New York City’s Rent Guidelines Board (RGB) narrowly gave its final approval this week to rent increases that will apply to leases signed on or after Oct 1. 2023 for the city’s 1 million rent-stabilized apartments.

In a 5-4 vote at Hunter College’s Assembly Hall on June 21, the board approved a maximum rent increase of 3% on one-year leases, and a maximum rent increase of 2.75% in year one and 3.2% in year-two on two-year leases.

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