NYC Rent Increase: 4.5% for Two-Year Leases, 3% for One-Year Leases

The NYC Rent Guidelines Board voted to increase rent for rent-stabilized apartments. This means a 4.5% increase for two-year leases and a 3% hike for one-year leases, effective October 1, 2025, to September 30, 2026.

Tenants vs. Landlords: A Heated Debate

The decision wasn't unanimous, passing with a 5-4 vote. Tenants protested, advocating for smaller increases, citing financial strain. Landlords argued that the increases don't cover rising maintenance, insurance, and tax costs.

<img src="https://assets1.cbsnewsstatic.com/hub/i/2025/06/30/8746584e-6883-41ea-bbee-1d5441a2ce15/5b565480a216bfaf1cb6f79fc5be2447.jpg" alt="Image of a NYC protest">

One tenant, Mercedes Escoto, shared her frustration, questioning where past rent payments have gone. Ann Korchak, president of the landlord advocacy group Small Property Owners of NY, criticized the board's decision as insufficient to cover rising operating costs, warning of potential building distress and foreclosures.

Rent Freeze a Key Issue in NYC Mayoral Race

The rent increase is a major topic in the mayoral race. Queens Assemblyman Zohran Mamdani, the Democratic primary frontrunner, campaigned on a rent freeze pledge for his term. Meanwhile, Mayor Eric Adams, running for re-election as an independent, expressed disappointment with the board's decision, highlighting his administration's efforts to improve affordability. He stressed that a rent freeze would negatively impact necessary building repairs and maintenance.

Mayor Adams emphasized his administration's efforts to increase affordable housing and highlighted the "City of Yes for Housing Opportunity" initiative aiming to build over 130,000 new homes in the next 15 years.