Rent Hikes Drop In NYC, Data Shows

NEW YORK, NY— Renters reported a sharp decline in large rent increases after the passage of Good Cause Eviction, according to renter-reported data analyzed across the five boroughs, even as property owners warned that rising costs and regulatory limits continue to strain housing operations.

Good Cause Eviction refers to a state law passed in 2024 that establishes limits on rent increases and evictions in many unregulated rental homes.

The law requires landlords in covered buildings to provide a legally defined “good cause” to refuse to renew a lease or to remove a tenant, such as nonpayment of rent or lease violations, rather than ending tenancies without justification.

It also places limits on how much rent can be raised each year, tying allowable increases to inflation or a set percentage threshold, with certain exemptions for smaller landlords and specific types of housing.

The policy emerged after years of tenant advocacy focused on rising rents and displacement pressures in New York City’s private rental market, particularly in units that fall outside the state’s long-standing rent stabilization system.

Lawmakers and housing advocates framed it as a response to growing affordability concerns and uneven tenant protections across the city’s rental stock, while landlord groups have argued it expands regulation into previously market-rate housing and adds financial constraints for property owners.

Openigloo’s analysis of self-reported lease renewals found that average rent increases in non-stabilized units covered by Good Cause Eviction fell from 8.6 percent before the law to 5.1 percent after its passage in April 2024.

In buildings not covered by the law, average renewal increases also eased, falling from 7.4 percent to 5.7 percent.

The share of renewals with increases above 10 percent dropped from 26 percent before the law to 9 percent afterward, according to the dataset.

Mohamed said the company tracks lease renewal behavior so renters can evaluate landlords before signing leases.

“One of the things that we want to share with renters who are apartment hunting is it’s not just enough to decide that you want to move into a building,” she said. “You really should know what typical increases does this landlord hand out.”

She said the data suggests the law reduced extreme rent increases without shifting higher increases elsewhere in the market.

“Good Cause Eviction had exactly what it was intended to do, which was to curb these really steep increases,” she said.

Property owners and landlord advocates pushed back on the interpretation of tenant protections, arguing that broader cost pressures continue to shape rent levels and housing conditions.

“You see spikes in utilities that are insane, taxes, insurance,” she said. “If your revenue isn’t keeping up, you wind up with housing quality issues.”

Natalia Bonanno, who helps manage her family’s small portfolio of buildings, said accessing financing for those repairs has become more difficult under rent-regulated conditions.

“It’s not about greed,” Bonanno said. “We want to reinvest in our properties, but the numbers don’t add up when you have broken boilers and roofs that can’t wait. Every month, we’re paying out more than we’re taking in.”

Mohamed said renters should still verify whether protections apply to their homes.

See if your apartment falls under Good Cause Eviction here.