New Rent Laws in NYC

September 17, 2019

Having recently hosted an incredibly successful information and training session on the new rental laws that recently went into effect in New York City for Oxford agents, we wanted to share some of the ways these new laws may have an impact in your life or your business.


With a focus on keeping New York City an affordable place to live, the new rental laws were passed in June of 2019 by the State of New York. 65% of New York City’s residents rent. With a figure that high, these laws will have a dramatic impact on the real estate industry and how business is conducted.


One of the biggest changes to take effect was that security deposits are limited to being one month’s rent. Additionally, landlords have 14 days to return security deposits to their former tenants once an apartment is vacated. These changes will make moving into a new apartment easier for tenants and ensure that they are getting their security deposits back quickly.


With rent rates always inching higher, new regulations stipulate that if the landlord is planning on raising the rent more than 5% on a tenant, they must give at least 30 days notice. But if the tenant has a lease for one to two years, the landlord must give them 60 days notice, or 90 days notice if the tenant has a lease for two years (or has lived in the apartment for at least that long). 


Evicting a tenant and a tenant’s right around eviction has been strengthened with the new laws. Now, judges are able to postpone an eviction for up to one year if a tenant is having trouble finding a new home and housing courts must take into account how an eviction will affect a tenant’s health and well-being.


The new legislation makes unlawful eviction a misdemeanor that could result in a $1,000 - $10,000 fine and the blacklisting of tenants by landlords is prohibited. Tenants have additional time to address lease violations; previously they had 10 days and now have 30 days to correct infractions.


Many of the new laws are directed towards rent-controlled or rent-stabilized tenants, whose previous protections were set to expire in June 2019. The new legislation gives those tenants greater protection than before, including the inability of landlords to revert the apartment to market rate once the rent increases to $2,774 and the tenant’s income exceeded $200,000 for two consecutive years.


Prior to the new legislation being passed, when landlords made improvements to buildings they could impose a 6% rent increase on their tenants. The rent increases from major capital improvements has now been capped at 2% and there are new restrictions on those projects.


While this is an extensive list of how the new laws will affect residents in New York City, it isn’t complete. The sweeping legislation is focused on keeping New York City affordable and providing stability for current residents.


Oxford agents are ready to help you find your new home in New York City and can help you navigate and understand the intricacies of the new laws. When you’re ready to make your move, we’re ready to help. Let’s talk today and find your new home in New York City!

Search Blog

About The Author

At Oxford, we realized that we could empower our agents by providing them the best resources and access to everything they need to do business quickly and efficiently without having to worry about massive company overhead. As a result, we were able to draw in over 600 of the top agents in New York.

Latest Updates

AM New York    Adam Mahfouda    Affordable Housing    Agents    Agents at Oxford    Best time to rent    Brooklyn    Buy    Buying    Cleaning    Clell Tickle    Co-ops & Condos    Commercial    Commerical    Contractors    Development    Essy Awards    FED rates    First-time    Forbes    Forbes Real Estate Council    Industrial Real Estate    Interest Rates    Investing    Investments    L train    Leasing    Long Island City    MTA    Manhattan    Mansion Tax    Marcus Magarian    Market    Market Prices    Market Trends    Marketing    Media    Mortgage rates    Moving    NYC    NYCstore    New York    OPGNY    Oxford Property Group    Photos    Price Increase    Price Per Square Foot    Real Estate    Real Estate Agents    Real estate    Rent    Rent Laws    Rent Stabilization    Rentals    Renting    Sales    Security deposit free    Sell    Silos    Subway    Tax Abatements    Teams    Technology    Trainings    Trends    Volunteering    adammahfouda    biggerstore    classAoffice    clelltickle    commercial real estate    commuting    condo    development    expandtonyc    fashionstore    furniturestore    interest rates    leases    lending    locationlocationlocation    luxury real estate    luxuryretail    luxuryretailspace    manhattanretail    mortgage rates    new york apartment    newyorkretail    nolitaretail    placeofwork    priceinflation    primelocation    real estate development    realestate    realestatetaxes    rent or buy calculator    renters advice    residential    retail    sohoretail    store    taxes    trophy property