Rent-stabilized apartments in NYC are like the rarest of Pokemon. For the most part, they’re passed down from friends or family members. However, they sometimes do go on market. Unless you know how to spot one, it could pass right between your fingertips without you knowing. We’ll teach you the tricks to spot a rent-stabilized apartment.
The NYC Rent Guidelines Board maintains a list of rent-stabilized buildings in NYC.
- Staten Island
However, not all apartments in these buildings are rent-stabilized. For an apartment to be stabilized, it should:
- Have had a rent of less than $2,000, if a tenant initially moved into the apartment between 1993 and June 23, 2011.
- Have had a rent of less than $2,500, if a tenant initially moved into the apartment between June 24, 2011 and June 14, 2015.
- Have had a rent of less than $2,700, if a tenant initially moved into the apartment since June 15, 2015.
There are many exceptions to these rules. (For instance, if you moved into the apartment BEFORE the building was converted to a co-op, the apartment may be stabilized. Also, some newly constructed buildings may be stabilized due to a 421-a or J-51 tax exemption even if the rent is $2,000 or more.)
The only way to find out if a particular apartment is rent-stabilized is to call the DHCR number 718-739-6400 (first press 1 for English, then press 9 to speak with someone).
You can stay in a rent-stabilized apartment as long as you want because the landlord is required to renew the lease as long as you are living there. And as long as you’re there, the rent increase for rent stabilized apartments is 0% for tenants on a 1-year lease paying the “legal regulated rent”, and 2% for tenants on a 2-year lease. Huzzah.