Dear Clients,
Last night, the New York City Rent Guidelines Board (“RGB”) held a final vote on annual rent increases for rent stabilized apartments and loft leases commencing between October 1, 2024 through September 30, 2025.
The final adopted Guideline increases are as follows:
- 1 year lease: 2.75%
- 2 year lease: 5.25%
While the RGB has not yet released a final written order, the language of the RGB’s online written summary once again permits these Guideline increases to alternatively be applied both to vacancy and renewal leases commencing between October 1, 2024 through September 30, 2025.
Hotel guidelines remain at 0%.
Should you have any questions or concerns about how this may affect you, we encourage you to reach out to your trusted R&E attorney or Zachary J. Rothken, Head of the firm’s Administrative Law Department, who authored the above.
