Rent Regulation: Overview of the Housing Market
RENT REGULATION AFTER 50 YEARS
An Overview of New York State's Rent Regulated Housing 1993
NEW YORK STATE DIVISION OF HOUSING & COMMUNITY RENEWAL
================================================================
RENT REGULATED HOUSING
Overview Of The Housing Market
New York City is a very distinct and unique housing market when
compared to the United States as a whole. Throughout the country
almost two out of three households (64%) own their homes, while
in New York City only 3 out of 10 are owners. Throughout the
country almost 3 out of 4 households live in buildings with less
than 5 apartments and 64% occupy single family homes. In the
City, fewer than 2 households out of 5 (37%) live in buildings
with less than 5 units while almost 9% live in buildings with 200
or more units. The 1990 Census reports an 8.5% net rental vacancy
rate for the United States, while the 1993 New York City Housing
and Vacancy Survey reports a net rental vacancy rate of only
3.44%.*
* Statistics in the Overview Section when referring to New
York City are from the 1993 Housing and Vacancy Survey, U.S.
Department of Commerce, Bureau of the Census. Statistics
referring to the United States, New York State, or
municipalities other than New York City are from the 1990
decennial census.
In New York State in 1990 there were 7,226,891 housing units with
New York City accounting for almost 3 million housing units. The
1993 New York City Housing and Vacancy Survey reported 2,985,527
units. Nearly four percent (111,510 or 3.7%), of these units were
vacant and not available for sale or rent. Some examples of these
units are dilapidated units, apartments undergoing renovation,
and units awaiting to be converted to cooperative use. Of the
remaining 2,874,017 units, 2,047,016, or 71.2 percent, were
rental units and 827,001, or 28.8 percent, were owner occupancy
units. Thus, as stated, the great majority of New York City
residents are renters, while in the rest of the State and in the
Nation a majority of households are owners.
The owner and renter categories are further broken-down into
various subcomponents. The conventional homeowner component
represents 19% of New York City's housing stock. Conventional
homeowners reside predominantly in single-family and two-family
houses. Private cooperative and condominium owners occupy 8% of
the housing stock and Mitchell-Lama owners 1%. The Mitchell-Lama
program provides State or City long-term, low interest mortgage
loans to foster the production of middle income rental or
cooperative housing.
The rental category is broken-down into five sub-components.
Privately owned rental housing that is rent regulated represents
38% with 4% rent controlled and 34% rent stabilized. All
privately owned non-regulated rental housing represents 22% of
the total New York City housing stock. The final rental
components, publicly owned and publicly-aided housing, represents
9% of the City's housing stock with 6% being public housing and
3% Mitchell-Lama housing. In addition, 2% of the available
housing stock was vacant for rent and 1% was vacant for sale.
================================================================
COMPOSITION OF THE NEW YORK CITY HOUSING STOCK, 1993
Inventory Units Vacancy Rate
--------- ----- ------------
Owner-Occupied 806,479
Vacant For Sale 20,522 2.48%
-------
Total Owner Units 827,001
Renter Occupied 1,976,671
Vacant For Rent 70,345 3.44%
---------
Total Renter Units 2,047,016
Vacant Not Available 111,510
---------
Total Housing Units 2,985,527
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================================================================
COMPOSITION OF THE NEW YORK CITY HOUSING STOCK, 1993
Source: Housing and Vacancy Survey, New York City, 1993
Conventional (owner) 19%
Co-op/Condo (owner) 8%
Mitchell-Lama (owner) 1%
Rent Controlled 4%
Rent Stabilized 34%
Mitchell-Lama (renter) 3%
Public Housing 6%
All other renter 22%
Vacant for rent 2%
Vacant for sale 1%
================================================================
In New York City half of all occupied rental housing units were
rent stabilized. An additional five percent of occupied rental
housing units were rent controlled. Nine percent of occupied
rental housing was in State, City or federally supported public
housing which is owned and operated by the New York City Housing
Authority. Mitchell-Lama housing represented four percent of the
occupied rental stock. The remaining 33 percent of rentals were
categorized as other rentals. These rental units are either
unregulated consisting of non-rent controlled units in buildings
containing less than 6 units, buildings built after 1974 with no
tax abatements or rentals in cooperative and condominium
buildings that have been deregulated or never regulated, or under
government auspices such as "in-rem" units and HUD federally
subsidized units.
