NYC Rent Guidelines Board Announces Rent Increases for 2023-2024 Under RGBO No. 55

July 26, 2023

LVT Number: #32653

For the upcoming guideline increase period commencing Oct. 1, 2023, and extending through Sept. 30, 2024, the NYC Rent Guidelines Board issued RGBO No. 55 in June 2023. Under RGBO No. 55, a 3 percent increase applies to one-year vacancy or renewal leases under rent stabilization. For two-year leases commencing during the guideline period, a 2.75 percent increase can be collected during the first year of that lease, and can be increased by 3.2 percent of the amount lawfully charged in the first, excluding any increases other than the first-year guideline increase.

For the upcoming guideline increase period commencing Oct. 1, 2023, and extending through Sept. 30, 2024, the NYC Rent Guidelines Board issued RGBO No. 55 in June 2023. Under RGBO No. 55, a 3 percent increase applies to one-year vacancy or renewal leases under rent stabilization. For two-year leases commencing during the guideline period, a 2.75 percent increase can be collected during the first year of that lease, and can be increased by 3.2 percent of the amount lawfully charged in the first, excluding any increases other than the first-year guideline increase. RGBO also sets permitted rent increases for loft units covered by Article 7-C of the Multiple Dwelling Law, and contains some other provisions. A sample rent-stabilized renewal lease form for use during RGBO No. 55 is provided by the DHCR (Form RTP-8 issued 6/23) at https://hcr.ny.gov/system/files/documents/2023/06/rtp-8-06-2023-fillable.pdf.

NYC Rent Guidelines Board Order No. 55: apartment and loft guidelines for leases commencing between 10/1/23 and 9/30/24, https://rentguidelinesboard.cityofnewyork.us/2023-24-apartment-loft-order-55/

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