Millions of New Yorkers will see their rent go up this fall after the city’s Rent Guidelines Board voted Monday night to approve a new hike for rent-stabilized apartments—dashing any remaining hopes for a citywide rent freeze.
Following hours of passionate public comment and ongoing housing affordability debates, the board voted 5–4 to approve a 3% increase for one-year leases and a 4.5% increase for two-year leases.
The changes will apply to all rent-stabilized leases that are renewed on or after October 1, 2025.
While the board’s decision wasn’t a surprise—given preliminary proposals back in May—it’s still a tough pill to swallow for the estimated two million New Yorkers who live in rent-stabilized units.
The vote came despite loud calls from tenant advocates and community members pushing for a full freeze, citing growing financial strain across the five boroughs.
The new increases are the largest since 2013 for two-year leases, and mark the third consecutive year of rent hikes under the board.
In comparison, last year’s increases were capped at 3% for one-year leases and up to 5% for two-year leases—depending on lease terms.
The Rent Guidelines Board is made up of nine members appointed by the mayor: two representing tenants, two representing landlords, and five public members. Monday’s vote fell strictly along expected lines, with the five public members swinging the final result.
Supporters of the increase argue that it’s necessary to help landlords keep up with rising costs—from insurance and utilities to building maintenance and staff. But tenants and housing advocates say the increase will only deepen the city’s ongoing affordability crisis, especially as inflation continues to impact household budgets.
According to the city’s Rent Guidelines Board data, the median income for rent-stabilized tenants is around $60,000, compared to the citywide median of about $80,000.
For many, even a small rent bump can be destabilizing—particularly for seniors, fixed-income households, and long-time residents who rely on rent-stabilized units to remain in NYC.
As the changes take effect this fall, tenants across the city are being urged to double-check their lease terms, understand their renewal timelines, and connect with local housing support organizations if needed.