================================================================
COMPOSITION OF THE OCCUPIED RENTAL HOUSING STOCK,
NEW YORK CITY, 1993
Source: Housing and Vacancy Survey, New York City, 1993
Rent Controlled 5%
Rent Stabilized 49%
Public Housing 9%
Mitchell-Lama 4%
Other rentals 33%
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================================================================
OCCUPIED RENTAL HOUSING UNITS, NEW YORK CITY 1993
Regulatory Status Units Percentage
Rent Controlled 101,798 5.2
Rent Stabilized 979,026 49.5
Mitchell-Lama 79,138 4.0
Public Housing 173,561 8.8
Other Rental 643,148 32.5
--------- -----
Total 1,976,671 100.0
================================================================
Manhattan was the borough with the highest percentage of rent
stabilized (61 percent) and rent controlled (8 percent) occupied
units. Thus, almost 7 out of 10 rental units in Manhattan were
regulated. Nine percent of occupied rental housing was in public
housing developments and four percent in publicly aided Mitchell-
Lama developments. Only 17 percent of occupied rental housing
(the lowest percentage in the five boroughs) was classified as
other rental in Manhattan. The low percentage of other rental
housing can be accounted for by the small number of buildings
with less than 6 units in Manhattan and by participation of most
builders in the Section 421a program when developing post-1974
rental housing. Such City tax abatement programs as Section 421a
place rental units under rent stabilization during the period
that tax benefits remain in effect. However, because of the
expiration of tax benefits, and because of the large number of
buildings converted to cooperative status (vacated rental units
in buildings converted to cooperative status are no longer
subject to regulation), and because of the 1993 Rent Regulation
Reform Act provisions gradually deregulating units of $2,000 or
more, the number of unregulated units in Manhattan should
increase relative to the total number of rental units.
================================================================
MANHATTAN
Regulatory Status Units Percentage
Rent Controlled 47,309 8%
Rent Stabilized 355,310 61%
Public Housing 54,164 9%
Mitchell-Lama 26,077 4%
Other Rentals 98,381 17%
================================================================
Brooklyn and Queens had 43 percent of their respective occupied
rental housing classified as rent stabilized and 4 percent
classified as rent controlled. Other rental housing was 40
percent of Brooklyn's occupied rental stock as compared to 46
percent for Queens. Public housing represented 10 percent of
Brooklyn's rental stock as compared to 4 percent for Queens.
Mitchell-Lama housing represented 3% of the housing stock in
these contiguous boroughs.
================================================================
QUEENS
Regulatory Status Units Percentage
Rent Controlled 16,501 4%
Rent Stabilized 182,180 43%
Public Housing 16,839 4%
Mitchell Lama 12,870 3%
Other Rental 191,787 46%
================================================================
================================================================
BROOKLYN
Regulatory Status Units Percentage
Rent Controlled 26,666 4%
Rent Stabilized 254,743 43%
Public Housing 59,673 10%
Mitchell Lama 17,068 3%
Other Rental 238,574 40%
================================================================
The Bronx recorded the highest percentage of public and publicly
aided housing with almost 1 out of 5 renter occupied units
falling into these categories. Public housing represented 11% of
the stock and Mitchell-Lama units 7%. Fifty-four percent of the
housing stock in the Bronx was classified as rent stabilized, 3%
as rent controlled and 24% as other rental.
================================================================
BRONX
Regulatory Status Units Percentage
Rent Controlled 10,284 3%
Rent Stabilized 177,338 54%
Public Housing 37,565 11%
Mitchell Lama 23,123 7%
Other Rental 79,454 24%
================================================================
In Richmond, 69 percent of rental housing was classified as other
rental, the largest percentage figure for this type of rental
housing in the five boroughs. Small buildings, one and two-family
homes are the hallmark of this borough's housing stock. Nineteen
percent of rental housing was rent stabilized, 10 percent was
public housing and 2 percent was rent controlled.
================================================================
STATEN ISLAND
Regulatory Status Units Percentage
Rent Controlled 1,037 2%
Rent Stabilized 9,455 19%
Public Housing 5,321 10%
Other Rental 34,952 69%
================================================================
Vacancies
The 1993 Housing and Vacancy Survey (HVS) reported a City-wide
net rental vacancy rate of 3.44. This represents a modest
tightening of the market since 1991 when the HVS reported a 3.78%
net rental vacancy rate. The vacancy rate in New York City
continues to remain well below the five percent threshold
signifying a housing emergency.
