RENT-REGULATED & MARKET-RATE
Is It & Where Can You Find It?
both "rent-controlled" and "rent-stabilized" apartments.
Besides the benefit of rent increases that are set by a government
agency, tenants in rent-regulated housing also have greater legal
protections than those living in market-rate housing. For an
apartment to be under rent
control, the tenant (or the tenant's family if the
apartment has been passed down to a qualified family member)
must have been living in that apartment continuously since before
July 1, 1971. When a rent-controlled apartment becomes vacant,
it either becomes rent
stabilized, or, if it is in a building with fewer
than six units, it is generally removed from regulation. As
a rule of thumb, rent stabilized apartments are in building
built before 1974, have six or more apartments,
and the new rent is below $2,500 per month. Apartments can
also become rent stabilized if a developer utilizes the J-51
or 421-a tax incentive programs. Click
here for a list of buildings in New York City with
rent-stabilized apartments. As of 2011, rent stabilized apartments comprise
approximately 59% of rental apartments in the Bronx, 43% of apartments
in Brooklyn, 45% of Manhattan apartments, 42% of Queens apartments,
and 15% of Staten Island apartments.
usually easier to find than rent-regulated apartments in New York
City. However, tenants of market-rate housing have less legal protections
regarding the right to a lease renewal and evictions. Owners of market-rate
housing are not required to provide tenants with leases and are allowed
to raise rents to whatever rate they feel the market can bear. Market-rate
housing also tends to be more expensive, especially in "Core" Manhattan
(south of 96th Street on the East Side and 110th Street on the West
Side). Like rent-regulated housing, market-rate housing can be found
city-wide, and is most prevalent in low-density areas where buildings
typically have less than six units.
New York City Rent Guidelines Board does not own or rent apartments. Furthermore,
this Apartment Guide is not meant to be a complete listing of housing resources,
nor are we endorsing the websites linked to this guide. Unless otherwise
indicated, we are not responsible for any opinions or comments expressed
here. If you have any questions, suggestions, please contact us at firstname.lastname@example.org.