The New York City Rent Guidelines Board (RGB) approved RGB Guideline 55 authorizing new rent increases for one and two year rent stabilized leases commencing on or after October 1, 2023, and on or before September 30, 2024.
The increases are as follows: For a one-year lease: 3%. For a two-year lease: 2.75% for the first year of the lease and 3.2 % of the amount lawfully charged in the first year (excluding any increases other than the first-year guideline increase) for the second year of the lease.
DHCR has revised the Renewal Lease form (RTP-8). You should begin using the new form immediately a link to the form is available here: Renewal Lease Form
We suggest that you include a rider for two-year vacancy leases and all renewals setting forth the rent increases and calculations for each year of a two-year lease. Please feel free to reach out to me or a member of the Administrative Team if you have additional questions.