Vacancy rates varied by location, size, age and regulatory status
of the apartments. The net rental vacancy rates in 1993 for the
boroughs had little variance falling into the narrow range of 3%
- 4%: the Bronx, 4.0%; Brooklyn, 3.2%; Manhattan, 3.5%; Queens,
3.1%; and Staten Island, 4.1%. Manhattan reported a significant
decline in the vacancy rate as it fell from 4.45% in 1991 to
3.52% in 1993. Vacancy rates had an inverse relationship to the
size of the unit with studios (0 bedroom) reporting a 6.6%
vacancy rate, 1-bedroom apartments, 3.4% and two or more bedroom
apartments, 2.9%. There was also a disproportionate number of
vacancies in newly constructed buildings. Buildings completed
after 1987 had a vacancy rate of 7.80% while the vacancy rate for
pre-1987 buildings was only 3.38%. As expected, vacancy rates
increase as the asking rent increases. The net rental vacancy
rate is less than 1% (0.7%) for apartments renting for less than
$400; 3.2% for units renting between $400 and $700; and is 5.3%
for apartments renting for $700 or more.
The net rental vacancy rate for rent stabilized apartments in
1993 was 3.36%. This compares to a 4.73% vacancy rate in the
unregulated sector. Vacancy rates are not applicable to rent
controlled apartments, because, by definition, rent controlled
apartments must be occupied in order to remain under control.
Vacated rent controlled apartments become subject to rent
stabilization or are deregulated depending on the size and status
of the building.
Rent Regulation Outside New York City
Rent regulation outside of New York City is in effect in
municipalities in seven counties. In four of the counties
(Albany, Erie, Rensselaer, and Schenectady) the only regulated
units are rent controlled; two counties (Nassau and Westchester)
contain rent controlled and rent stabilized (Emergency Tenant
Protection Act) regulated units; and in Rockland County there are
only apartments regulated under ETPA. Since all counties in the
State are subject to the vacancy decontrol provisions of Chapter
371 of the Laws of 1971 (see "History" chapter) the number of
State rent controlled units has steadily declined and only
several thousand units remain under control outside of New York
City. The exact total of these rent controlled units is unknown
because these apartments are not required to annually register
with ORA. The agency has initiated a survey of regulated upstate
buildings in order to provide accurate data on the number and
location of these rent controlled apartments.
Rent regulation outside of New York City is also predicated on an
housing emergency, meaning the net rental vacancy rate is less
than 5 percent. Selected vacancy rates in cities covered by the
Emergency Tenant Protection Act are as follows: Glen Cove, 4.6%;
Mount Vernon, 3.3%; New Rochelle, 3.2%; White Plains, 4.3%; and
Yonkers, 3.7%.
Listed on the following table are municipalities outside New York
City which are covered by rent control and municipalities in
Nassau, Rockland and Westchester counties which have adopted the
Emergency Tenant Protection Act of 1974.
================================================================
RENT REGULATED HOUSING OUTSIDE NEW YORK CITY
County Rent ETPA
Locality Control Regulated By Building Size
-------- ------- --------------------------
ALBANY COUNTY
Albany x
Watervliet x
Bethlehem x
Green Island Town x
New Scotland x
Green Island Village x
Voorheesville x
ERIE COUNTY
Buffalo x
Cheektowaga x
Depew x
Sloan x
NASSAU COUNTY
Glen Cove x 100 or more units
Long Beach x 60 or more units
Hempstead x 6 or more units
North Hempstead x 6 or more units
Oyster Bay x
Bellerose x
Cedarhurst x 6 or more units
Floral Park x 6 or more units
Freeport x 6 or more units
Hempstead x 6 or more units
Mineola x 6 or more units
New Hyde Park x
Sea Cliff x
Valley Stream x
Westbury x
Williston Park x
Baxter Estates 6 or more units
Flower Hill x 6 or more units
Great Neck 6 or more units
Great Neck Plaza 6 or more units
Lynbrook x 6 or more units
Rockville Centre 6 or more units
Russell Gardens 6 or more units
Thomaston 6 or more units
RENSSELAER COUNTY
Rensselaer x
Hoosick x
North Greenbush x
Hoosick Falls x
================================================================
================================================================
RENT REGULATED HOUSING OUTSIDE NEW YORK CITY (continued)
County Rent ETPA
Locality Control Regulated By Building Size
-------- ------- --------------------------
ROCKLAND COUNTY
Haverstraw 100 or more units
Spring Valley 6 or more units
SCHENECTADY COUNTY
Niskayuna x
Princeton x
WESTCHESTER COUNTY
Mount Vernon x 6 or more units
New Rochelle x 6 or more units
White Plains x 6 or more units
Yonkers x 6 or more units
Eastchester x 6 or more units
Greenburgh x 6 or more units
Harrison x 6 or more units
Mamaroneck Town x 6 or more units
Ardsley x
Dobbs Ferry x 6 or more units (2 rms+)
Hastings-on-Hudson x 6 or more units
Larchmont x 6 or more units
Mamaroneck Village x 6 or more units
North Tarrytown x 6 or more units
Tarrytown x 6 or more units
Tuckahoe x
Irvington 20 or more units
Mt. Kisco 16 or more units
Pleasantville 20 or more units
Port Chester 12 or more units
================================================================
Rent Registration
The Omnibus Housing Act of 1983 requires owners to file an
initial apartment registration, listing all apartment equipment
and services and monthly regulated rents for every apartment in
buildings subject to regulation. Owners are also required to
update that registration each year by submitting Annual
Registration Summary and Annual Apartment Registration forms.
