The financial analysis from the Rent Guidelines Board found that building owners saw their net profits before tax drop 9% between 2020 and 2021 as the coronavirus ravaged the five boroughs.
The number of rent-stabilized New York City apartment buildings operating in the red jumped from 6.5% to 8.8% as the COVID-19 pandemic wreaked havoc on landlord’s finances, according to new figures from the
Overall, the financial analysis from the Rent Guidelines Board found that building owners saw their net profits before tax drop 9% between 2020 and 2021 as the coronavirus ravaged the five boroughs.Christopher Sadowski However, many buildings remained in the black, with the average citywide rent for a stabilized apartment sitting at nearly $1,500 a month, while the average cost for its operation and maintenance hovered just shy of $1,100 per month.
The report is the first step in a months-long process to determine how much rents will increase for the city’s nearly 1 million regulated apartments, a question which will be settled in June.to allow landlords to up rents by up to 3.25% for one-year leases and 5% for two-year leases. It was the biggest increase allowed in a decade.
Officials had originally floated potentially hiking rents up to 9% on two-year leases, prompting pushback from members of the City Council.
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