Rents for 2 Million New Yorkers to Rise Again This Year (2023)


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Rent-stabilized apartments have enabled many people to stay in a city that grows ever more expensive. But for the second year in a row, rents will rise.

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Rents for 2 Million New Yorkers to Rise Again This Year (1)

By Mihir Zaveri and Olivia Bensimon

For the second consecutive year, a New York City panel that regulates the rents for roughly one million rent-stabilized apartments approved Wednesday some of the highest increases in a decade, as inflation and rising expenses for property owners continue to aggravate the city’s affordability problems.

The panel, known as the Rent Guidelines Board, voted 5 to 4 to raise rents on one-year leases by 3 percent, and on two-year leases by 2.75 percent for the first year and 3.2 percent for the second year.

It would be the second time during the tenure of Mayor Eric Adams — who appoints members to the panel and has expressed sympathies for the difficulties facing landlords — that the panel allowed stabilized rents to increase. Last year, it voted increases of 3.25 percent one one-year leases and 5 percent on two-year leases. The increases this year and last year were higher than any since 2013.

Roughly two million people — a quarter of New York City’s total population — live in rent stabilized apartments, and no other American city has a program as vast. The system has become one of the most important sources of lower-cost housing as the cost of living in New York continues to reach new heights, and it has helped retain the city’s middle class.

Several renters across the city — including higher earners, retired people who had lived in their apartments for decades and newcomers — said the incremental rent increases and guaranteed lease renewals that come with rent stabilization have helped them navigate New York City’s chaotic and unforgiving housing market.

Advocates for tenants criticized the back-to-back rent increases as emblematic of landlords’ influence over public policy. Property owners, on the other hand, have said they are increasingly feeling beleaguered and unable to make renting stabilized apartments financially viable.

For some renters, however, the moment symbolized something deeper: how people of modest means are finding it harder and harder to live in New York City. A 2021 city survey found that one-third of New York City tenants spent more than half of their income on rent. For them, increases will force difficult choices about where else to cut back on spending.

(Video) Rent for 2 million New Yorkers hiked AGAIN is some of the steepest in a decade | NBC New York

“We would eat better,” said Chen Ren Ping, 65, who shares a rent-stabilized apartment in Chinatown he has lived in since 2004. “Our lives would be better.”

Mr. Chen said he earns about $794 a month in social security payments. But he said his half of the rent for the two-bedroom apartment is $800, so he does repairs around the neighborhood to supplement his income.

Hundreds of renters and activists packed the raucous meeting Wednesday evening at a Hunter College building on the Upper East Side. Board members were drowned out by boos and chants of “rent rollback.”

As in previous years, the two members representing landlords sought higher increases, while the two representing tenants sought a rent freeze or lower increases. Neither side appeared satisfied with the outcome.

“At the end of the day, an unelected board comprised of predominantly non-rent-stabilized tenants, who do not interact with or advocate for our communities, will not solve our problems,” said Adán Soltren, a tenant representative on the panel.

Christina Smyth, a landlord representative, likened the rent-stabilization system to “the largest unfunded subsidy in history,” with landlords carrying the burden.

“Government, not private owners, are responsible for providing assistance to renters in need,” she said.

Though they have taken a hard stance against any increases in the past, the two members representing tenants voted in favor of the final numbers. One, Genesis Aquino, said it was the “lowest we were able to secure for tenants.”

Mr. Adams said in a statement after the vote that the board had found “the right balance” this year and was protecting tenants as well as “ensuring small property owners have the necessary resources to maintain their buildings.”

As expensive as it is to live in New York, no other American city has a rent regulation system as vast: More than one million apartments — half the rental market and almost 30 percent of all of New York City’s homes — are covered by a system begun in 1969.

The majority of rent-stabilized homes are in buildings built before 1974. For many years, the number dropped, as landlords moved to leave the program and get more income from higher rents.

Since 2017, however, the overall number has grown, according to a tally of units registered with the city and state, particularly as many new units and rehabilitated units became rent stabilized in exchange for tax breaks or subsidies.

(Video) Bad news for 2 million New Yorkers in rent-stabilized units -- you're rent may be going up


While many of the newer units rent at a higher rate, and there are no income restrictions associated with rent-stabilization, the system tends to benefit people of lower incomes.

The median household income in rent-stabilized apartments was $47,000, compared with almost $63,000 in private, unregulated units, according to the 2021 city survey. The median rent in stabilized apartments was $1,400, compared with $1,825 in private, unregulated apartments, according to the survey.

