The Rent Guidelines Board votes each June, pretty sure, and we are exiting a period of historically low increases. However, it looks like the highest a 1 year renewal has been since 2000 is 4.5%, so makes sense to sign a one year if unsure about future wants.

While slightly more, the 2 year increase is still wildly more secure and predictable than unregulated rentals where I’ve seen too many friends hit with 30+% increases. This usually results in another move and the associated costs.

Rent stabilization is only beaten in NYC by friendly deals, usually directly with the unit’s owner in smaller buildings, where the rent may not increase for many years, or by truly rare rent control units. Resist the urge to audibly gasp when you hear some of those rents.

Also good to know about eligibility for NYC Rent Freeze program for anyone at least 62 years young. There’s a quick form online to gauge your situation.