The NYC Rent Guidelines Board last night adopted a 3.75 percent increase for one year renewal leases on stabilized apartments and 7.25 percent increase for two year leases, effective October 1, 2011.
The statutory vacancy allowance remains 20 percent for a two year vacancy lease and becomes 16.5 percent for a one year vacancy lease (20 percent minus the difference between the one and two year guidelines). Under new rent laws passed in Albany last week, vacancy allowances are limited to once per calendar year.
Renewal guidelines for lofts are the same as for apartments. The Board adopted a 3 percent one year increase for SRO rooms and rooming houses where regulated tenants make up at least 85 percent of residents, and zero increase otherwise.
Meanwhile, the Westchester County Rent Guidelines Board last week adopted 2.5 percent and 4 percent increases, with $25 and $40 minimums respectively, for one and two year stabilized renewals.