The New York City Rent Guidelines Board establishes rent adjustments for the rent-stabilized apartments across New York City. The board updates and adjusts the terms for renewal leases, which directly impacts the cost of rent for tenants in the apartments. This year, the Rent Guidelines Board met to discuss the rent adjustments that will take place between October 1, 2009 and September 30, 2010.
What is Rent Stabilization?
Rent stabilization is one of two measures that the city has to control rents for designated units. Rent-stabilized apartments are not subject to free market rent increases, and can only increase a designated amount each year. Most tenants live in apartments without rent control, and each year, their rent could increase drastically. Rent stabilization helps keep rent prices from skyrocketing and pushing out tenants.
Rent Guidelines Board October 1, 2009 Update
At its meeting last night, the Rent Guidelines Board approved the following rent increases effective October 1, 2009:
Apartments where heat is provided at no cost to the tenant:
- 1-year lease – 3.0%
- 2-year lease – 6.0%
However, if the most recent vacancy lease was executed six years or more prior to the date of the renewal lease, the guidelines are as follows:
- 1-year lease – 3.0% or $30, whichever is greater
- 2-year lease – 6.0% or $60, whichever is greater
For all apartments:
- Vacancy allowance – 0% (the statutory vacancy increases remain in effect).
- Sublet allowance – 10%
The above terms affect leases renewed between October 1, 2009, and September 30, 2010. The Rent Guidelines Board meets yearly to discuss the rent increases for rent-stabilized apartments in New York City.
Editor’s Note: We updated this article to enhance readability.
