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NEWS DETAILS

RENT GUIDELINES BOARD ADOPTS RENT INCREASES FOR 2021-2022

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06/25/2021

On June 23, 2021, the Rent Guidelines Board (RGB) voted 5 to 4 to freeze existing rents for the first 6 months of one-year leases, but with a unique, mid-term increase in the rent by 1.5% for the remaining 6 months. The RGB also voted to increase the rent on two-year leases by 2.5%. A brief summary of the adopted proposals are as follows:


Apartments and Lofts
Rent increases for leases entered into between October 1, 2021 and September 30, 2022
  • One-year vacancy or renewal leases – 0% during the first 6 months of the lease, and 1.5% during the remaining 6 months of the lease
  • Two-year vacancy or renewal leases – 2.5%

 


Sublet Allowance
There will be no sublet allowance.

 

Special Guideline
For apartments that will no longer be subject to Rent Control, the special guideline is 39% above the Maximum Base Rent.  The special guideline is only considered in the context of a Fair Market Rent Appeal, and is one of several factors considered in that process.  Landlords are entitled to set a market rent for apartments coming out of rent control, subject to the tenant's right to file a Fair Market Rent Appeal.  It is important to note, however, that pursuant to the Housing Stability and Tenant Protection Act of 2019, apartments coming out of Rent Control cannot be deregulated, but instead, will be subject to Rent Stabilization regardless of the rent amount that is ultimately set – which rent will be the first legal regulated rent for the apartment.

Hotels and SROs
All categories of hotels are, again, subject to a rent freeze.

 

To download a PDF of this summary, click here.