Rent stabilization is a set of rent regulations in New York City,(NYC), that was enacted in 1969, it now covers over 1 million apartments in NYC. Rent stabilization protects tenants from unfair rent increases, and allows tenants the right to renew their lease agreement. If your tenant does decide to renew their lease, a specific form is required. The New York City Lease Renewal for Rent Stabilized Housing form, must be given to tenants who intend on renewing the lease agreement.
The NYC Lease Renewal for Rent Stabilized Housing form gives specific directions on what the landlord and tenant must first do before filling out or signing the form. In NYC, the owner/landlord must give written notice of renewal by mail or personal delivery not more than 150 days and not less than 90 days before the existing lease expires.
The landlord must also read and fill out Part A of the NYC Lease Renewal for Rent Stabilized Housing form. This form offers sections on the security deposit, additional charges, terms and conditions and more. The tenant has an option to choose a lease term of one or two years. The rent is set according to guidelines set forth by the local Rent Guidelines Board. After the landlord fills out Part A, the tenant is responsible for reading and filling out Part B of the form.
A landlord should use this form when the lease is expiring and would like to offer the tenant the option to renew. This form is used only for NYC residents in Rent Stabilized Housing. The NYC Lease Renewal for Rent Stabilized Housing must keep the same terms and conditions as the expiring lease. If any additional provisions are added to the renewal lease, they must abide by the Rent Stabilization Code and be attached to this renewal lease.