We, as the landlord, don’t have to negotiate the rent amount with the tenant. Instead, the standardized rent amount for the year is announced by NYCHA every January 1st on their website, and all Section 8 leases starting that year, will be for that amount.

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For example, as shown below, for 2024 the standardized amount for a 1bdr (when landlord pays all utilities) is $2696. If you scroll further down the NYCHA page, you’ll see that if the tenant pays his own electric (as we do in our leases), the NYCHA number is $2611. For 2bdrs the number is $2917.

 

This number, as shown below, is significantly higher than the current market rent in Parkchester. So not only is rent reliably set and paid by the government, but it’s a higher dollar amount than we as landlords would otherwise be able to collect in the free market.