It’s no secret that renting an apartment or a room in New York City is not cheap. It can be a nightmare to find something that is both affordable in the moment and that is not in danger of accelerating in price in the near future. The market is an extremely competitive one, and that is why there are many laws in place to offer protections for renters.
What are rent-controlled apartments?
If you have been looking to rent an apartment in New York City, you are likely to have heard of rent-controlled apartments. They have become something of a myth in New York, since they are so few in circulation, and they are also every renter’s dream. Rent controlled apartments essentially mean that apart from very small increases in price over the years, the apartment’s rent has been effectively the same since 1971, when the law came into play.
What are rent-stabilized apartments?
Rent-controlled apartments are going out of existence, because it requires that the tenant has been living in the apartment since 1971, or that they pass over the apartment to a family member. Rent-stabilized apartments are the modern and more achievable way of finding an apartment that charges less than the market value for rent.
Roughly 50 percent of New York City apartments are rent-stabilized. You can find a rent-stabilized apartment by examining lists of buildings that have been stabilized. Finding a lucrative rent-stabilized apartment is not always easy, but it can save you thousands of dollars in the long run.
Source: Curbed, “New York apartment guide: rent control vs. rent stabilization,” Emily Nonko, accessed Oct. 27, 2017