NYC Rent Guidelines Board Passes Increases for Leases Renewed Between Oct. 1, 2010 and Sep. 30, 2011

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As you may know, the Rent Stabilization Code (“RSC”) applies to most buildings of six or more units in New York City which were built prior to 1974. If RSC applies, the State of New York Division of Housing and Community Renewal (“DHCR”) regulates, among other things, building rent increases.

At a meeting held on June 24, 2010, New York City’s nine-person Rent Guidelines Board approved rent increases for lease renewals signed between October 1, 2010 and September 30,2011. These increases will be a 2.25 percent increase for one-year lease renewals and a 4.5 percent increase for two-year lease renewals.

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