Get NY Fact Sheet 5 Vacancy Leases in Rent Stabilized Apartments 2018-2024

no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more.

Rent-stabilized apartments Specifically, the NYC Rent Guideline Board limits how much a landlord may increase your rent each year. In June of 2022, the board set a 3.25% increase for one-year lease agreements and a 5% increase for a two-year lease agreement.

Under the rent stabilization rules, your landlord must mail you a lease renewal 90 to 150 days prior to the expiration of your current lease. If you do not return the lease within 60 days, the landlord may refuse to renew your lease and could move to evict you after the lease expires.

At the signing of a lease, owners of rent stabilized apartments may charge a rent increase based on guidelines that are annually established by the applicable Rent Guidelines Board.

When someone rents a rent stabilized apartment for the first time, the owner and the tenant sign a “vacancy lease.” This written lease is a contract between the owner and the tenant that states the terms and conditions of the rental.

Under the rent stabilization rules, your landlord must mail you a lease renewal 90 to 150 days prior to the expiration of your current lease. If you do not return the lease within 60 days, the landlord may refuse to renew your lease and could move to evict you after the lease expires.

The survey, released this week, revealed a vacancy rate of 4.54 percent in 2021, above the 3.63 percent in 2017, and just below the 5 percent mark that constitutes a housing emergency and justifies rent stabilization.

NEW YORK CITY (WABC) -- The largest price hike in nearly a decade for leases on New York City's rent-stabilized apartments is now in effect. Current renters who renew their leases between Saturday and September 30, 2023 will be subject to increases of 3.25% for one-year leases and 5% for two-year leases.