The city’s “economic diversity is premised on rent stabilization,” said Samuel Stein, a housing policy analyst at the Community Service Society, a nonprofit group that advocates for lower-income New Yorkers.

A group of New York City landlords has petitioned the U.S. Supreme Court to undo 2019 regulations passed by left-leaning state politicians, a case that has drawn the interest of business groups, including the U.S. Chamber of Commerce, who are eager to see rent controls repealed or eased nationwide.

Michael Tobman, the director of membership and communication for the Rent Stabilization Association, an industry trade group, said the system forces private owners to provide a public benefit.

“All they have are escalating costs, and this piece, increases from the Rent Guidelines Board — that’s desperately needed,” he said.


But many landlords of rent-stabilized buildings are big companies. They include developers like Cammeby’s, Lefrak and L&M Development, who each have several thousands of rent-stabilized units in their portfolios, in addition to market-rate units. The companies either declined to comment or could not be reached.

John A. Crotty, founding member of the Workforce Housing Group, which has about 1,500 rent-stabilized homes in its portfolio, said increases were justified because during the tenure of the previous mayor, Bill de Blasio, the panel largely rejected major increases, placing landlords in a difficult position.

“When you fall below the real cost line, and then you have a period of hyper inflation, how is this any kind of good?” he said. “No matter how big of an increase Adams does, it won’t be enough.”

Peter Madden, the executive director of Westbeth Artists Housing, which has about 383 apartments in the West Village, the vast majority of which are rent stabilized, acknowledged the pressures facing property owners.

(Video) Why Rent In NYC Is Out Of Control Right Now

But he also said rent stabilization was the “largest, best affordable housing program the city has.”

At Westbeth, which also receives some subsidies from the city, rents on stabilized homes range from less than $1,000 to $2,300 for a three-bedroom.

“If not for rent stabilization, I don’t know how folks would do it,” Mr. Madden said.

In 1974, Ahmad and Ann Shirazi moved into a rent-stabilized apartment on Manhattan’s Upper West Side, though at $275 a month, the rent felt high for two bedrooms.

The Shirazis hoped to have children and thought their stay would be temporary. Nearly 50 years later, they are still there, after raising two children in a space they made work because it was affordable.

Ahmad, 84, a retired film editor who worked on the movies “Scarface" and “The Bonfire of the Vanities,” and Ann, 78, who worked as an illustrator for department stores like Henri Bendel now pay $1,025 a month, while a similar unit in their building, which is not stabilized, rents for more than $5,600.



The Shirazis said they oppose the increases. But the couple, who earn about $4,500 a month in retirement benefits, said they will find a way to manage.

Keziah Tan, 28, moved into a one-bedroom rent-stabilized apartment in Astoria in October 2022 that cost $2,100 a month. The building has 10 total units and the owner receives a tax break through the 421a program, which expired last year.

Ms. Tan earned $95,000 a year when she moved in, but now earns roughly double that, working in human resources at a streaming services company.

“I didn’t necessarily need a nice apartment,” she said. “I just wanted something affordable.”


(Video) Inside a $24 Million 120 Year Old New York City Mansion

Mihir Zaveri covers housing in New York. @mihirzaveri

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(Video) How the Landlord’s Worst Nightmare Could Protect Millions of New Yorkers | NYT Opinion


How much can a landlord raise rent in nyc 2023? ›

For a one-year lease beginning on or after October 1, 2022, and on or before September 30, 2023: 3.25% For a two-year lease beginning on or after October 1, 2022, and on or before September 30, 2023: 5%

What is the most a landlord can raise rent NYC? ›

no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more. advance written notice. This applies to month-to-month tenants without a lease as well.

Are rents to rise for more than a million New Yorkers in rent-stabilized apartments? ›

Tenants in New York City's roughly 1 million rent-stabilized apartments will face increases of 3% for one-year leases after a tense meeting filled with protestors.

What is the most a landlord can raise rent? ›

Limits on Rent Increases

Landlords cannot raise rent more than 10% total or 5% plus the percentage change in the cost of living – whichever is lower – over a 12-month period.

Will nyc rents go down in 2023? ›

With all the predictions for the coming year, here's one most New Yorkers will be thrilled to hear: New York City rent prices are expected to drop in 2023. All that remains to be seen is when those price decreases occur and by how much.

Could nyc rents go up by 16 percent? ›

Rents Go Up by 16 Percent? Here's What to Know. A New York City panel may allow rents to rise in roughly one million rent-stabilized apartments. But increases as large as those discussed by the panel — up to 15.75 percent on two-year leases — are unlikely.