These filings provide a data base which is a wellspring of
information and the most complete source of data on New York's
stabilized housing stock.
The rent registration data base maintains information on two
files, a building file and an apartment file. The building file
contains the name and address of the owner and/or manager,
building address and type of structure (hotel, Class A multiple
dwelling, cooperative, etc.), total number of apartments in the
structure, and building-wide service information from the initial
registration form. The apartment file contains the name of the
tenant, lease date, legal registered rent, rent actually paid,
basis of change in rent and individual apartment services from
the initial apartment rent registration form. The apartment file
has extensive information on the basis for the change in rent
since the last registration including; lease renewal, vacancy
adjustment, major capital improvement increase, hardship
increase, overcharge adjustment and individual apartment
improvement increase.
Information on rent controlled apartments is more limited because
annual registrations are not required by the rent control law.
However, owners may file for rent increases under the Maximum
Base Rent program in New York City. Data providing the number of
rent controlled units and buildings in the City are based on
these filings.
Number of Registered Units
A total of 926,649 housing units in 43,792 buildings were
registered with DHCR in 1992 in New York City and Nassau,
Rockland and Westchester counties. The overwhelming majority of
the apartments registered (91%) were in occupied stabilized
units. Four percent of the registered units were vacant and 3%
were temporarily exempt from regulation. Examples of temporarily
exempt accommodations are: owner occupied units; units occupied
by an employee paying no rent and transient occupants in a
stabilized hotel or single room occupancy (SRO) building. In
addition, 18,199 or two percent of the registered units were
registered as permanently exempt. These are units which first
became exempt from regulation in 1992. More than half of these
units were in buildings that were converted to ownership status.
================================================================
Apartments Permanently Exempt from Rent Regulation,
NYC, ETPA, 1992
Co-op/Condo 54%
421-a Expired 13%
Commercial/Prof 1%
Substantial Rehab 2%
J-51 Expired 6%
Other 24%
================================================================
Excluding the permanently exempt apartments, a total of 908,450
stabilized units were registered in 1992. The vast majority of
these stabilized units, 855,923 or 94.2%, were located in New
York City.* Manhattan contained more than one-third (35.5%) of
the total number of registered units; Brooklyn had 23.0%; Queens
and the Bronx reported 17.5%; and Staten Island contained less
than 1% (0.6%).
* The total number of registered stabilized apartments differs
from the total number of stabilized units reported in the
1993 New York City Housing and Vacancy Survey. The HVS is a
sample survey and as such it is subject to both sampling and
non-sampling errors. In addition, the documentation
accompanying the HVS states that their procedures "may tend
to overestimate somewhat the total number of regulated units
in the city..." DHCR's rent registration database contains
records from owner filings. While owners are required to
register annually, some owners have registered
intermittently and others have never registered. Therefore,
the DHCR registration database would undercount the number
of stabilized units.
In the three suburban ETPA counties, Westchester had 4.0%; Nassau
reported 1.5%; and Rockland contained less than 1% (0.3%).
Manhattan also had the most buildings containing registered
stabilized units. Registered buildings in Brooklyn contained
fewer stabilized apartments than the Citywide average while
buildings in the Bronx contained a greater number of stabilized
apartments than the City-wide average.
