Rents are going up due to market forces and last night New York City’s Rent Guidelines Board voted to increase rents for those with rent stablization.

There are nearly 1 million rent stabilized apartments, including mine.

According to WNYC: “The board, by a vote of 5-4, approved raises of 2 percent or $20 for one-year leases and a 4 percent or $40 for two-year leases. Individual raises in rent depend on whichever number is greater>”

This will impact renters signing or renewing leases in October 2012.

Illustration from http://thechadlaneteam.wordpress.com/