On June 21, 2022, the New York City Rent Guidelines Board (“RGB”) held a final vote on annual rent increases for rent stabilized apartments and loft leases commencing between October 1, 2022 through September 30, 2023.
The Guideline increases are as follows:
- 1 year lease: 3.25%
- 2 year lease: 5%
While the RGB has not yet released a final written order, the language of the RGB’s online written summary, as well as what was read into the record at the hearing, once again permits these Guideline increases to alternatively be applied both to vacancy and renewal leases commencing between October 1, 2022 through September 30, 2023. Note that only one Guideline increase may be added to an apartment’s rent within a single Guideline year (i.e., October 1 through September 30).
As expected, hotel guidelines remain at 0%.
While the increases fall far short of what property owners need to keep up with the rapidly rising costs of operating a building and the damaging consequences of the HSTPA, they represent the largest increases in close to a decade.
As always, we encourage you to reach out to discuss any questions you may have.