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Nearly 1 million renters will experience increased prices starting today

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Published  October 1, 2023 12:43pm EDT
FOX 5 NY
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 (Photo by Drew Angerer/Getty Images)

NEW YORK - Millions of New Yorkers living in rent stabilized apartments will have to dish out more money. 

The controversial 5-4 Rent Guidelines Board vote goes in to effect Sunday.

The New York City Rent Guidelines Board's hike will allow owners of stabilized units to increase their prices by up to 3 percent. 

These regulations will be in place through Sept. 30, 2024.

PREVIOUSLY: NYC rent increase approved for rent-stabilized apartments: What to know

Although these hikes are much lower than the 7 percent increase the board originally proposed, renters are not happy about the spike.

Rent in Manhattan hits record high

Experts say you'd have to make nearly $220,000 at a minimum to be able to afford rent in Manhattan.

The annual adjustment for apartments and lofts is as follows:

  • For a one-year lease starting on or after Oct. 1, 2023 through Sept. 30, 2024: 3% increase
  • For a two-year lease on or after Oct. 1, 2023 through Sept. 30, 2024: 2.75% for the first year and 3.2% for the second

RELATED: Average Manhattan rent remains over $5,500 a month

RELATED: Mayor Adams unveils housing plan: 100,000 new homes over the next 15 years

"They don’t care about human rights. They don’t care. They think they’re talking to dogs, trees and rubbish! They’re not concerned about us," one tenant told FOX 5 NY back in June.

Tenants, as always, have said that rents are too high and that consumer inflation has hit New Yorkers hard. Last year, the Rent Justice Coalition, a group that advocates for tenants, called the last proposal to raise rents "outrageous" and blamed Mayor Eric Adams.

According to research firm Miller Samuel and brokerage firm Douglas Elliman, the median rent was at a record high as well, at $4,400 a month.

RELATED: Average Manhattan rent remains over $5,500 a month

But landlords have argued that inflation has affected them, too, with rising costs of maintenance, materials, fuel, and more. The Rent Stabilization Association, which represents building owners and managers, said the increase acknowledges "alarming trends" in the city's "aging housing stock."