New York’s rent increase laws for 2024 have undergone significant changes, particularly affecting tenants in rent-stabilized apartments. Here’s what tenants should know:
Rent Increase Limits
- Approved Increases: The New York City Rent Guidelines Board has approved rent increases of up to 2.75% for one-year leases and 5.25% for two-year leases. This decision reflects the ongoing housing affordability crisis and rising operational costs faced by landlords.
- Annual Caps: Rent increases for rent-stabilized apartments are determined annually by the Rent Guidelines Board, which sets specific percentage limits to help maintain affordability for tenants.
Notice Requirements
- Advance Notice: Landlords must provide advance notice if the rent is set to increase by 5% or more. The notice period varies based on the lease duration:
- 30 days for tenancies of less than one year
- 60 days for leases of one to two years
- 90 days for longer tenancies.
Good Cause Eviction Law
- New Protections: Effective April 20, 2024, the Good Cause Eviction law provides additional protections for tenants in unregulated (market rate) apartments. This law prevents landlords from evicting tenants without a “good cause” and allows tenants to challenge excessive rent increases in court.
Individual Apartment Improvements (IAIs)
- IAI Regulations: Landlords can increase rents based on Individual Apartment Improvements (IAIs), but new regulations limit these increases:
- A cap of $30,000 for IAIs over a 15-year period has been established, with permanent rent increases allowed.
- For vacant apartments registered in specific years, a higher cap of $50,000 applies, with different amortization rates depending on the size of the building.
Tenant Rights and Resources
- Determining Rent Stabilization Status: Tenants can check if their apartment is rent-stabilized by reviewing their lease or requesting their rent history from the landlord.
- Legal Protections: Tenants have the right to challenge unjustified rent increases and can seek assistance from tenant advocacy groups or legal aid organizations if they believe their rights are being violated.
These changes reflect ongoing efforts to balance the needs of tenants facing rising living costs with landlords’ requirements to maintain their properties amidst increasing expenses. Tenants are encouraged to stay informed about their rights and available resources as these laws take effect.
Sources:
- https://www.fox5ny.com/news/nyc-rent-hike-final-vote-2024
- https://www.steadily.com/blog/rent-increase-laws-regulations-new-york-ny
- https://rentguidelinesboard.cityofnewyork.us/resources/faqs/rent-increases/
