Rent Stabilized Tenants Can Expect Small Rent Increase

According to the NY Daily News, this year the Rent Stabilization Board (the body that sets the amount of rent increase that rent stabilized apartments can expect every year) has thrown tenants a bone. The increase will likely be modest because landlord’s reported a relatively small increase in operating expenses–the metric which is used to determine the percentage that rents can be raised. There was an outcry last year as rents were raised 4.5% on a one year lease and 8.5% on a two year lease. This is good news for non-stabilized tenants as well because many landlords follow these guidelines to avoid mass tenant exoduses. Of course, on non-regulated rents there is no limit to how much they can be raised in a given year and it is up to landlords to decide.

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About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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