New York implements zero percent rent increase for stabilized apartments

The Rent Guidelines Board approved a zero percent rent increase for stabilized housing contracts in New York starting October 1, 2026. This decision affects nearly one million stabilized apartments across the five boroughs of the city.

The board voted 7 to 1 to freeze costs for one and two year lease agreements that begin or renew between October 1, 2026, and September 30, 2027.

Zohran Mamdani described the vote as a historic victory for renters, noting it is the first time the city has frozen two year contracts. The freeze applies to specific converted lofts and hotel units under certain legal orders. Market rate apartments do not fall under these new rules.

Contracts that began or renewed before October 1, 2026, still follow previous guidelines which allow for a 3 percent increase on one year leases and a 4.5 percent increase on two year leases. Landlords must provide written notice for lease renewals, and tenants can file complaints with the state agency Homes and Community Renewal if they believe they are being overcharged.