NYC Rent Guidelines Board Approves Monday Night Rent Hikes of 2.75% and 5.25% for Stabilized Apartments

Jun 17, 2024, 09:05 PM

The New York City Rent Guidelines Board has voted Monday evening to approve rent increases for the city's approximately 1 million rent-stabilized apartments. The decision, made during a final vote on Monday night, will result in a 2.75% increase for one-year lease renewals and a 5.25% increase for two-year lease renewals. The vote follows a period of significant debate and public outcry, with many city officials and residents urging the board to limit the increases due to the ongoing housing and affordability crisis. The new rent hikes are set to take effect in October and mark the third consecutive year of rent increases for these apartments.