Price Hikes For NYC Rent-Stabilized Apartments Leases Goes Into Effect: What To Know

NEW YORK CITY — A rent hike in New York City is now in effect for rent-stabilized apartment leases that start on or after October 1.

Two-year leases went up 4.5 percent, while 1-year leases were raised by 3 percent. The rent hike applies to apartment leases through Sept. 30, 2026.

New York City's Rent Guidelines Board approved the rent hike back in June. 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 the 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.

Comptroller Brad Lander said at the time 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.