The Rent Guidelines Board approved the following rent increases for rent stabilized apartments effective October 1, 2014:
- 1 year lease: 1%, with no minimum dollar increase
- 2 year lease: 2.75%, with no minimum dollar increase
- No vacancy allowance: the statutory vacancy increases remain in effect
- Sublet allowance: 10%
Rent Stabilization was established in New York City in the late 1960's to set limits on the amount building owners could raise rents and to set performance guidelines for both the landlord and tenant.
- Rent increases for one and two year leases are determined annually by the New York City Real Estate Advisory Board.
- Over the past five years, annual rent increases have been in the 3-7% range.
- Tenants are guaranteed renewal rights to stabilized leases provided they have fulfilled the terms of the lease.
- Landlords set a market-value rent based upon current supply and demand.
- A landlord may, but is not required to, follow rent stabilized guidelines.
- Renewals are not guaranteed unless so stated in the lease.
- Rental buildings with fewer than six units are non-stabilized.
New York City Rent Guidelines Board
Renting an Apartment in Manhattan