NYC Stabilized Tenants Once Again Hit With Rent Hikes
Renting in NYC is pretty grim, and it’s about to get even worse for the nearly two million tenants living in rent stabilized apartments.
The Rent Guidelines Board has officially approved rent hikes that will raise one-year stabilized leases 2.75% and two-year stabilized leases 5.25% effective starting October of this year. It was approved in a 5-4 vote.
The rent hikes are not only the third year in a row that rents are increasing on stabilized apartments, but also the third year it’s been done under Mayor Eric Adams’ administration.
Last year rents on one-year leases were raised 3% and two-year leases were raised by 2.75% for the first year and 3.2% for the second year. The year prior, rents on one-year leases were raised 3.25% and two-year leases were raised 5%, accounting for the largest stabilized rent hike since 2013.
On the flip side, the Rent Guidelines Board voted to freeze stabilized rents more than once under former Mayor Bill de Blasio, and even when rents were raised during his term, 1.5% for one-year leases was the highest it increased.
Inflation and the increased cost of living is the reason behind the rent hike, according to the board.
Naturally, New Yorkers were pissed about the news–a group of protesters gathered outside Manhattan’s Hunter College and some ended up in handcuffs for disorderly conduct.
Rent Stabilization Association President Joseph Strasburg, on the other hand, said the hike didn’t go far enough.
The rent hikes only apply to leases issued or renewed between October 2024 and September 2025. More information on rent increases can be found here.
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