2-Year Rent-Stabilized Apartments Leases To Go Up 4.5% After NYC Board Vote

NEW YORK CITY — New York City's Rent Guidelines Board has voted to approve a rent hike of up to 4.5 percent for residents living in rent-stabilized apartments.

The panel voted 5-4 to raise rents by 3 percent for 1-year leases and 4.5 percent for 2-year leases that start on or after Oct. 1.

In late May, the rent board revoted to amend the proposed increase of rent for two-year rent stabilized apartment leases.

The board voted to lower the proposed range of increases to between 3.75 percent and 7.75 percent — a 1 percent difference from last month's preliminary range of 4.75 percent to 7.75 percent, Patch previously reported.

Mayor Eric Adams had previously said that the proposed increases were "too unreasonable" for renters. The final increase was higher than what the mayor had asked for.

"While the board exercised their independent judgment, and made an adjustment based on elements such as inflation, I am disappointed that they approved increases higher than what I called for,” Adams said in a statement after the vote.

The Real Estate Board of New York (REBNY) praised the rent increases after Monday vote.

Comptroller Brad Lander said it is "vital that the city do everything it can to keep rents as low as possible, ensure units are well-maintained, and cover essential costs."

"Instead, Mayor Adams’ appointees to the RGB jacked up tenants’ rents once again," he added.