Rent Board to Hike Rates Between 3.25 and 9.5 Percent
NEW YORK CITY — The city's Rent Guidelines Board had bad news for rent-stabilized apartment or loft dwellers hoping for a small increase in their payments next year — voting to approve a preliminary rent hike rate of between 3.25 and 9.5 percent.
The board voted Tuesday to raise the cost of one-year apartment leases by between 3.25 and 5 percent and two-year apartment leases by between 5 and 9.5 percent, according to the RGB website.
Last year, the board increased rates by 2 and 4 percent respectively, the lowest increase in seven years.
The proposed increase in rates — which would go into effect Oct. 1 — reportedly weren't high enough to satisfy landlords on the Rent Guidelines Board, who pushed for 7 percent hikes for one-year leases and 11 percent for two-year leases, according to the Daily News.