Rent increased for many New Yorkers Tuesday as price hikes for rent-stabilized lease renewals officially took effect.

Rent-stabilized apartment tenants renewing their leases starting Tuesday through Sept. 30, 2025 will see increases of 2.75% for one-year leases and 5.25% for two-year leases.

A nine-member city panel known as the Rent Guidelines Board approved the hikes in June, despite protests from tenants and activists who said the increases would be too high a burden for tenants amid a housing crunch.

Landlords throughout the city, however, maintained the increases were necessary in order to maintain their buildings and keep up with inflation.

There are approximately 1 million rent-stabilized apartments in the city.

Last year, the board voted to approve hikes of 3% for one-year leases; 2.75% for the first year of two-year leases; and 3.2% for the second year of two-year leases.