New York's Rent Guidelines Board votes to increase rents by 3.75% for one-year contracts, 7.25% for two-year contracts, effective Oct. 1; hikes will affect about 1.1 million apartments

Michelle Rivera

NEW YORK , June 28, 2011 (Associated Press) – Some 2.5 million New York City tenants will have to fork over more money for their rental apartments.

The Rent Guidelines Board on Monday voted to increase rents 3.75 percent for one-year contracts and 7.25 percent for two years.

The hikes are set to go into effect Oct. 1 for some 1.1 million rent-controlled and rent-stabilized apartments.

Last week, state lawmakers struck a deal that restored for four more years the expiring city rent controls.

The deal also raised the thresholds for rent and tenant income that allow landlords to deregulate apartments. The rent ceiling will rise from $2,000 to $2,500. Eligible tenant incomes will increase from $175,000 to $200,000. .

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