Rent-Stabilized Apartments in New York: Everything You Need to Know

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Several couples, families, and even singles are moving to the Chelsea neighborhood in NYC. It is easy to see why: from the parks and recreation in the area, different shopping options to convenient public transport. Everything you need is just a few steps away, making Chelsea apartments ideal for people who want to live in this area.

Over the past couple of years though, the rental prices keep climbing. Studio apartments cost more than they did just a year ago. Also, the monthly rent is almost $4,000, which is almost the same price of one-bedroom apartments in other cheaper neighborhoods. The rising costs of NYC apartments for rent prompted people to look for affordable options and they have found rent-stabilized ones.

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What Exactly are Rent-Stabilized Apartments?

Rents can change annually but a rent-stabilized apartment gives control over the rental price. Occupants can also keep renewing their lease for as long as they want. These apartments are beneficial for any renter because they ensure the space will remain affordable. Additionally, landlords will find it difficult to evict the tenants unfairly.

The NYC Rent Guidelines Board sets the allowed rent increases, but occupants are guaranteed that they will not face shockingly high fee surges. Before the end of 2018, the renewal lease increase is 1.5% for a one-year lease and 2% for two years. Currently, NYC has approximately one million apartments of this kind and almost 15,000 of them are in Brooklyn alone. On the other hand, there are less than 30,000 apartments which are rent-controlled within the city.

How to Know if the Apartment is Rent Stabilized

As you can see from the numbers above, a third of properties in NYC are rent stabilized. Therefore, there is a huge chance that you can find one for yourself. Most of this type of building has been around since the early 1970s and typically they have at least six apartments. The monthly rents are normally around $2,700 or less.

It does not mean though that newer buildings are not rent-stabilized. Some contain such units, along with market-rate ones. Therefore, a particular unit may still be rent-stabilized even if you will be charged over $3,000 monthly. The easiest method to learn is to request for the history of the unit by contacting the city. Another way is through the NY State Division of Housing and Community Renewal. Contact the agency to inquire about the type of apartment in a certain building.

Finding a Rent-Stabilized Apartment

If you are interested in Chelsea apartments for rent, you can find rent-stabilized buildings through Loftey’s tips:

Check the list of buildings with rent-stabilized units from the NYC Rent Guidelines Board’s website.

Look for buildings that were constructed anywhere between 1947 and 1974.

Apartments that cost $2,700 or less are most likely rent-stabilized.

Most rent-stabilized apartments are either one-bedroom or studio type. Therefore, if it is a multi-bedroom apartment, it is most likely rent-controlled.

Loftey can help you find your apartment in Chelsea or even in other NYC neighborhoods. It is the company’s goal to give you financial benefits when renting by not charging any fees while they work with you.