NYC Affordability

Rent-stabilized apartments (generally units in buildings with six or more units built before 1974) aren’t subject to the free-market rent a landlord could otherwise charge. Instead, the NYC Rent Guidelines Board (RGB), a mayoral-appointed panel, votes once a year on the maximum percentage increase landlords can apply at lease renewal. That vote applies citywide to every stabilized unit, regardless of what an individual landlord would prefer to charge.

For leases commencing October 1, 2026 through September 30, 2027, the RGB’s Order #58 (adopted June 25, 2026) freezes rents: the cap is 0% for both one-year and two-year renewals, the first time the board has frozen both terms. Leases that commenced between October 1, 2025 and September 30, 2026 remain under Order #57’s caps of 3% (one-year) and 4.5% (two-year). These are legal maximums, not minimums or automatic increases. A landlord can renew at the same rent or lower, but can’t legally exceed the board’s cap.

Worked example

A rent-stabilized apartment currently at $2,500/month renews on a lease commencing November 1, 2026: under Order #58, the renewal rent is capped at $2,500/month on either a one- or two-year term, with no increase. Had the same renewal commenced in September 2026, Order #57 would have allowed up to $2,575/month (one-year, +3%) or $2,612.50/month (two-year, +4.5%). Compare that to a market-rate unit, where the 40x rule governs what a landlord will ask for on a new lease rather than a renewal cap. Run your own numbers on the Rent Affordability Calculator.