================================================================
Registered Rent Stabilized Apartments
And Buildings By County, 1992
County Buildings Percent Apartments Percent
------ --------- ------- ---------- -------
Bronx 4,792 10.9% 159,251 17.5%
Kings 12,805 29.2% 209,397 23.0%
New York 14,397 32.9% 322,713 35.5%
Queens 8,812 20.1% 159,140 17.5%
Richmond 383 0.9% 5,422 0.6%
Total NYC 41,189 94.1% 855,923 94.2%
Nassau 618 1.4% 13,877 1.5%
Rockland 105 0.2% 2,633 0.3%
Westchester 1,880 4.3% 36,017 4.0%
Total ETPA 2,603 5.9% 52,527 5.8%
Grand Total 43,792 100.0% 908,450 100.0%
================================================================
================================================================
Registered Rent Stabilized Buildings by County, 1992
New York 14,397
Queens 8,812
Kings 12,805
Bronx 4,792
Richmond 383
Rockland 105
Nassau 618
Westchester 1,880
================================================================
================================================================
Registered Rent Stabilized Apartments by County, 1992*
New York 322,713
Queens 159,140
Kings 209,397
Bronx 159,251
Richmond 5,422
Rockland 2,633
Nassau 13,877
Westchester 36,017
* Excludes 18,199 units which were registered as permanently
exempt in 1992
================================================================
Rent Levels
In New York City, 826,083 rent stabilized apartments with
reported rents were registered in 1992. The median rent for these
apartments was $516 and the mean or average rent was $606.
Apartment rents were clustered in a narrow range between $350 to
$649. This interval represents 61.3% of all registered stabilized
apartments in the City. There were 96,216 (11.7%) apartments
renting for less than $350 per month and there were 31,029 (3.8%)
apartments renting for $1,400 a month or more. Almost a quarter
(23.3%) of the stabilized stock in New York City rented between
$650 to $1,399.
================================================================
Mean And Median Rents
Rent Stabilized Apartments - Registered in 1992
County Mean Rent Median Rent
------ --------- -----------
Bronx $481 $466
Brooklyn $502 $480
Manhattan $762 $611
Queens $559 $531
Richmond $565 $550
New York City $606 $516
Nassau $671 $655
Rockland $625 $606
Westchester $566 $547
ETPA Counties $596 $582
================================================================
The mean monthly rent is the sum of the rents reported by owners
for all registered units divided by the number of units registered
indicating a rent level. The median rent is the midpoint of the
reported rents. The reported registered rent may vary from the
rent paid by the tenant for several reasons. Some examples are:
- The owner has received Major Capital Improvement (MCI)
increases which total more than 6% of the rent paid.
- The annual permanent rent increase resulting from such an
MCI can only increase by a maximum of 6% while the
registered rent would reflect the total allowable increase.
- The owner has received a temporary retroactive increase for
an MCI installation. Such retroactive increases are not
included as part of the registered rent.
- The owner has leased the unit to the tenant at a
preferential rent below the registered rent level.
- There is a surcharge in effect (air conditioning charge)
which is not reflected in the registered rent.
[Note: the following table is formatted for 100 columns]
====================================================================================================
MONTHLY REGISTERED RENTS FOR RENT STABILIZED APARTMENTS IN
NEW YORK CITY AND ETPA COUNTIES 1992
County Number of Apartments
------ --------------------
350- 500- 650- 800- 950- 1,400- over
<$350 499 649 799 949 1,399 1,999 $2,000 TOTAL
--------------------------------------------------------------------------------------
BRONX 21,306 72,471 45,215 12,262 2,337 929 132 20 154,672
KINGS 24,892 88,559 61,525 20,055 4,775 2,401 634 63 202,904
NEW YORK 40,608 73,844 54,082 42,032 28,214 40,301 18,373 11,126 308,580
QUEENS 9,157 57,954 49,257 26,279 7,699 3,641 454 227 154,668
RICHMOND 253 1,739 1,914 919 283 151 0 0 5,259
TOTAL NYC 96,216 294,567 211,993 101,547 43,308 47,423 19,593 11,436 826,083
--------------------------------------------------------------------------------------
NASSAU 186 1,819 4,517 3,949 1,911 854 66 5 13,307
ROCKLAND 100 473 1,033 718 192 84 0 1 2,601
WESTCHESTER 3,421 10,414 10,075 6,094 2,700 1,235 21 2 33,962
TOTAL ETPA 3,707 12,706 15,625 10,761 4,803 2,173 87 8 49,870
UNKNOWN 223 371 192 124 59 8 2 0 979
TOTAL 100,146 307,644 227,810 112,432 48,170 49,604 19,682 11,444 876,932
==================================================================================================
[Note: the following table is formatted for 100 columns]
====================================================================================================
AVERAGE MONTHLY REGISTERED STABILIZED RENTS
BY APARTMENT SIZE AND COUNTY, 1992
Apartment Size
-----------------------------------------------------------------------------
COUNTY 1 ROOM 2 ROOM 3 ROOM 4 ROOM 5 ROOM 6 ROOM 7 ROOM 8 ROOM
Bronx $364 $419 $453 $510 $557 $637 $592 $668
Kings 468 456 480 523 559 613 697 698
New York 582 736 715 788 861 916 1,004 1,355
Queens 480 488 539 602 629 751 775 *
Richmond 366 492 531 601 733 672 * *
Nassau 430 563 639 713 806 807 956 *
Rockland 452 552 572 609 638 677 * *
Westchester 422 474 531 590 676 686 707 *
* Too few units to report.
