The Rent Guidelines Board has issued its order determining the percentage increase for lease renewals that go into effect any time from October 1, 2011 through September 30, 2012.
If your lease will not be renewed during that period, you don't have to worry about this.
If you renew your lease for 1 year, the increase will be 3.75% over your current base rent.
If you renew your lease for 2 years, the increase will be 7.25% over your current base rent.
Remember that your base rent was increased permanently because of the MCI based on the number of bedrooms in your apartment:
So that permanent increase is now part of the base rent and the RGB percentage increase for a lease renewal this year (not all tenants are renewing between Oct. 1, 2011 and Sept. 30, 2012) is based on that new total.
If you did not pay the full retroactive amount the first month (most people did not, and it makes no financial difference), you also have on your rent bill part of the payment for the RETROACTIVE amount we owe (10 months' worth of MCI - from the date that Stellar applied for it to the date Stellar actually began charging it). That part will bring the total increase (permanent MCI payment + partial payment of 10 months' retroactive MCI) to 6% of your previous base rent.
The partial payment is NOT considered in determining your new lease amount. (If you find that it has been added, contact Jasmine Ferrer, jferrer@stellarmanagement.com, to get it corrected.)
Once the partial payment has paid off the full 10 months of retroactive payments, that amount will no longer be added to your rent bill.
RENT STABILIZED TENANTS MAY BE ABLE TO FREEZE RENT AT ITS CURRENT LEVEL:
SENIORS & DISABLED: You may qualify for the Senior Citizen Rent Increase Exemption or the Disability Rent Increase Exemption. If you do, you must APPLY, then be APPROVED, before your rent will be frozen at its current level. Nothing happens automatically.
If your lease will not be renewed during that period, you don't have to worry about this.
If you renew your lease for 2 years, the increase will be 7.25% over your current base rent.
Remember that your base rent was increased permanently because of the MCI based on the number of bedrooms in your apartment:
- 2 bedrooms = $30.68 (retroactive amount for 10 months is $306.80)
- 3 bedrooms = $38.35 (retroactive amount for 10 months is $383.50).
If you did not pay the full retroactive amount the first month (most people did not, and it makes no financial difference), you also have on your rent bill part of the payment for the RETROACTIVE amount we owe (10 months' worth of MCI - from the date that Stellar applied for it to the date Stellar actually began charging it). That part will bring the total increase (permanent MCI payment + partial payment of 10 months' retroactive MCI) to 6% of your previous base rent.
The partial payment is NOT considered in determining your new lease amount. (If you find that it has been added, contact Jasmine Ferrer, jferrer@stellarmanagement.com, to get it corrected.)
Once the partial payment has paid off the full 10 months of retroactive payments, that amount will no longer be added to your rent bill.
RENT STABILIZED TENANTS MAY BE ABLE TO FREEZE RENT AT ITS CURRENT LEVEL:
SENIORS & DISABLED: You may qualify for the Senior Citizen Rent Increase Exemption or the Disability Rent Increase Exemption. If you do, you must APPLY, then be APPROVED, before your rent will be frozen at its current level. Nothing happens automatically.
To qualify:
(1) You must be paying (or about to pay with a new lease) at least 1/3 of your income in rent, AND
(2) SENIORS: The tenant named on the lease must be at least 62 years old, and the household income must be no higher than $29,000.
(3) DISABLED: The tenant named on the lease (or the spouse or domestic partner) must have a disability that is recognized by the government (Social Security, Veterans' Administration, etc.), and the household income must be no higher than
- $19,284 (single-person household) or
- $27,780 (for households consisting of two or more members).
