1. What is the NYC Rent Increase 2023?

The NYC Rent Guidelines Board approved a 2.75% increase for one-year lease renewals for rent-stabilized apartments effective October 1, 2023. This calculator helps determine the exact dollar amount of the increase.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Current Rent — Your current monthly rent amount in USD
• 2.75% — The approved increase percentage for one-year leases

3. Importance of Rent Increase Calculation

Details: Accurate rent increase calculation is crucial for both tenants and landlords to understand the new legal rent amount for rent-stabilized apartments in NYC.

4. Using the Calculator

Tips: Enter your current rent amount in USD. The calculator will show both the dollar amount of the increase and your new rent amount.

5. Frequently Asked Questions (FAQ)

Q1: Does this apply to all NYC apartments?
A: No, this only applies to rent-stabilized apartments. Market-rate apartments have different rules.

Q2: Is this increase mandatory?
A: For rent-stabilized apartments, landlords may choose to implement this increase when renewing leases.

Q3: What about two-year leases?
A: For 2023, the increase for two-year leases was 5.25% (2.75% × 2).

Q4: When does this take effect?
A: For leases renewing on or after October 1, 2023.

Q5: Are there any exceptions?
A: Some apartments may be exempt due to specific programs or agreements. Check with NYC Housing for details.