Rent Guidelines Board approves increases

June 24, 2010 8:55:43 PM PDT
Apartment rents in New York City are now a bit more expensive.

The Rent Guidelines Board approved a 2.25% increase on one-year leases, and 4.5% increase on 2-year leases.

The vote was 7-2 in favor of the hikes.

They will go into effect on October 1.

There were motions to freeze rents and raise them by smaller amounts, but all failed.

The Rent Guidelines Board sets rent rates for the one-million rent stabilized apartments in the City.