What a landlord Cannot do in New York? ›

Discrimination is a big deal in NYC law, and landlords cannot turn people away based on race, religion, age, disability, sexual orientation, gender, or creed. You must talk to a lawyer if you believe you are a victim of discrimination. Without a written court order, they cannot force you to leave your home.

How much time does a landlord have to give a tenant to move out in NY? ›

In New York 5 Page 9 City, 30 days' notice is required, rather than one month. Landlords do not need to explain why the tenancy is being terminated, they only need to provide notice that it is, and that refusal to vacate will lead to eviction proceedings.

How much notice does a landlord have to give if not renewing lease in NY? ›

The owner must give written notice of renewal by mail or personal delivery not more than 150 days and not less than 90 days before the existing lease expires. A failure of the tenant to respond within 60 days of the offering may lead to eviction proceedings. For more information, see Fact Sheet #4.

How many New Yorkers are rent burdened? ›

Residents in some cities are more rent burdened than others. In New York, for example, the rent-to-income ratio in 2022 was 68.5 percent, the Moody's report found. It was followed by Miami at 41.6 percent, Fort Lauderdale at 36.7 percent and Los Angeles at 35.6 percent.

Why are NYC rents up so much? ›

The city's population is growing rapidly, and demand for housing is increasing, leading to a housing shortage that has driven up prices. The high cost of living in New York City means that many people are competing for a limited supply of affordable housing, leading to steep competition and high rent prices.

How much can rent stabilized increase NYC? ›

By a 5-to-4 vote, the board approved a maximum rent increase of between 2% and 5% on one-year leases and 4% and 7% on two-year leases.

How much can a landlord raise rent in City of Los Angeles 2023? ›

Rent Increases Under State Law

The maximum permissible rent increase is 10% for rent hikes that take effect from August 1, 2022, to July 31, 2023.

Who is exempt from AB 1482? ›

A single family home is exempt unless it's owned by a real estate investment trust (REIT), a corporation, or an LLC where one of the members is a corporation. The owner must inform the renter in writing that the tenancy is not subject to the rent cap and just cause limitations.

What is the rent control law for AB 1482? ›

Under AB-1482, property owners will still be able to evict tenants for the following reasons: Nonpayment of rent. A breach of a material term of the lease. Nuisance, waste, unlawful, or criminal activity.

Will rents go down in a recession? ›

Just because there's a recession doesn't necessarily mean rent prices go down. In fact, during the 2008 recession, it was the exact opposite. In the current rental market, we have seen the rate of increase in rental prices come down, but this only translates to lower rent prices if you're in select markets.

Will there be a housing crisis in 2023? ›

Most experts do not expect a housing market crash in 2023 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.

Will rent in NYC ever go down? ›

Rents will decline as the rental market continues to normalize in 2023 but renters should not expect deep discounts.

How do I fight rent increase in NYC? ›

How to Negotiate a Rent Increase
  1. Ask for an explanation. If you are given a notice of a rent increase, ask the landlord for the reason behind it. ...
  2. Remain calm and polite. ...
  3. Remind them that you were a good tenant. ...
  4. Offer a compromise. ...
  5. Keep your options open if it doesn't work out initially.
Feb 1, 2023

Do most New Yorkers rent? ›

Do more people rent or own in NYC? Renting is vastly more popular than owning in New York. Of the 3,191,691 occupied housing units in New York City, a little over two-thirds are rented, while less than one-third are owned by the people who live in them.

How much are NYC rents going up? ›

NYC Rent 2023: NYC panel proposes 16% rent increase for 2-year leases in rent-stabilized apartments - ABC7 New York.

How long can a tenant stay without paying rent in NY? ›


Building owners must notify the tenant that rent is late, what the balance is, and that, if not paid, the tenant will be evicted. Three days after notice is given or oral demand for the rent is made, the owner may file a nonpayment proceeding in Housing Court and serve papers on the tenant.

What not to say to a landlord? ›

  • 'I hate my current landlord' Every potential landlord is going to ask why you're moving. ...
  • 'Let me ask you one more question' ...
  • 'I can't wait to get a puppy' ...
  • 'My partner works right up the street' ...
  • 'I move all the time'
May 11, 2017

How much does it cost to evict a tenant in NYC? ›

The Sheriff's Office handles evictions that involve the enforcement of a court order or warrant. The fee for performing an eviction is $140.

How long does it take to evict a tenant in NY without a lease? ›

30-day' Notice:

If you want to evict a month-to-month renter with no lease in place, you must give 30 days notice before you ask for eviction.

