No Relief for Owners: Operating Costs Increase

 

Mild rent hike on tap

Finally, some relief for tenants.

A benchmark used to set annual rent increases for more than 1 million tenants in rent-stabilized apartments has come in at its lowest level in a decade — a sign that this year’s hikes could be among the lowest since 2002.

The Rent Guidelines Board determined that landlords’ operating costs climbed a modest 2.8 percent over the last 12 months, compared with 6.1 percent last year.

Based mainly on landlord costs, last year’s rent hikes were set at 3.75 percent for a one-year lease renewal and 7.25 percent for two years.

If the board follows form, this year’s hikes could be lower.

The board will vote Tuesday on preliminary rent hikes.

Source: New York Post

Bad News For Landlords: Rent-Regulated Tenants Are On A Winning Streak

Rent-Regulated Tenants Are On A Winning Streak

By Kim Velsey 4/2

Yet more good news for tenants living in rent-regulated apartments! Rents will will still be going up, of course—don’t be crazy, the rent always goes up—but this year could see the lowest hike in a decade.

What's the rent? (dpapworth, flickr)

 

The Rent Guidelines Board has set one of the benchmarks used to determine rent increases—the rise in landlords’ operating costs—at 2.8 percent,The New York Post reports.

The landlords’ operating cost increase is used to determine how much the rent can be raised on the city’s roughly 1 million rent-regulated apartments. Last year, based on a landlord operating cost increase of 6.1 percent, the Rent Guidelines Board set rent increases at 3.75 percent for a one-year lease renewal and 7.25 percent for two years.

Heartening news for tenants, especially since the board has set annual increases at about 3 percent for the last decade, a decision that never fails to irritate both tenants and landlords, who have demanded more transparency, so they know why the board makes the decisions that everyone hates.

Continue reading

Owners May See Smallest Rent Increase in 10 Years

Stabilized Tenants May See Smallest Rent Increase in 10 Years

Friday, April 27, 2012, by Sara Polsky

The circus is almost here, folks. The Rent Guidelines Board is about to embark on its annual series of hearings, where tenants cry, landlords beg, and the board hikes stabilized apartments’ rents. Landlords with stabilized tenants recently found out that the Supreme Court won’t hear a case on the legality of rent-stabilization. Now landlords could be in for a second disappointment: the smallest rent increase in a decade. According to the Rent Guidelines Board, the Post explains, operating costs for landlords rose only 2.8 percent over the past 12 months, compared to 6.1 percent last year. And rising costs are a major argument from landlords in favor of higher rents.

 

 

Last year, the board called for rent hikes of 3.75 percent on one-year leases and 7.25 percent on two-year leases. The board will conduct its preliminary vote on this year’s increases on Tuesday. The median stabilized rent right nowin Manhattan below 96th Street is $1,480/month.

 

Source: Curbed NY