The Rent Guidelines Board has ruled in regard to rent stabilized apartments in New York!
As usual, neither tenants nor landlords are happy. And as usual, landlords say they are on the way to the poorhouse and tenants say that nobody but the very rich will be able to live in New York. And as usual, thousands of people will be competing to rent apartments in New York City this year, next year, and beyond.
So what’s the verdict?
For leases commencing between October 1, 2011 through September 30, 2012, rent stabilized tenants will be able to renew their leases for one year at an increase of 3.75%. Two year lease renewals come in at 7.25%.
When an apartment is vacated, the landlord will be allowed to tack on a vacancy allowance that will be factored into the next tenant’s new rent. On a one year lease, the vacancy allowance is 16.5%. On a two year lease, the allowance is 20%.