- Has received a J-51 or 421-a abatement, which you can check here.
- Could be listed on the New York Rent Regulated Building Search or Am I Rent Stabilized?
Most rent-controlled apartments:
- Were built before 1947
- Have had tenants living in them since 1971
- Could also be listed on the resources shared above
These aren’t tell-tale guidelines, as some previously rent-regulated apartments were deregulated when they reached a certain threshold — currently $2774.76, but have been $2500 and $2000 in the past.
Keep in mind…
…that though these regulations are state law, they are not always followed. Some landlords do not inform new tenants of rent regulations. If you think your apartment, or a place you’re interested in renting, should be regulated, you can challenge the status pretty simply. You don’t need to wait a specific period of time to take legal action, and you can receive up to 6 years of the overage funds back.
Or, if you want any advice, reach out to us and we’ll help you out best we can!