Are there limits on the amount of rent a landlord can charge?

Yes, there are limits on the amount of rent a landlord can charge in New York. Under New York state leasing law, landlords are limited in how much they can increase the rent for an existing tenant. The rent increase must also be an amount that is “not substantially greater than the rent charged to other tenants for comparable units in the building.” There are also limitations on how much a landlord can increase the rent each year. Generally, the rent increase cannot exceed 7.5% of the current rent. Additionally, a landlord cannot charge a tenant an amount that exceeds what is stated in the rental agreement. In addition, the legal rent for a residential rental unit in New York may not exceed the rent charged to the unit’s prior tenant or the amount set by a rent stabilization or rent control law. If a tenant has a rent-stabilized or rent-controlled rental unit, the landlord must follow the guidelines of the applicable law when setting the rent. Finally, a landlord cannot solicit “key money” or accept any payment from a tenant in addition to the rent. Any such payment is considered illegal “bribe money” which is strictly prohibited. Therefore, while landlords have some latitude in how much they can charge tenants, there are limits and restrictions in place that protect the rights of tenants in New York. It is important that landlords follow these laws to ensure that they are not overcharging their tenants.

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Are there limits on the amount of rent a landlord can charge?

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