Rent increases approved for NYC rent-stabilized apartments

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.

The Legal Aid Society, which advocated for a rent freeze for tenants of rent-stabilized apartments, criticized the board's decision.

“Once again, the Rent Guidelines Board has voted to increase rents on stabilized units across the city, jeopardizing the housing stability of more than one million tenants. These needless rent hikes for an already struggling population will undoubtedly lead to increased rates of homelessness, eviction, and displacement. 

This Board’s votes, year after year, to continue increasing rents on tenants — many of whom are already rent-burdened or severely rent-burdened — prove that they are willfully uninterested in making informed decisions that will keep these units affordable for all New Yorkers. 

Instead, the Board seems interested only in continuing to line the pockets of landlords while tenants are left to suffer the consequences. We condemn tonight’s vote in the strongest possible terms.”

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.