New Yorkers are in for a rude surprise come the fall. According to reports, New York City’s rent control board voted 5-4 this week to raise rent on stabilized apartments throughout the boroughs. This means that more than 1million estimated New Yorkers and their families are expected to see a spike in rents come the seasons change. Reports place the hikes at 3.5% for single-year leases and 5% for two-year leases.
Median rent in New York (Manhattan particularly) is about $4,000 a month for a ONE bedroom flat.