The Real Deal New York

Rent-stabilized apartments likely to get more expensive next year

Rent Guidelines Board ruled on a .75 to 2.75% increase Thursday
April 27, 2018 08:45AM

Bronx apartments (Credit: Getty Images)

Rent-stabilized apartments are probably going to cost more over the next two years. But neither renter nor landlord is pleased with how expensive they’ll get.

The Rent Guidelines Board ruled on Thursday that rent-stabilized tenants should expect to see an increase between .75 and 2.75 percent for one-year lease renewals and between 1.75 and 3.75 percent for two-year lease renewals, according to the New York Post. A final decision will be made in June.

Last year, the board agreed on a 1.25 percent increase for one-year lease renewals and a 2 percent increase for two-year lease renewals, the first time in three years they had agreed on an increase.

Thursday’s decision left both sides angry, with tenants upset that they did not get a rent freeze and landlords upset that the increases fall far short of their proposed 4 percent hike on one-year renewals and 7 percent hike on two-year renewals.

Vito Signorelli of the Rent Stabilization Association told the Post that, this year, “The owners didn’t even get a chance to put a motion on the table,” while Bronx fast food worker Elaina Latrese told the paper that tenants are “tired of hearing of everything going up and there is no way to pay for it.” [NYP] – Eddie Small