What are squatters rights in NY? ›

New York's squatters' law allows homeless people and anyone else who attempts to establish residence on someone else's property, limited rights that will help them avoid a trespassing charge. In addition, squatters help their case to remain on the property properly maintain it while they are living there.

Is New York a tenant friendly state? ›

New York is considered a landlord-friendly state since rental prices are usually higher, compared to other states. It's also considered a tenant-friendly state because there's a high rate of rent control clauses, so it's vital that landlords identify and analyze them for their lease agreement documents.

How much notice does a landlord have to give a tenant in NY? ›

For New York City rent stabilized tenants, the landlord must give written notice to the tenant of the right to renewal by mail or personal delivery not more than 150 days and not less than 90 days before the existing lease expires. After the notice of renewal is given, the tenant has 60 days in which to accept.

How much security deposit can a landlord charge in NY? ›

The amount of a security deposit for rent regulated apartments can be no more than one month's rent. The security deposit must be kept by the owner in an interest bearing account in a NYS bank.

What does the average American pay for rent? ›

What is the average rent in the U.S.? The average rent for an apartment in the U.S. is $1,702. The cost of rent varies depending on several factors, including location, size, and quality.

What is the average rent in the U.S. 2023? ›

The average monthly rent for all apartment types in the United States rose substantially in 2021. As of February 2023, the average monthly rent for a two-bedroom apartment in the United States reached 1,320 U.S. dollars, up from 1,282 U.S. dollars a year before.

Is rent higher in NYC or LA? ›

Overall, LA is about 24% less expensive than NYC. The cost of living in LA is lower than in NYC thanks to far lower housing prices. On average, housing in LA is 34% cheaper than in New York City. Additionally, prices for groceries, as well as restaurant prices, are lower in Los Angeles than in NYC.

How much will rent cost in NYC 2023? ›

The median Manhattan rent was $4,200 per month in February 2023. This figure has remained unchanged since October 2022 — five consecutive months. However, pricing remains 12% higher when compared to February 2022. Average rent for all apartment types increased year-over-year.

How many people are leaving New York? ›

New York State Lost Over 180,000 Thousand Residents

Between July 2021 and July 2022 New York State lost 180,341 residents. If you go back to April 2020, over a half-million Empire State residents moved out of New York State.

When did New York become so expensive? ›

In Manhattan and elsewhere, housing prices have soared over the 1990s. Rising incomes, lower interest rates, and other factors can explain the demand side of this increase, but some sluggishness on the supply of apartment buildings also is needed to account for the high and rising prices.

How much can landlord raise rent in NYC 2023? ›

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.

Can an apartment stop being rent stabilized NYC? ›

In NYC, an owner may refuse to renew a rent stabilized tenant's lease because the owner has an immediate and compelling need to possess the apartment for use as his or her primary residence or as a primary residence for his or her immediate family.

How many apartments in New York are rent stabilized? ›

How many New York City apartments are rent-regulated? There are roughly 3,644,000 homes in New York City. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals.

How much should a landlord pay a tenant to move out of an apartment in Los Angeles? ›

Under the new law, landlords will be required to pay relocation assistance to renters who decide not to renew their lease because their rent is going up more than 10% or by more than the Consumer Price Index plus 5%. The relocation assistance is pegged to three times the fair market rent plus $1,411 in moving costs.

Will rent go down in LA 2023? ›

While there's no consensus on what rents will do exactly in 2023 — go up a little, go down a little, or stay flat, according to three forecasts — what's clear is they are expected to return to more normal growth patterns, instead of the unsustainable, record rates seen in 2021 and 2022.

How much does a landlord have to pay for relocation in California? ›

If you qualify for a relocation payment under California Civil Code Section 1946.2, you will receive payment for one month's rent within fifteen (15) calendar days after service of this Notice.

What does AB 1482 mean for landlords? ›

AB 1482 imposes rent caps on some residential rental properties in California. It also imposes “just cause” eviction requirements that apply after residents have occupied the unit for a certain period of time.

What a landlord Cannot do in California? ›

Under the Fair Housing Act, it's illegal for landlords to discriminate against a prospective tenant based on sex, race, color, national origin, religion, familial status, or disability.

What is the rent increase limit for AB 1482? ›

No more than two increases in a 12-month period, and the combined amount cannot exceed the 5% + CPI cap. The current applicable CPI increase for San Francisco (that is, from August 1, 2022 to July 31, 2023), is 5%. Thus, the maximum annual increase for units subject to AB 1482 is currently 10% (5% + 5%).

