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Commonly Asked Questions about Property Rental Law

Key Takeaways. A new law affecting renewals of rent-stabilized housing will benefit NYC landlords in 2024, allowing property owners to increase the rent up to 3% upon renewal for a one-year lease. For a two-year lease, landlords can raise the rent up to 2.75% after the first year and 3.20% for the second year.
no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more. advance written notice. This applies to month-to-month tenants without a lease as well.
New York landlords must follow a strict legal process for evictions, which includes serving proper notices, filing a court action, and obtaining a court order before an eviction can take place. Self-help measures such as changing locks or physically removing a tenant are illegal.
For a two-year lease beginning on or after October 1, 2023, and on or before September 30, 2024: For the first year of the lease: 2.75% For the second year of the lease: 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.
The Good Cause Eviction Law is designed to increase tenant protections as costs skyrocket. As of April 20, 2024, annual rent increases of more than 10% or 5% plus annual inflation, whichever is less are automatically considered unreasonable by New York State.
FOX 5 NYs Stephanie Bertini has the details. NEW YORK - New Yorkers living in rent-stabilized apartments must dish out more each month. New York Citys Rent Guidelines Board approved increasing rent to as much as 2.75% for one-year leases and 5.25% on two-year leases.
In New York 5 Page 9 City, 30 days notice is required, rather than one month. Landlords do not need to explain why the tenancy is being terminated, they only need to provide notice that it is, and that refusal to vacate will lead to eviction proceedings.
Good Cause Eviction is a New York State law that went into effect on April 20, 2024. It gives some tenants of unregulated (also known as market rate) homes in New York City new protections.