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4mo ago

NYC Rent Board Proposes Increases of Up to 7.75% for Stabilized Apartments

Preliminary vote sets potential rent hikes for nearly one million apartments as tenant advocates push for freezes and landlord groups seek higher adjustments.

Protesters against rent increase rallying before the annual preliminary vote of the Rent Guidelines Board at the LaGuardia Performing Arts Center in Queens, Wednesday, April 30, 2025. (Shawn Inglima/New York Daily News)
Tenants pack the auditorium at LaGuardia Community College on Wednesday night, waving signs and noisemakers to demand a rent freeze during the Rent Guidelines Board's preliminary vote.
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Overview

  • The Rent Guidelines Board voted 5-4 to preliminarily approve rent increases of 1.75%–4.75% for one-year leases and 4.75%–7.75% for two-year leases.
  • The proposed hikes, which affect nearly one million rent-stabilized apartments, will be finalized in a binding vote scheduled for late June following public hearings starting May 22.
  • Tenant advocates argue for a rent freeze, citing rising affordability pressures, while landlords highlight a 6.3% increase in operating costs as justification for higher rents.
  • The decision has become a pivotal issue in the 2025 Democratic mayoral primary, with most candidates supporting a freeze and Mayor Eric Adams emphasizing the need to protect small property owners.
  • If approved, the new rent adjustments would take effect for leases beginning on or after October 1, 2025.