NEW YORK (PIX11) – The Rent Guidelines Board on Monday approved rent increases for rent-stabilized apartments in New York City.
Landlords will be able to increase rent by 2.75% on one-year leases and 5.25% on two-year leases. The rent increases apply to new leases signed on or after Oct. 1, 2024.
The Rent Guidelines Board approved the rent hikes in a 5-4 vote.
In April, the board approved a preliminary range of increases between 2-4.5% on one-year leases and 4-6.5% on two-year leases.
Tenants and advocates spoke out against any rent increases, saying tenants couldn’t take another rent hike amid New York City’s housing crisis. Some building owners argued that the rent increases were needed to keep up with inflation.
Ahead of the final vote, The Legal Aid Society called for a rent freeze for tenants of rent-stabilized apartments.
“The reports produced by the Board since March have proven that any increase on rent for this vulnerable population would not only be unnecessary, but would betray the stated purpose of the Board, which is to protect stabilized tenants from exorbitant, needless rent hikes,” said Adriene Holder, chief attorney of the civil practice at The Legal Aid Society.
Last year, the Rent Guidelines Board approved a 3% rent increase on one-year leases, a 2.75% increase for the first year on two-year leases, and a 3.2% increase for the second year on two-year leases for rent-stabilized apartments.
There are roughly 1 million rent-stabilized apartments in New York City.
Finn Hoogensen is a digital journalist who has covered local news for more than five years. He has been with PIX11 News since 2022. See more of his work here.
PIX11 News reporter Julie Millet contributed to this report.
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