SUMMARY OF GUIDELINES ADOPTED ON JUNE 17, 2024
This summary of the Rent Guidelines Board guidelines is solely for the informal use of the public and should not be substituted for the full text of the Apartment and Loft Order 56 and Hotel Order 54. The full text of these orders will be made available to the public in the coming days and, when available, can be obtained from our website nyc.gov/rgb or by calling 212-669-7480.
The following lease guidelines for rent stabilized apartments, lofts and hotels were adopted by the Rent Guidelines Board on June 17, 2024.
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: 2.75%
- For a two-year lease commencing on or after October 1, 2024 and on or before September 30, 2025: 5.25%
RENT STABILIZED LOFT GUIDELINES
- For one-year increase periods commencing on or after October 1, 2024 and on or before September 30, 2025: 2.75%
- For two-year increase periods commencing on or after October 1, 2024 and on or before September 30, 2025: 5.25%
SPECIAL GUIDELINE
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 49% above the maximum base rent (MBR).
DECONTROLLED UNITS
The permissible increase for decontrolled units as referenced in Order 3a, which become decontrolled after September 30, 2024, shall be 49% above the maximum base rent.
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%