How you renew a lease and raise rent depends on whether the apartment is rent stabilized or market rate. Getting the notice right matters: a late or missing notice can delay an increase.
Rent-stabilized apartments
- You must offer a renewal. Send the renewal lease offer (HCR form RTP-8) between 90 and 150 days before the current lease ends.
- The tenant chooses the term. The tenant picks a one-year or two-year lease and has 60 days to respond.
- Increases are capped at the Rent Guidelines Board rates in effect when the lease begins. The Board votes each June for leases starting October 1 through the following September 30.
- Limited additional increases are allowed for approved individual apartment improvements and major capital improvements, under HCR’s rules.
Market-rate apartments
If you plan to raise rent by 5% or more, or not to renew, New York law requires written notice based on how long the tenant has lived there:
| Tenant’s time in the apartment | Notice required |
|---|---|
| Less than 1 year | 30 days |
| 1 to 2 years | 60 days |
| 2 years or more | 90 days |
If you don’t give proper notice, the tenant can stay on the current terms until the notice period has run. In NYC, units covered by Good Cause Eviction also face limits on large increases and require a valid reason not to renew. See Understanding NYC Rental Regulations.
Tips for smoother renewals
- Put renewal deadlines on your calendar at least five months before each lease ends.
- Send notices in writing and keep proof of delivery.
- Compare the current rent with nearby listings before setting an increase. Keeping a reliable tenant is often worth more than a small rent bump.
- If a tenant is leaving, start marketing early to reduce vacancy.
Want help pricing a renewal or re-leasing a unit? Get a free rental estimate. Tenants, see Ending or Renewing Your Lease.
General information, not legal advice. Confirm current rules with HCR or an attorney.