Rent Guidelines Board Sets Preliminary Rent Increase Ranges
In its first, preliminary vote of the season, the Rent Guidelines Board (RGB) recently set the range of rents it will consider before its final vote setting the new rent guidelines in June. Rent-stabilized tenants could see their rents go up by as little as 0.75 percent to as much as 1.75 percent for a one-year lease. Tenants who sign a two-year lease could be paying anywhere from 1.75 to 3.75 percent more.
The RGB will officially vote on the exact rent increases on June 26, and the new rent rules will affect leases signed between Oct. 1, 2018, and Sept. 30, 2019. Last year, the RGB approved increases of 1.25 percent for one-year leases and 2 percent on two-year leases, ending a two-year-long rent freeze for stabilized apartments in New York City.