New York City's Rent Guidelines Board voted this week to consider increases ranging from 2 to 4.5% on new one-year leases, and 4 to 6.5% on new two-year leases, for NYC's 1M rent-controlled apartments.
The nine-member board will determine the final rates, which will be effective on leases signed after Oct. 1, at its meeting on June 17.
The RGB has a track record of splitting the difference on the preliminary range. In 2023, the board allowed increases of 3% on one-year leases; for two-year leases, the board approved increases of 2.75% on the first year and 3.2% on the second year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
