New York City's Rent Guidelines Board voted this week to consider increases ranging from 2 to 4.5% on new one-year leases, and 4 to 6.5% on new two-year leases, for NYC's 1M rent-controlled apartments.
The nine-member board will determine the final rates, which will be effective on leases signed after Oct. 1, at its meeting on June 17.
The RGB has a track record of splitting the difference on the preliminary range. In 2023, the board allowed increases of 3% on one-year leases; for two-year leases, the board approved increases of 2.75% on the first year and 3.2% on the second year.
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