What is the rent stabilization increase for NYC 2024?

For a two-year lease beginning on or after October 1, 2023, and on or before September 30, 2024: For the first year of the lease: 2.75% For the second year of the lease: 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.

How does rent stabilization work in New York?

Rent stabilization provides protections to tenants besides limitations on the amount of rent increases. Tenants are entitled to receive required services, to have their leases renewed, and may not be evicted except on grounds allowed by law. Leases may be renewed for a term of one or two years, at the tenant’s choice.

An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn’t expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

NYC rent increase laws limit how much landlords of rent-stabilized apartments can increase the rent each year. For leases renewing between October 2023 and September 2024, your landlord can raise the rent by 2.75% to 3.20%, depending on the length of the new lease.

Can you evict a rent stabilized tenant in NYC?

Under the NY Rent Stabilization Law, an owner may begin an eviction proceeding when the current lease expires, but only after the tenant is given written notice that the lease will not be renewed. This notice must be served at least 90 and not more than 150 days before the current lease term expires.

How much will rent cost in NYC 2024?

As of March 2024, the average rent in New York, NY is $3,735 per month. This is 149% higher than the national average rent price of $1,497/month, making New York one of the most expensive cities in the US.

What is the median rent in NYC 2024?

The median rent price in New York, NY for March 2024 is $3,464. This is $164 more than March 2023

New York real estate laws can be complex, contact that the experts at Aronov Law NY now for a full understanding of landlord-tenant, eviction law or any other NY real estate law related topic.