On Tuesday, June 21, 2022, the Rent Guidelines Board approved the greatest increase in stabilized rent in almost a decade.
For the last eight years, rents have stayed low, with minimal fluctuations, and were altogether flattened during the pandemic. During this time, landlords have become vocal about increasing rent costs in order to keep up with building maintenance and expenses. The final 5-4 Board vote held that one-year leases would experience a 3.25% increase in rent and two-year leases would experience a 5% increase, impacting some 2.4 million New York City residents.
While many tenants resorted to public hearings and rallies where they demanded rent freezes and rollbacks at the other end of the pricing spectrum, the results of this vote are final — and trend toward a more landlord-friendly direction than years past.
To learn more about the New York City stabilized rent price hike, visit gothamist.com.