SUMMARY OF PROPOSED GUIDELINES ADOPTED ON APRIL 30, 2024

This summary (also available in pdf format) of the Rent Guidelines Board (RGB) proposed guidelines is solely for the informal use of the public and should not be substituted for the full text of the proposed Apartment and Loft Order 56 and the proposed Hotel Order 54.  The full text of these proposed orders is available and will be published in the City Record and posted on rules.cityofnewyork.us.  Copies of the proposed orders can be obtained from our website nyc.gov/rgb, emailing the RGB at [email protected] or by calling the Board’s office at 212-669-7480.

The following proposed lease guidelines for rent stabilized apartments, lofts and hotels were promulgated by the NYC Rent Guidelines Board on April 30, 2024.

PROPOSED RENT STABILIZED APARTMENT GUIDELINES 

Together with such further adjustments as may be authorized by law, the annual adjustment for leases for apartments shall be:

  • For a one-year lease commencing on or after October 1, 2024 and on or before September 30, 2025:  2%–4.5%
  • For a two-year lease commencing on or after October 1, 2024 and on or before September 30, 2025:   4%–6.5%

Proposed Special Guideline/Decontrolled Units

For dwelling units subject to the Rent and Rehabilitation Law on September 30, 2024, which become vacant after September 30, 2024, the special guideline shall be 27% above the maximum base rent.

PROPOSED RENT STABILIZED LOFT GUIDELINES

  • For one-year increase periods commencing on or after October 1, 2024 and on or before September 30, 2025: 2%–4.5%
  • For two-year increase periods commencing on or after October 1, 2024 and on or before September 30, 2025:  4%–6.5%

PROPOSED RENT STABILIZED HOTEL GUIDELINES

The allowable level of rent adjustment over the lawful rent actually charged and paid on September 30, 2024 shall be:

  1. Residential Class A (apartment) hotels – 0% 
  2. Lodging houses – 0% 
  3. Rooming houses (Class B buildings containing less than 30 units) – 0% 
  4. Class B hotels – 0% 
  5. Single Room Occupancy buildings  (MDL section 248 SRO’s) – 0%