It's that time of year again: Landlords are tryin to increase the rents for stabilized apartments, of which there are about 1 million in the city. Tonight, the Rent Guidelines Board is set to hear the landlords' arguments, who claim that oil costs necessitate increases of 6.5% for one-year leases and 10.5% for two-year leases; to put that in perspective, last year the hikes were 3.5% and 6.5% for one- and two-year leases respectively. Gothamist looked at the Rent Guideline Board's most recent study of landlord operating costs, and that study says costs have increased 5.8% (driven by a 20% increase in oil costs). We don't like rent increases, but this does make a 6.5% seem reasonable, though a 10.5% a little out of control.
Read the study, 2005 Price Index of Operating Costs, as a PDF. And check out The Ask Gothamist Guide to Real Estate. Plus, we expect people to protest the hearing tonight with crafty signs.
