Massive Rent Increases Happening Across New York State

Rents are going to be increasing all across New York State. This move is going to impact at least 2 million people over on the east side of New York State.

Just an example of a BIG rent increase.

If your rent is $2,000 a month then a 7.75% increase is put into effect to your rent, then you are looking at about $155 a month increase. That is a decent amount for an increase.

According to CBS:

The preliminary vote sets the stage for a potential rent hike impacting more than 2 million New Yorkers. The motion, which passed in a 5-4 vote, proposes raising rent by 1.75-4.75% for one-year leases and 4.75-7.75% for two-year leases. There will be four public hearings before the board holds their final vote in June.

This move is going to affect over 2 million New Yorkers.

What is the limit that landlords can increase rent every year?

For non-regulated apartments in New York State there are no legal limits on how much a landlord can increase rent.

There is one thing that landlords need to do WHEN THEY ARE INCREASING before increasing rent by 5% or more. You have to give an advanced written notice to tenants if you are going to increase rent by more than the 5%. Depending on how long the tenants have been there for, the time you must give as a heads-up will be increased.

For apartments in New York State that are rent-stabilized apartments, increases are capped. There is a formula that is involved and it caps out at 10%. You can read all about the rent changes and increases here on the New York State website.

There are new laws on late payments and what landlords can charge as well. The New York State Attorney General has updated laws regarding landlords and tenants on the New York State website. According to the law, if you are late on paying your rent, you can/have to pay the fee of up to $50.