New York’s rental market can be hard to figure out, especially since the rules about raising rent are always changing. Tenants are affected by a number of important rules in 2024. Knowing these rules can help you protect your rights and make smart choices. This year, here’s what you need to know about New York’s rules on rent increases.
1. Rent Stabilization and Rent Control
Rent Stabilization
- Eligibility: Rents are capped in most apartment buildings with six units or more that were built before 1974. When landlords raise rent, they can only do so by a certain amount set by the Rent Guidelines Board (RGB).
- 2024 Increases: The RGB agreed to raise the rent by 3.25 percent for one-year leases and by 5 percent for two-year leases.
Rent Control
- Eligibility: Rent control applies to buildings built before 1947 and is limited to tenants who have been living there since 1971. The rent is generally frozen or can only increase minimally.
2. Market-Rate Apartments
Landlords have more freedom to decide how much to raise rent for market-rate flats. But they still need to give the right notice:
- Notice Requirements: Landlords must provide at least 30 days’ notice for rent increases up to 5%. For increases of 5% or more, at least 60 days’ notice is required.
3. Key Rent Increase Regulations
Limitations on Rent Increases
- Rents can’t be raised for no reason by landlords. The RGB’s rules or other legal systems must be used to justify price increases.
Major Capital Improvements (MCI)
- Landlords can increase rent for major capital improvements, but they must apply to the RGB for approval. Tenants can contest these increases if they feel they are unjustified.
Individual Apartment Improvements (IAI)
- Similar to MCIs, landlords can also increase rents for individual apartment improvements. However, they must notify tenants and follow the proper legal channels.
4. Tenant Protections
Retaliatory Evictions
- It is against the law for landlords to punish renters who report problems or complain about the conditions of their homes. If your rent goes up soon after you file a complaint, it could be seen as unfair punishment.
Rent Overcharge Complaints
- If you believe your landlord has overcharged you, you can file a complaint with the New York State Division of Housing and Community Renewal (DHCR).
5. Resources for Tenants
- NYC Rent Guidelines Board: Provides detailed information about rent stabilization and the RGB’s decisions.
- Legal Aid Societies: Offer assistance and guidance on tenants’ rights.
- Tenant Associations: Joining a tenant association can provide support and collective bargaining power.
Conclusion
In 2024, tenants who want to protect their rights must know New York’s rules about rent increases. Know what your rights are when it comes to rent raises and stay up to date on your lease agreements. Don’t be afraid to ask for help if you think your rights are being violated. If you have the right information and tools, you can better manage the rental market.