==================================================================================================
================================================================
AVERAGE MONTHLY REGISTERED RENT FOR STABILIZED APARTMENTS
RECEIVING SECTION 421A TAX BENEFITS
BY COUNTY, 1992
NUMBER OF AVERAGE
COUNTY APARTMENTS MONTHLY RENT
Bronx 457 $ 872
Kings 1,055 591
New York 16,957 1,906
Queens 1,771 958
Richmond 281 795
New York City 20,521 $1,713
================================================================
See Manhattan Stabilized Rents
Manhattan had the greatest number of registered stabilized units
with reported rents in 1992 (308,580). It had the highest mean
rent ($762) and median rent ($611) and the greatest spread
between median and mean rents. This is the result of the
comparatively large number of units renting for $1,400 or more.
For the City, Manhattan contained 93.8% of the apartments renting
between $1,400 -- $1,999 and 97.3% of the apartments renting for
$2,000 or more per month. In addition, 83% of the stabilized
units receiving 421-A tax benefits were located in Manhattan.
These buildings of recent construction had significantly higher
average rents than the stabilized stock as a whole. Manhattan's
relatively higher rents compared to the rest of the City is
further shown in the table entitled "Average Monthly Registered
Rent Stabilized Rent By Apartment Size." Studio (1 room)
apartments in Manhattan on the average rented for more than 5
room apartments in the Bronx and Brooklyn and 3 room apartments
in Queens and Staten Island. Manhattan also had a large number of
low priced units with 40,608 or 13.2% renting for less than $350
per month.
See Brooklyn Stabilized Rents
In Brooklyn, 202,904 apartments, with reported rents were
registered in 1992. The median rent for these stabilized
apartments was $480 and the mean rent $502. The rents for
Brooklyn's units were heavily concentrated within the monthly
range of $350 - $499 (43.6%) and $500 - $649 (30.3%). Thus,
nearly three-quarters of Brooklyn's stabilized apartments rented
between $350 - $649. Approximately one out of eight apartments
(12.3%) rented for less than $350 per month. More than half (56%)
of Brooklyn's units rented for less than $500 per month.
See Bronx Stabilized Rents
In the Bronx, 154,652 apartments were registered, with reported
rents, in 1992. The Bronx reported the lowest median ($466) and
mean ($481) rents for the City. Six out of ten stabilized
apartments in the Bronx rented for less than $500. The monthly
rent range of $350 - $499 contained almost half (46.9%) of the
units and the less than $350 category contained 13.8% of the
units.
See Queens Stabilized Rents
Queens reported a median rent of $531 and a mean rent of $559 for
the 154,668 registered stabilized units with rent data in 1992.
While the rent of $350 - $499 contained the highest percentage of
units at 37.5%, it only narrowly led the $500 $649 interval which
contained 31.8% of the stabilized apartments in Queens. This
borough also had a high percentage of units (17.0%) renting
between $650 - $799. Only 5.9% of the apartments rented for less
than $350.
Staten Island Stabilized Rents
Staten Island with the least number of stabilized units, 5,259,
reported a median rent of $550 and a mean rent of $565 for 1992.
While in all the other boroughs the $350 - $499 rent range
contained the most registered units, in Staten Island the $500 -
$649 range had the highest percentage (36.4%) of apartments. The
$350 - $499 category followed at 33.1%. Staten Island had the
lowest percentage (4.8%) of apartments renting for less than
$350.
In Nassau, Rockland and Westchester counties 49,870 apartments,
with reported rents, were registered in 1992. These apartments
are regulated under the Emergency Tenant Protection Act (ETPA). A
median rent of $582 and a mean rent of $596 was reported for the
ETPA counties. The median rent for the suburban counties was
substantially higher than the median rent for New York City while
the mean rent was slightly lower. This points out the strong
influence of the "luxury" rental market in Manhattan skewing the
mean rents for stabilized units in the City.
