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