The city’s annual process for determining rent increases for rent-stabilized apartments has begun. The increases will affect leases that renew between October 1, 2017, and September 30, 2018.
How much will the increases be? In a preliminary vote, the Rent Guidelines Board recommended a range of 1%–3% for one-year leases and 2%–4% for two-year leases. Although the RGB’s staff reports projected increased costs for landlords, they also showed that net operating income for landlords far exceeded their costs (details below).
Wednesday, June 14, 2–8 p.m.: You can testify in person—two-minute limit—to the RGB at the U.S. Customs House at 1 Bowling Green (4 and 5 trains to Bowling Green). You must register to speak. Before the hearing, call (212) 669-7480. You can also sign up at the hearing.
Tips for testifying in person:
- Make it personal—why you deserve a rollback or a low increase
- Keep your remarks to the two-minute limit by timing yourself
Interpretation available in Spanish and Mandarin. If you need a sign language interpreter or an interpreter for a language other than those mentioned, make a request by June 1 by calling (212) 669-7480 or writing to the RGB at 1 Centre Street, Suite 2210, New York, NY 10007.
Can’t attend or have a lot more to say? Other ways you can submit comments by June 22:
Mail: NYC Rent Guidelines Board, 1 Centre Street, Suite 2210, New York, NY 10007
Fax: NYC Rent Guidelines Board, (212) 669-7488
Final vote: Tuesday, June 27, at 7 p.m. at Baruch College’s Mason Hall, at 17 Lexington Avenue (corner of 23rd Street).
How are landlords doing? According to RGB staff reports:
- Landlords’ operating costs went up 6.2% this year; they’re projected to go up 4.4% next year.
- Excluding fuel and steam costs, landlords’ operating costs went up 4.5%.
From 2014 to 2015, net operating income (revenue remaining after operating expenses are paid) grew 10.8%. This is the 11th consecutive year that NOI has increased.
On average, in stabilized buildings, 2014–2015:
- Rental income increased by 4.4%
- Total income rose by 4.4%
- Operating costs increased by 1.1%
- Net operating income (NOI) grew by 10.8%
What about tenants? Half of New York tenants pay more than 32% of their income to rent.
The RGB meeting schedule and videos of its meetings are at http://www.nycrgb.org/html/about/meetings.html. Copies of its reports are at http://www.nycrgb.org/html/research/cresearch.html.