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Does anyone know of a source for what the average maintenance increase is per year for co-ops in NYC? Also, is there a source (such as a Habitat magazine survey of its subscribers) for how often, on average, co-ops raise the maintenance (e.g., 20% of co-ops have raised their maintenance every 3 years over the last 10 years)? I realize that each building's situation is different, but we have many new shareholders in our building who think it is irresponsible to raise the maintenance 3% a year. I would like to provide them with some 'benchmark' data, if they (data) exist. Thanks.
I think it is irresponsible to NOT raise the maintenance 3% per year and not have a capitol improvment program and be saving towards it.
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We are a 500 unit high rise.
We raise our maintenance every year.
After all, costs rise every year. Why fool people and then face a battle royal.
Small increases every year are better than a whopping increase every three years.
By using the above formula, all residents can plan their personal budgets very effectively. This reduces adverse feedback.
Our maintenance increase is from 3.0% to 3.9% every year.
We have an assessment every year as we have capital improvements based on our outside engineer’s assessment of our facilities (updated every two years).
We have no underlying mortgage.
We don’t borrow for capital improvements.
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