Westchester County with two-thirds of the registered units
reporting rents in the ETPA counties had the lowest median rent
($547) and mean rent ($566). The pattern of rents in Westchester
County was similar to those of the borough of Queens, while
Nassau and Rockland counties, on the average, reported higher
rents. Westchester contains several large cities (Yonkers, Mount
Vernon, New Rochelle, and White Plains) where older high-rise
construction is prevalent. Nassau and Rockland counties are more
suburban in character with less pre-war construction. Three out
of ten ETPA units in Westchester rented within the $350 - $499
range. This was followed by: 29.7% in the $500 - $649 range;
17.9% in the $650 - $799 range and 10.1% renting for less than
$350.
Nassau County, with 13,307 registered units reporting rents, had
the highest median rent of any county ($655) and reported a mean
rent of $674. Slightly more than one-third (33.9%) of Nassau's
ETPA units fell into the $500 - $649 range. Three out of ten
units rented in the $650 - $799 range. Only fifteen percent of
the units rented for less than $500 and only 1.4% rented for less
than $350.
In Rockland County, 2,601 apartments with reported rents, were
registered in 1992. The median rent for Rockland County was $606
and the mean rent was $625. Almost four out of ten (39.7%) units
rented within the $500 - $649 range and 27.6% rented in the $650
- $799 range. Only 3.8% of the ETPA units in Rockland rented for
less than $350.
================================================================
AVERAGE REGISTERED REGULATED RENT
RENT STABILIZED APARTMENTS BY ZIP CODE, 1992
MANHATTAN BROOKLYN
Zip Code Rent Zip Code Rent
10001 $714 11201 $733
10002 460 11203 482
10003 729 11204 487
10004 * 11205 490
10005 733 11206 426
10006 386 11207 531
10007 803 11208 483
10009 628 11209 546
10010 694 11210 521
10011 738 11211 426
10012 608 11212 479
10013 437 11213 456
10014 831 11214 520
10016 993 11215 586
10017 1,035 11216 426
10018 875 11217 549
10019 919 11218 509
10021 1,045 11219 487
10022 1,190 11220 491
10023 901 11221 431
10024 862 11222 438
10025 704 11223 495
10026 461 11224 478
10027 443 11225 470
10028 964 11226 502
10029 509 11228 498
10030 386 11229 524
10031 469 11230 504
10032 483 11231 655
10033 509 11232 460
10034 471 11233 414
10035 393 11234 506
10036 784 11235 508
10037 440 11236 503
10038 762 11237 442
10039 388 11238 513
10040 474
10128 1,144
10280 1,622
* Too few units to report.
================================================================
================================================================
AVERAGE REGISTERED REGULATED RENTS
RENT STABILIZED APARTMENTS
BY ZIP CODE, 1992
QUEENS
Zip Code Rent
11004-5 $737
11101 528
11102 568
11103 557
11104 520
11105 536
11106 537
11354 574
11355 583
11356 589
11357 557
11358 558
11360 791
11361 518
11362 536
11363 637
11364 500
11365 655
11366 491
11367 488
11368 554
11369 533
11370 517
11372 531
11373 550
11374 562
11375 626
11377 524
11378 512
11379 479
11385 480
11411 561
11412 562
11413 566
11414 548
11415 575
11416 496
11417 571
11418 572
11419 504
11420 536
11421 522
11423 502
11426 810
11427 512
11428 519
11429 498
11432 575
11433 605
11434 585
11435 553
11691 551
11692 442
11694 472
BRONX
Zip Code Rent
10451 $491
10452 465
10453 473
10454 434
10455 390
10456 445
10457 459
10458 482
10459 416
10460 444
10461 489
10462 484
10463 556
10464 407
10465 488
10466 494
10467 494
10468 487
10469 516
10470 496
10471 572
10472 454
10473 418
10474 387
RICHMOND
Zip Code Rent
10301 $597
10302 544
10304 505
10305 560
10306 506
10307 471
10308 536
10309 266
10310 559
10312 *
10314 555
* Too few units to report
================================================================
Rent Controlled Units
See Manhattan Controlled Rents
See Brooklyn Controlled Rents
See Bronx Controlled Rents
See Queens Controlled Rents
A total of 84,053 rent controlled housing units participated in
the Maximum Base Rent (MBR) program in 1992. As with the rent
stabilized stock, Manhattan contained the greatest number of
housing units under rent control. Forty-five percent of the units
participating in the MBR program were located in Manhattan.
