If you’re trying to find a place in New York City that won’t have a major rent increase, you should set your sights on a rent-stabilized apartment. With these apartments, your landlord can usually only increase your rent by a small percentage, and there aren’t income restrictions like other affordable apartment programs, and your lease is automatically renewed.
The Real Estate Board of New York meets every year to decide how much landlords can increase the rent for stabilized apartments. This year, REBNY decided one-year leases that start between October 2020 and September 2021 will have no increase and two-year leases will have a 1 percent increase for the second year.
Most rent-stabilized apartments currently on the rental market are in renovated buildings—because the developer is getting the benefit of a tax credit, and passing that benefit on to you. So on the plus side, you get a relatively new apartment with updated appliances and more amenities than the typical rental building. The downside? The rents can be close to market rate.
Except under extreme circumstances, like if you’re caught illegally subletting your apartment, it’s difficult to get kicked out of a rent-stabilized apartment. Keep in mind that some rent-stabilized apartments leave the stabilization program after the tax benefits end.
Find Your Next Home
To make your search easier, here are five rent-stabilized one bedrooms in Astoria, Greenwood, South Harlem, Carnegie Hill, and Williamsburg.
14-08 31st Ave., #4B, Astoria
This no-fee one bedroom, one bath is asking $2,000 with free rent in November. The apartment has hardwood floors, high ceilings, large windows, recessed lighting, a breakfast bar, dishwasher and a walk-in closet. Amenities include a live-in super, roof deck, bike room, and laundry room. Noguchi Museum and Socrates Sculpture Park are nearby.
187 23rd St., #3A, Greenwood
This one bedroom, one bath is asking $2,200. Apartment #3A has hardwood floors, floor-to-ceiling windows, central air conditioning, stainless steel appliances, a dishwasher, walk-in closet, washer/dryer hook-up, and a private balcony. Greenwood Cemetery and the 25th Street subway station is nearby.
1481 Fifth Ave., #11E, South Harlem
This one bedroom, one bath is asking $2,860 with one month free on a 12-month lease. The apartment has hardwood floors, high ceilings, large noise-reducing windows, stainless steel appliances, granite countertops, and a walk-in closet. Amenities include a doorman, garage parking, and a laundry room. Marcus Garvey Park is nearby.
1500 Lexington Ave., #4B, Carnegie Hill
This no-fee one bedroom, one bath is asking $3,250 with one month free on a 13-month lease. The renovated apartment has parquet floors, central heating and air conditioning, stainless steel appliances, granite counters, a breakfast bar, and large windows. Amenities include a full-time doorman, live-in super, gym, and residents lounge. The 96th Street subway station and Central Park are nearby.
373 Wythe Ave., #10C, Williamsburg
This no-fee one bedroom, one bath is asking $3,350 with two months free on a 14-month lease. Apartment #10C has hardwood floors, large windows, central air conditioning and heating, stainless steel appliances, soundproof windows, and two large closets. Amenities include a gym, landscaped courtyard, storage, bike room, and a live-in super. Domino Park is nearby.
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