Historically low rent increases for 2014.
Jul 10, 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