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Getting locked into a rent stabilized apartment is one of the best things that has happened to me! If you're on the hunt for an NYC apartment that won't break the bank, discovering a rent-stabilized unit is like finding a hidden gem. Let's dive into how to uncover these elusive deals and understand what rent stabilization even is!
Rent-stabilized units have rent increases capped by the city. They're a sweet deal, considering NYC's soaring rents.
The way to find one is to use online resources, connect with local real estate agents, or simply ask around to find out if a building has rent-stabilized units. Buildings constructed before 1974 are more likely to have rent-stabilized units. Research the building's history to see if it fits the bill. Units with rent under $2,000 a month are often more likely to be rent-stabilized. This can vary, but it's a good ballpark.
When applying for a unit, double-check if it's rent-stabilized. Some landlords might not readily disclose this info. If you're skeptical, the Division of Housing and Community Renewal (DHCR) is the go-to authority for rent-stabilized info.
Rent-stabilized units can be a gift that keeps on giving. Some units can even be passed down to family members, ensuring the legacy of affordable housing. They are definitely NYC's best-kept secret for wallet-friendly living!
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