The New York City Rent Guidelines Board voted on Wednesday to pass a rent hike for the roughly one million rent-stabilized apartments in the city.
In a 5-4 decision, the board agreed to:
- A 3% raise on one-year leases
- An increase in two-year leases in intervals of 2.75% the first year and 3.2% the second
- The changes take effect October 1.
The decision marks the highest rent increase since mayor Michael Bloomberg was in office, when the board he appointed hiked rents up between 4% and 7.24% in 2013.
Compared to last year’s 3.25% one-year and 5% two-year increase, the difference doesn’t look all that significant on paper. To the tenants and advocates that flooded the meeting with signs and chants demanding rent rollbacks, however, the decision was yet another blow to their already strained pockets.
Landlords also left the meeting unhappy, citing rising operating costs such as taxes, energy costs and insurance premiums. Some landlords had called for even higher increases than those originally proposed in a preliminary RGB meeting, where they discussed a 2-5% increase for one-year leases and 4-7% for two-year leases.
As incidences of houselessness continue to climb to an all-time high in NYC, reaching levels last seen during the Great Depression, the average rent in Manhattan climbed to $4,595 a month.
While the Big Apple is known as one of the most expensive places to live in the country, New Yorkers are far from the only Americans feelings the impact of major cost-of-living hikes.
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Median rent for a one-bedroom: $3,434Median rent for a two-bedroom: $3,873Overall median rent: $3,650
Median rent for a one-bedroom: $1,395Median rent for a two-bedroom: $1,700Overall median rent: $2,081
Median rent for a one-bedroom: $2,200Median rent for a two-bedroom: $3,100Overall median rent: $2,899
Median rent for a one-bedroom: $1,450Median rent for a two-bedroom: $2,078Overall median rent: $1,960
Median rent for a one-bedroom: $1,600Median rent for a two-bedroom: $1,850Overall median rent: $2,118
Median rent for a one-bedroom: $2,940Median rent for a two-bedroom: $3,950Overall median rent: $3,500
Median rent for a one-bedroom: $2,500Median rent for a two-bedroom: 3,490Overall median rent: $3,300
Median rent for a one-bedroom: $1,700Median rent for a two-bedroom: $1,945Overall median rent: $1,895
Median rent for a one-bedroom: $1,200Median rent for a two-bedroom: $1,550Overall median rent: $1,799
Median rent for a one-bedroom: $1,733Median rent for a two-bedroom: $2,250Overall median rent: $2,131
