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As one of the most desirable places to live in the world, New York City is out of reach for many because of its high cost of living. The five boroughs boast some of the highest rents, making rent-stabilized apartments a haven for those hoping to fulfill their dream of living in a city that never sleeps.
Although there is a growing demand for rent-stabilized housing, there is a decreasing supply of such units, making it difficult to secure one. After all, once people find an affordable apartment, they rarely want to let it go.
What Is a Rent-Stabilized Apartment?What Is a Rent-Stabilized Apartment?
Unlike rent-controlled apartments, where the rent is capped at a certain level, rent-stabilized apartments are only allowed to increase rent in small increments each year.
Annually, the New York City Guidelines Board (NYCRGB) modifies and regulates the percentage increase. According to the official website of New York City, for one-year leases starting between October 1, 2021, and September 30, 2022, the final six months’ rent can increase by 1.5%, while the rent for a two-year lease might rise by 2.5%.
According to the newest regulations, rents can be increased by 3.25% for 1-year leases starting between October 1, 2022, and September 30, 2023, and by 5% for 2-year leases.
Living in a Rent-Stabilized Apartment in NYCLiving in a Rent-Stabilized Apartment in NYC
The main benefit of living in a rent-stabilized apartment is the knowledge and comfort of knowing that you have:
- Affordability: Because there are no income restrictions on rent-stabilized apartments, anyone can live in them.
- Certainty: You won’t have to worry about whether your landlord will increase your rent out of nowhere or kick you out if they go bankrupt.
- Predictability: You know exactly how much your rent can be increased each year and budget accordingly.
Your biggest weapon is knowledge and security about the future here — no more surprises!
Are Rent-Stabilized Apartments Common in NYC?Are Rent-Stabilized Apartments Common in NYC?
According to the New York City Rent Guidelines Board, there are 1,048,860 rent-stabilized apartments in the city; however, with as many benefits as they offer, they can be difficult to find.
The general requirements of rent-stabilized apartments are:
- At least six or more units
- Built before 1974
- No co-ops or condos
Here are some of the best ways to find these hidden gems of apartments in NYC:
- Rent Stabilized Building Listings: Filter by zip code and neighborhoods
- Localize your search to specific neighborhoods: Some neighborhoods offer more of these types of apartments than others. Plus, finding these hot spots will allow you to have more choices.
If you’ve identified a certain apartment and want to see if it’s truly rent-stabilized, check the NYS Homes and Community Renewal (HCR) web portal.
Rent-Stabilized Apartments FAQRent-Stabilized Apartments FAQ
How Do I Know if My Apartment Is Rent-Stabilized?How Do I Know if My Apartment Is Rent-Stabilized?
While those mentioned above are the minimum requirements, you must fill out an online form supplied by the HCR to confirm whether your apartment is indeed rent-stabilized.
Tip: You can even get the apartment’s rental history using the same form.
Is My Landlord Required to Tell Me if My Unit Is Rent-Stabilized?Is My Landlord Required to Tell Me if My Unit Is Rent-Stabilized?
While some apartments in a building may be rent-stabilized, not all are. But if your unit is rent-stabilized, your landlord is required under the HCR to provide a “Lease Rider” explaining your rights and responsibilities as a rent-stabilized tenant. This document will even list reasons for past rent increases.
If you have yet to receive a rider, you can contact HCR and make a complaint online. Check here for more info.
Are Rent-Stabilized Apartments a Form of Affordable Housing?Are Rent-Stabilized Apartments a Form of Affordable Housing?
The short answer is: yes.
The long answer is that anyone living in high-cost areas like New York City can find affordable housing thanks to government laws that make it feasible.
Final ThoughtsFinal Thoughts
In an effort to recoup earnings lost during the pandemic, NYC rents have skyrocketed, making it hard to find affordable apartments. Although there are tools available to help you choose the best housing option for your budget and lifestyle, nothing beats the assistance of a local real estate expert.
