Jeff McAdams' Tenant Protection Tips
9-27-10

Negotiate an Option to Renew Your Unregulated Lease

If you live in an unregulated apartment, you do not have the protections conferred by rent-stabilization or rent control, which require landlords to extend tenancies. There is almost no limit on rent increases landlords may charge as a condition of extending a lease at renewal. One way to protect yourself is by negotiating an option to renew at a pre-set rate upon expiration, whether you’re in an unregulated unit now, or are renting another apartment for the first time. In a difficult economy, when the market favors renters, landlords are more likely to offer concessions. You’ll need to have specific language included in your lease, detailing the renewal option and rate. When adding legal provisions to your lease, it’s safest to consult a Tenants’ attorney. You want to avoid any loopholes that could result in the landlord refusing to honor your option. A court battle can wipe out any savings you would have gained. Litigation also exposes you to blacklisting.

(See How to Protect Yourself Against a Ruthless, Greedy Landlord , for a discussion on blacklisting, at Strategy # 20.)

Please Note: Every McAdams Law Tenant Protection Tip and article is for informational purposes only and cannot substitute for legal advice. Before taking action, consult an experienced New York Landlord Tenant attorney about your situation. Beware that being a party in a lawsuit in New York City’s Housing Court can subject you to blacklisting. Please see more details here.

McAdams Law
305 Broadway, Suite 610
New York, NY 10007
212-406-5145
Fax: (212) 619-0714

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