NEW YORK (PIX11) — Rent is on the rise for around 1 million New York City apartments.
A June vote allowed for rent increases in rent-stabilized units as of October 2022. The Rent Guidelines Board approved hikes of 3.25% for 1-year leases and 5% on 2-year leases for rent-stabilized units.
After the June vote, Mayor Eric Adams, who appointed several members to the Rent Guidelines Board, said the decision would be a burden to tenants. He said it was disappointing.
“At the same time, small landlords are at risk of bankruptcy because of years of no increases at all, putting building owners of modest means at risk while threatening the quality of life for tenants who deserve to live in well-maintained, modern buildings,” he said. “This system is broken, and we cannot pit landlords against tenants as winners and losers every year.”
Landlords have long argued they couldn’t afford to keep rents as they were. They said the money is needed to maintain buildings.
PIX11 spoke with Matthew Bizzarro, CEO and Licensed Real Estate Broker, to answer your questions on the rising cost of renting in the city. Watch the full interview HERE.
Rent in the Big Apple went up 21.1% in the past year, an August report found. According to RentCafe, which tracks real estate data, average rent in New York City is $4,454 per month.