Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Rents for NYC rent-stabilized apartments going up 2.75% starting Tuesday
By
Louis C. Hochman
Published Sep 30, 2024
Modified Sep 30, 2024
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
Andrew Lichtenstein/Corbis via Getty Images
By
Louis C. Hochman
Published Sep 30, 2024
Modified Sep 30, 2024
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
New York City's approximately 1 million rent-stabilized apartments will see rent hikes starting Tuesday.
Under increases approved by the city's Rent Guidelines Board this summer — despite protests from tenants and activists — one-year leases signed beginning Tuesday will go up 2.75%. Rents for two-year leases will increase by up to 5.25%.
This summer, several tenants told the board the city's affordability crisis and rising cost of living should justify a rent increase freeze — but landlords cited the same reasons to justify higher rents. Landlords, who'd been seeking a higher increase, cited increasing costs for water bills and other expenses.
A March board report found landlord incomes for buildings with at least one rent-stabilized unit rose by an average of 10.4%, while operating costs rose by about 6.1%. A board review of renter finances found tenants of rent-stabilized apartments were more likely to be "rent burdened" than the overall renting population in New York City. Of those living in rent-stabilized apartments, 45.5% paid at least 30% of their income toward rent, and 27.2% paid at least half of their income toward rent.
The board raised rents for new one-year leases by 3% in 2023., and 3.25% in 2022.
This headline on this story has been corrected to say rents for rent-stabilized apartments are slated to increase.
— With reporting by David Brand and Naim Ali-Pacheco
Tagged
new york city
housing
Louis C. Hochman
After about two decades in (mostly) New Jersey-focused commercial print, digital and digital-but-radio-adjacent news, Lou stumbled into member-supported news in early 2021, as the editor and CEO of Montclair Local. There, he (hopes he) expanded enterprise, brought more sophistication to digital storytelling and moved the nonprofit newsroom closer to long-term financial sustainability. He helped lead the Local to its fourth consecutive General Excellence award from the New Jersey Press Association — the NJPA's highest honor with judges noting the paper's work to strip away layers of government opacity, to hold power to account, to make news accessible for more members of the community, to share the stories and concerns of more facets of the community and to tell compelling stories across multiple media. He's excited to continue the same ethic — news as a public service — at NYPR as the New Jersey and suburbs editor, drawing on the extraordinary talents of reporters including Karen Yi and Nancy Solomon. Lou lives in Philly (that commute!) with his partner and their two cats, about whom and about which he speaks incessantly.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Hannah-Jones, NYC schools chancellor set to speak at high-stakes integration town hall
The prominent journalist crossed paths with Kamar Samuels years ago due to problems at her daughter's elementary school.
By
Jessica Gould
Published Oct 15, 2026 at 6:00 a.m. ET
Queens man found dead, police say, and injured woman is his mother, neighbors say
Police are investigating a related incident in which a 62-year-old woman was found injured beneath the Van Wyck Expressway.
By
Charles Lane
News
Queens man found dead, police say, and injured woman is his mother, neighbors say
Police are investigating a related incident in which a 62-year-old woman was found injured beneath the Van Wyck Expressway.
By
Charles Lane
Man shot by ICE in NYC's Marble Hill said federal officers never identified themselves
By
Arya Sundaram
and
Samantha Max
Brooklyn school dean says MTA officers assaulted him over a $3 bus fare he says he paid
By
Carol Chen
National Grid customers in NYC will see higher gas bills this winter
By
Rosemary Misdary
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .