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Historically low rent increases for 2014.

 

In case you weren’t aware of this important vote that took place a couple of weeks ago, we’d like to share it with you.  As always, rent has been skyrocketing, and many have been calling for a rent freeze.  Well, that didn’t happen but there was a decision made on rent increases for rent stabilized apartments and the increase is a historically low 1% rate.  All of this will begin October 1st, 2014.  It’s broken down below and if you’d like the full picture, please click here.

• For a 1-year renewal lease commencing on or after October 1, 2014 and on or before September 30, 2015: 1.0%
• For a 2-year renewal lease commencing on or after October 1, 2014 and on or before September 30, 2015: 2.75%
• Sublet allowance of 10%
• The RGB’s statutory vacancy increases will remain in effect

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