Rent increases for rent-stabilized New York City apartments go into effect
NEW YORK -- Rent increases for more than 2 million New Yorkers living in rent-stabilized apartments are now in effect.
People who renew leases now through Sept. 30, 2023, could see an increase of 3.25% on one-year leases and 5% on two-year leases.
It's the biggest hike in nearly a decade.
READ MORE: NYC Rent Guidelines Board votes to increase rents of rent-stabilized apartments
The city's Rent Guidelines Board voted for the increases in June after rent hikes were paused or kept low for two years because of the pandemic.
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