The NYC Rent Guidelines Board (RGB) voted this evening and approved RGB Order 55, setting the increases for one and two-year stabilized leases starting October 1st, 2023.
For a one-year lease commencing on or after October 1, 2023, and on or before September 30, 2024: 3%
For a two-year lease commencing on or after October 1, 2023 and on or before September 30, 2024: For the first year of the lease, 2.75%; and for the second year of the lease, plus 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.
For more information, click here to visit the RGB’s website. For more information, please take a look at the July/August 2023 issue of the RSA Reporter.