Dear Clients, As many of you are aware, last week the NYC Rent Guidelines Board issued Order #55 authorizing rent increases for rent stabilized apartments and loft leases commencing between October 1, 2023 through September 30, 2024. The guideline increases are as follows:
- One-year lease: 3%.
- Two-year lease:
- For the first year of the lease, 2.75%.
- For the second year of the lease, 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.
DHCR has now released its renewal lease form which should be used for all renewal lease offers. Given that the two-year guideline increase operates differently than any other prior increases, DHCR provided a sample lease form here. We encourage you to reach out to your trusted R&E attorney or Zachary J. Rothken, Head of the firm’s Administrative Law Department, who authored the above, with any questions to ensure that your leases are offered properly and timely.