Overview

• The Rent Guidelines Board voted five to four on June 30 to raise rents by 3% for one-year leases and 4.5% for two-year leases, effective October 1, 2025.
• Tenant advocates say the increases will deepen financial strain on renters who earn a median of $60,000 a year, well below New York City’s median income.
• Landlord representatives on the board argued that the hikes are necessary to cover rising repair, maintenance and operating costs for older rent-stabilized buildings.
• Mayor Eric Adams expressed disappointment that the board exceeded his call for the lowest possible increases and pointed to his administration’s zoning reforms to address the housing shortage.
• The narrow vote took place during a heated mayoral campaign in which candidate Zohran Mamdani has pledged to freeze rents and install board members who would oppose future increases.