Rent Stabilized Apartments in NYC: How to Find One
There are two types of New York renters: Those who live in rent-regulated apartments, and those that don’t. More often than not, the second group frantically wants to be part of the first. Rent-controlled and rent-stabilized apartments have been an important part of New York City’s housing stock for decades. They date back to the 1940s when President Franklin D. Roosevelt enacted the Emergency Price Control Act to prevent landlords from imposing “intolerable” rent increases on tenants. Housing advocates continue to support rent regulation as a means to ensure a fair and affordable rental market.
According to the New York City Rent Guidelines Board, there are about 1M rent stabilized apartments in NYC. What makes them tricky to find is the fact that once someone lands a rent-stabilized apartment, they’re unlikely to leave. Here are some ways to find rent-stabilized apartments:
- Get a list of rent-stabilized buildings. The Rent Guidelines site has a list for all five boroughs. They’re broken out into borough, then sorted by zip code, but they are still huge.
- Search a specific neighborhood. It shows the highest concentrations to be in Upper Manhattan (Harlem), the South Bronx, and central Brooklyn (Crown Heights and Prospect-Lefferts Gardens), so these areas are a good place to start your search. Use the tips suggested above to narrow the results in these specific areas.
- Search for rent-stabilized apartments. On StreetEasy, searching for rentals with the keyword “stabilized”.
If you’ve found a rent-stabilized apartment and are ready to sign the lease, congratulations! You’re almost there, but first you have to make sure your lease is actually a proper rent-stabilized lease. The lease should state that the apartment is rent stabilized, and landlords are legally required to include a rent stabilization rider with the lease. Rent-stabilized leases also must be for one or two years.
In addition to the locked-in affordability factor, there are some other benefits of rent stabilization as well. These include:
Updates and improvements: As a tenant of a rent-stabilized apartment, you have the right to occupy a working, updated apartment. If your landlord fails to make proper updates to your apartment, you can file a complaint with the New York State Office of Homes and Community Renewal and ask for a reduction in rent until your landlord makes the required modifications.
Subletting: Tenants of rent-stabilized apartments may sublet their apartment, as long as the apartment is their primary residence.
Lease renewal rights: You can renew your lease every year or every two years.
Are you ready to find your rent-stabilized apartment? I can help you!!!
Beatriz Moitinho is a Real Estate Salesperson, specialized in Luxury Real Estate and a Productivity Coach at Keller Williams New York.