Market rate apartment rental rates and lease terms are negotiated between the owner and tenant. The New York City Rent Guidelines Board (NYCRGB) determines rent increases for lease renewals of rent stabilized apartments, lofts, hotels and single room occupancies (SROs).
It does not set the rent increase for unregulated apartments or subsidized housing. Rent increase percentages for rent stabilized apartments and lofts are adjusted each year.
For renewal leases beginning between October 1, 2019, through September 30, 2020, the rent increase for rent stabilized apartment and loft renewals is:
- 1-year lease: 1.5%
- 2-year lease: 2.5%
On Wednesday, June 17, 2020 the NYC Rent Guidelines Board adopted rent adjustments for rent stabilized apartment and loft leases commencing on or after October 1, 2020 and on or before September 30, 2021.
- 1-year lease: 0%
- 2-year lease: 0% for the first year of the lease and 1% for the second year of the lease
Effective June 14, 2019 any tenant who is paying a preferential rent must be offered, for the rest of their tenancy, a lease renewal with a guideline increase that is based on the preferential rent. The legal rent cannot be collected until the apartment is vacated.
You can get information about renewal lease rates that apply to rent stabilized apartments, hotels, and SROs:
Visit the Rent Guidelines Board website.
View previous apartment and loft rent increase orders.