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NYC Rent Guidelines Board Approves Rent Increases for Rent-Stabilized Apartments
The Rent Guidelines Board approved rent increases for New York City’s roughly one million rent-stabilized apartments.
Landlords will be able to increase rent by 3% on one-year leases. They will be able to increase rent by 2.75% for the first year on two-year leases and 3.2% for the second year. The rent increases apply to new leases signed on or after Oct. 1, 2023.
The Rent Guidelines Board approved the rent hikes in a 5-4 final vote on Wednesday, after months of deliberations and contentious meetings with the public.
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