Largest price hike in nearly a decade for leases on NYC's rent-stabilized apartments now in effect

NEW YORK CITY (WABC) -- The largest price hike in nearly a decade for leases on New York City's rent-stabilized apartments is now in effect.

Current renters who renew their leases between Saturday and September 30, 2023 will be subject to increases of 3.25% for one-year leases and 5% for two-year leases.
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Back in June, the New York City Rent Guidelines Board approved the increase in a 5-4 vote.

The change affects the more than two million New Yorkers currently living in the city's one million rent-stabilized units.

It comes after two years of rents either being frozen or increases kept low due to the COVID-19 pandemic, along with eight years of mostly modest increases during the de Blasio administration.

But also at a time of rising inflation, during which the cost of everything, even essentials like groceries, has gone up dramatically.
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At the same time, the net effective median rent in Manhattan rose to $4,059 in August, according to real estate firm Douglas Elliman.

In Brooklyn, it was the highest on record at $3,464 and in northwest Queens, it was the third highest on record at $3,042.

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