Rent for NYC apartments to see price hike following board decision

Renters in New York City will be paying more after the Rent Guidelines Board approved a hike for rent-stabilized apartments.

News 12 Staff

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Jun 22, 2022, 9:42 AM

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Updated 918 days ago

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Renters in New York City will be paying more after the Rent Guidelines Board approved a hike for rent-stabilized apartments.

The Rent Guidelines Board voted to increase rent by the highest increase in rent stabilized housing in 10 years. The board had a split 5-4 vote and considered many factors, including operating costs, inflation and small businesses struggling to maintain their properties.

The proposed hike is a 2% - 4% increase on one-year leases and a 4% - 6% increase on two-year leases. The board settled on a 3.25% increase on one-year leases and a 5% increase on two-year leases.

The rent increases are set to begin as early as Oct. 1 for rent-controlled housing.

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