What is AB 1482 rent control and just cause? ›

AB 1482 is an important California law with the following highlights: It requires a landlord to establish just cause to be able to terminate a tenancy. It sets the limit to annual rent increases to no more than 5 percent plus the local consumer price index or CPI (inflation rate), or 10 percent (whichever is lower).

What is notice of exemption from AB 1482 to their tenants? ›

What is a Notice of Exemption from AB 1482? A notice of exemption from AB 1482 is a notice that lets your tenants know that your rental property is exempt from AB 1482. This bill sets the maximum rent increase in California to 5% plus CPI, or at 10% (whichever is lower) per a 12 month period.

What is the proposed rent increase in NYC? ›

Landlords will be able to increase rent by 3% on one-year leases. They will be able to increase rent by 2.75% for the first year on two-year leases and 3.2% for the second year. The rent increases apply to new leases signed on or after Oct. 1, 2023.

What percentage is the rent increase in NYC? ›

The panel, known as the Rent Guidelines Board, voted 5 to 4 to raise rents on one-year leases by 3 percent, and on two-year leases by 2.75 percent for the first year and 3.2 percent for the second year.

How much are rents going up in NYC? ›

While this increase only dictates rent rules for rent-stabilized housing, it's unclear how it will affect unstabilized rental apartments. Median rent prices rose between 19% and 29% throughout the five boroughs from 2019 to 2023.

What is the vote for rent in NYC? ›

The final vote was 5 to 4, with three public members and two tenant members voting for the adjustment. It was an outcome that left both sides unhappy Wednesday night. Rent-stabilized tenants wanted a rent rollback.

What to do if your rent is increased in NYC? ›

For the most part, you are allowed to negotiate any rent increases that your landlord offers you with your lease renewal. However, keep in mind that when you attempt to negotiate, this is called a "counteroffer," which your landlord may legally reject if they are dead set on increasing your rent.

Will rent keep going up in NYC? ›

In May, 17.4 percent of renters offered to pay more than the landlord was asking. Rents in New York City just keep going higher.

What percentage of apartments in NYC are rent stabilized? ›

How many New York City apartments are rent-regulated? There are roughly 3,644,000 homes in New York City. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals.

What is a reasonable rent increase per year NYC? ›

Your landlord cannot increase your rent beyond a certain percentage by law. Specifically, the NYC Rent Guideline Board limits how much a landlord may increase your rent each year. In June of 2022, the board set a 3.25% increase for one-year lease agreements and a 5% increase for a two-year lease agreement.

How to negotiate rent? ›

How to negotiate rent
  1. Be polite. ...
  2. Explain your strengths as a renter. ...
  3. Let them know you have options. ...
  4. Pick the right offer. ...
  5. Leverage other properties' amenities. ...
  6. Offer the landlord something of value. ...
  7. Be open to adjusting your lease. ...
  8. Take non-monetary concessions.

What percentage of New Yorkers are rent burdened? ›

Residents in some cities are more rent burdened than others. In New York, for example, the rent-to-income ratio in 2022 was 68.5 percent, the Moody's report found. It was followed by Miami at 41.6 percent, Fort Lauderdale at 36.7 percent and Los Angeles at 35.6 percent.

Why is New York rent so high right now? ›

The city's population is growing rapidly, and demand for housing is increasing, leading to a housing shortage that has driven up prices. The high cost of living in New York City means that many people are competing for a limited supply of affordable housing, leading to steep competition and high rent prices.

Why are NYC rents so high right now? ›

' The surge was partly driven by college graduates moving to Manhattan, Raskopf added. In fact, demand was so high that the record-breaking list prices were just the 'starting point', and renters were expected to pay over the odds to secure an apartment.

What is average salary in New York City? ›

Average Salary in New York
Annual SalaryMonthly Pay
Top Earners$78,671$6,555
75th Percentile$63,406$5,283
25th Percentile$37,596$3,133

Why does New York have 40x rent rule? ›

Why Do NYC Landlords Ask For 40x the Rent? Landlords ask you to have 40 times the monthly rent as a salary because of the sheer price of living in New York City. However, having 40 times the rent means you'll spend less than 30 percent of your income on rent.

How many New Yorkers can't afford rent? ›

In 2021, 36% of New York City households did not have enough income to cover their basic needs, such as housing, food, healthcare, and transportation.

How much does Section 8 pay for rent in NY? ›

Section 8 will pay 60% or more of your monthly rent. The exact number paid by Section 8 will be determined by your household's income and composition. Though it will vary on the size of your income, family size, and city zone, a 2-bedroom Section 8 voucher in New York City will cover $2,217 in the New York Metro area.


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