RENT GUIDELINES BOARD ENACTS NEW GUIDELINES
On June 17, 2020, the Rent Guidelines Board (“RGB”) voted on the permissible rent increases for leases commencing on or after October 1, 2020 through September 30, 2021. In the City of New York, the RGB enacted a zero percent (0%) increase on 1-year lease renewals and a split increase of zero percent (0%) for the first year on 2-year lease renewals, with a one percent (1%) increase permitted for the second year. This is the first time that the RGB has approved an increase for a 2-year lease that includes a different increase for each year of the renewal.
As a result of this unusual set of increases, DHCR has offered a newly revised RTP-8 lease renewal form for owners. The form can be found here: https://hcr.ny.gov/form-rtp-8.
We will continue to update this information for areas outside of NYC once it becomes available. As always, if you have any questions or need assistance preparing any documents, the attorneys at Daniels Norelli Cecere & Tavel, P.C. are always available to address your needs.