The concept of what constitutes a ‘reasonable’ rent increase has sparked debate, particularly among small landlords. When authorities define what ‘reasonable’ means, it not only restricts landlords’ actions but also sets a precedent for standardized rental practices.
As a small landlord in New York for over ten years, I am personally acquainted with my tenants. Many small landlords, including myself, traditionally prefer to maintain flexibility and discretion in rental agreements. The practice of not raising rents on trustworthy, dependable tenants has been a common approach.
Recently, discussions on standardizing rent increases have arisen. This shift in policy could potentially impact the dynamics between landlords and tenants, altering the nature of negotiated agreements and personalized tenant relations.
For many landlords who have operated with goodwill and personal connections, such changes pose challenges. These landlords have historically adopted a more personalized and nuanced approach to managing their properties.