*Guidelines for Renewal Leases between October 1, 2018 and September 30, 2019*
1-Year Lease Term: 2%
2-Year Lease Term: 3%
Where the owner does not provide heat or hot water:
1-Year Lease Term: 1.6%
2-Year Lease Term: 2.4%
Apartment Owners Advisory Council (AOAC)
The AOAC is composed of apartment building owners, managers and allied businesses. The groups join together to protect their rights and the earning power of their properties. The association monitors realty issues on a local, state and national level.
Owners know how controls, increased taxation, labor contracts and constantly rising costs have imperiled their income. The job of the AOAC is to speak for owners against unreasonable encroachment of their rights.
Accordingly, here are some of the association’s programs:
- Promoting legislation that is beneficial to property owners
- Preventing legislation that is harmful to the realty industry
- Sponsoring education forums that are beneficial to the apartment building industry
- Being the source of information on proper procedures under state and local rent regulations
- A direct “Hot-Line” service for guidance on the many problems owners of Rent-Controlled and Rent-Stabilized properties face
As an owner and/or manager, you have a group that can help to solve your problems and assist in the difficulties of apartment building ownership. The AOAC is a valuable “right arm” to turn to for guidance.
Suppliers and service firms are eligible to promote their products to the AOAC through membership in the Building and Realty Institute (BRI). The result is the opportunity for interaction with hundreds of owners and managers. Information on BRI membership is available on the association’s home page.