NEW YORK (PIX11) — The Rent Guidelines Board rent increases for New York City’s rent-stabilized apartments go into effect on Sunday.
Landlords will be able to increase rent by 3% on one-year leases. They will also be able to increase rent by 2.75% for the first year on two-year leases and 3.2% for the second year. This increase will impact nearly 1 million rent-stabilized apartments across New York City.
The Rent Guidelines Board approved the rent hikes in a 5-4 final vote back in June, after months of deliberations and contentious meetings with the public.
In May, the board approved a preliminary range of increases of 2-5% for one-year leases and 4-7% for two-year leases.
Tenants and advocates had decried the proposed rent hikes, calling for a rollback or freeze on rent instead. Landlords have demanded rent increases to cover their rising expenses and inflation.
Last year, the Rent Guidelines Board approved a 3.25% increase on one-year leases and a 5% increase on two-year leases for rent-stabilized apartments.
Charline Charles is a digital journalist from Brooklyn who has covered local news along with culture and arts in the New York City area since 2019. She joined PIX11 News in 2022. See more of her work here.