It was recently decided that the rent increases for rent stabilized apartments in New York will be 3% on 1 year leases and 6% on 2 year leases. These rent increases are down from last year but definitely higher than rumored earlier this month. The topic has attracted much publicity in the New York area over the past few weeks. It had been thought that the rent increases would be denied and the current rental rates for this year would freeze for the time being. Now that the increase has been approved, landlords for Rent Stabilized buildings can begin to prepare for offering their renewal leases with the increased rates.
If you need assistance renting an apartment, call Bayview Estates Realty at 516-777-0146.