Rent-stabilized apartment price hikes take effect

NEW YORK (PIX11) – Starting Tuesday you could be paying more for rent-stabilized apartments.

Previously approved rent increases will allow landlords to raise payments by 2.75% on one-year leases and 5.25% on two-year leases. The increases apply to new leases signed on or after Oct. 1 of this year.

The Rent Guidelines Board previously approved the hikes in June despite protests from tenants and housing rights advocates. The Legal Aid Society has also advocated for a rent freeze on stabilized apartments.

“These needless rent hikes for an already struggling population will undoubtedly lead to increased rates of homelessness, eviction, and displacement,” said Adriene Holder, chief attorney of the civil practice at The Legal Aid Society.

Building owners have argued that rent increases are necessary to keep up with inflation. This year’s increase comes after the board approved a 3% hike on rent-stabilized apartments in 2023.

Dominique Jack is a digital content producer from Brooklyn with more than five years of experience covering news. She joined PIX11 in 2024. More of her work can be found here .

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