New York City's Rent Guidelines Board approved rent increases for almost one million stabilized apartments yesterday evening amid a raucous meeting in which landlord members voiced concerns for their safety and tenant advocates temporarily blocked the building entrance.
The nine-person panel voted for an increase of 2.75% for one-year leases and 5.25% for two-year leases. This vote, which allows landlords to raise rents starting in October, followed an earlier vote on a preliminary range in April.
Approximately one-quarter of the city's population lives in rent-stabilized apartments, paying a median monthly rent of about $1,500 in 2023, according to a city survey. By contrast, market rate renters paid a median $4,250 in May, according to the latest survey by Miller Samuel and Douglas Elliman Real Estate – the second-highest level on record for May.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
