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Rent increases for rent-stabilized New York City apartments go into effect

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NEW YORK — Rent increases for more than 2 million New Yorkers living in rent-stabilized apartments are now in effect.

People who renew leases now through Sept. 30, 2023, could see an increase of 3.25% on one-year leases and 5% on two-year leases.

It’s the biggest hike in nearly a decade.

READ MORE: NYC Rent Guidelines Board votes to increase rents of rent-stabilized apartments

The city’s Rent Guidelines Board voted for the increases in June after rent hikes were paused or kept low for two years because of the pandemic.

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Source: CBS

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