What New York Tenants Need to Know About Rent Increases

The rental market in New York City, the city of dreams and towers, is intricate and sometimes intimidating. It’s critical for tenants in this dynamic city to be well-informed, particularly on rent increases.

In addition to giving you the knowledge you need to know when, how, and why your rent can legally be increased, this article seeks to demystify the laws and rules pertaining to rent increases.

We’ll go over the provisions for renters’ protections and the duties landlords have, covering everything from the complexities of rent stabilization to the subtleties of rent control.

Knowing your rights is the first step to securing your sanctuary in the never-sleeping metropolis, whether you’re rushing through the crowded streets of Midtown or drinking coffee in a charming Greenwich Village café.

How Much Can a New York City Landlord Increase Rent?

The annual rent increase that rent-stabilized unit owners are allowed to make is limited by NYC rent increase legislation. Depending on how long the new lease is, your landlord may increase the rent for lease renewals that fall between October 2023 and September 2024 by 2.75% to 3.20%.

If they give you enough notice, landlords of free-market rentals are able to raise the rate without any upper limit. This implies that your landlord has the right to increase the rent by any amount they choose, up to 10% or more, if you are one of the 50% of New Yorkers who reside in a free-market building.

NYC Rent Increase Laws for 2024

Apartments With Rent Stabilization

The Board established increases in June 2023 of 2.75% for one-year leases and 3.20% for two-year leases. From October 2023 to September 2024, this will be applicable to all leases signed.

What New York Tenants Need to Know About Rent Increases

Based on the standards, if your current rent is $1,000.00, then the maximum amount you could extend your lease for a one-year lease would be $1,027.50, or for a two-year lease, $1,032.00.

Are Increases in Rent Negotiable?

When your landlord offers you a rent increase in conjunction with a lease renewal, you are typically free to haggle about the amount. Though this is a “counteroffer,” your landlord has the right to legally reject it if they are adamant about raising your rent.

Keep that in mind as you try to work things out. However, your landlord might be willing to reduce the renewal rent rise if you have been a good tenant, punctual rent payer, and nice neighbor.

In actuality, being a good tenant provides advantages since good renters are more likely to receive a reduction in rent from their landlords.

What New York Tenants Need to Know About Rent Increases

Read Also: What Massachusetts Tenants Should Know About Rent Increases in 2024

Is It Legal for You to Raise Rent?

Whether your contract is month-to-month, one-year, or two-year, the landlord is legally allowed to raise the rent when it expires. In most cases, an increase that is presented to you during the lease renewal process is legal if your unit is in a free-market apartment or another type of non-regulated flat.

To find out if there are any clauses in your lease that prohibit the landlord from raising your rent, you should consult your original lease agreement.

Any rent increase must be communicated to you at least sixty days in advance of the offer to renew your lease. In particular, RPL-226-C of the Housing Stability and Tenant Protection Act of 2019 (HSTPA) mandates that the tenant be notified when their lease is renewed of any rent increase of more than 5%.

The landlord is required to give the renter thirty days’ notice of any rent increase above five percent if the tenant has not been in the flat for a full year.

The landlord must provide the tenant a sixty-day notice if they have been in the apartment for more than a year but less than two years, or if they have a lease in place for at least a year.

Finally, a 90-day notice of any rental increase above 5% must be given to renters who have been in the flat for more than two years or who have a lease in place for at least two years.

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To Conclude

In the ever-changing rental market of New York City, it’s critical to understand your rights. Regardless of whether you live in a free-market or rent-stabilized flat, you now have the knowledge necessary to handle rent hikes thanks to this post.

Recall that you have the ability to negotiate and that your past record of timely rent payments may be advantageous. You can approach lease renewals with confidence and make sure you get a fair deal for your NYC sanctuary by being aware of the regulations and remaining informed.

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