Brooklyn with 19,382 units contained 23.1% of the City's total.
One out of five controlled units were located in Queens and
almost 12% were located in the Bronx.
================================================================
RENT CONTROLLED BUILDINGS AND APARTMENTS
PARTICIPATING IN THE MBR PROGRAM
By Borough, New York City, 1992
Borough Buildings Percent Apartments Percent
Bronx l,626 10.4% 9,968 11.9%
Brooklyn 4,551 29.1% 19,382 23.1%
Manhattan 5,790 37.0% 37,894 45.1%
Queens 3,634 23.2% 16,686 19.9%
Richmond 40 0.3% 123 0.1%
Total 15,641 100.0% 84,053 100.0%
================================================================
Rent controlled units (the number of controlled apartments has
fallen from over one million in 1971 to approximately one hundred
thousand in 1993 as a result of vacancy decontrol) are located
predominately in stable, economically advantaged neighborhoods.
The middle-class areas of Flatbush, Midwood, Forest Hills,
Greenwich Village and the Upper East and West Sides of Manhattan
have a large number of rent controlled units when compared to the
poorer, minority areas of the South Bronx, Harlem, Central
Brooklyn and Coney Island.
Rent Adjustments
The Rent Guidelines Boards in New York City and Nassau, Rockland
and Westchester counties annually establish guidelines for rent
adjustments. The Boards review many factors impacting on the
economic condition of the residential real estate industry
including: overall maintenance costs; real estate taxes; the cost
and availability of financing; vacancy rates and the supply of
housing; relevant data from cost of living indices; and any other
relevant data made available to the Boards.
Rents in rent controlled apartments in New York City are adjusted
primarily under the Maximum Base Rent (MBR) system. The MBR is
adjusted every two years to reflect changes in economic
conditions. Application of a mathematical formula which consists
of cost components (operation and maintenance expenses, real
estate taxes, water and sewer charges and an allowance for
vacancy and collection losses), an allowance for a return on
capital value and an adjustment for commercial income is employed
to derive the MBR increase. Under the MBR system, the annual
adjustment to the rent that the tenant pays (Maximum Collectible
Rent) cannot exceed 7.5%.
The following tables provide a summary of the rent adjustments
authorized for stabilized and controlled apartments.
================================================================
NEW YORK CITY
RENT CONTROLLED APARTMENTS -- STANDARD ADJUSTMENT FACTOR
Biennial
Maximum Base
Year Rent Adjustment
---- ---------------
1974 8.5%
1975
1976 22%
1977
1978 9%
1979
1980 10%
1981
1982 11%
1983
1984 7.5%
1985
1986 11.5%
1987
1988 16.4%
1989
1990 8.0%
1991
1992 10.8%
1993
1994 14.7%
1995
================================================================
================================================================
NEW YORK CITY
APARTMENT RENT ADJUSTMENT GUIDELINES 1969 -- 1993*
Order Lease Term (percent)
------ ------- -------
Number Lease Starting 1 Year 2 Years 3 Years
------ -------------- ------ ------- -------
1 7/1/68-6/30/70 10.0 10.0 15.0
2 7/1/70-6/30/71 6.0 8.0 11.0
3 7/1/71-6/30/72 7.0 9.0 12.0
4 7/1/72-6/30/73 6.0 8.0 10.0
5 7/1/73-6/30/74 6.5 8.5 10.5
6 7/1/74-6/30/75 8.5 10.5 12.0
7 7/1/75-6/30/76 7.5 9.5 12.5
8 7/1/76-6/30/77 6.5 8.0 11.0
9 7/1/77-6/30/78 6.5 8.5 11.5
10 7/1/78-6/30/79 4.5 6.5 8.5
11 7/1/79-6/30/80 8.5 12.0 15.0
12 7/1/80-9/30/81 11.0 14.0 17.0
13 10/1/81-9/30/82 10.0 13.0 16.0
14 10/1/82-9/30/83 4.0 7.0 10.0
15 10/1/83-9/30/84 4.0 7.0 10.0
16 10/1/84-9/30/85 6.0 9.0 @
17 10/1/85-9/30/86 4.0 6.5
18 10/1/86-9/30/87 6.0 9.0
19 10/1/87-9/30/88 3.0 6.5
20 10/1/88-9/30/89 6.0 9.0
21 10/1/89-9/30/90 5.5 9.0
22 10/1/90-9/30/91 4.5 7.0
23 10/1/91-9/30/92 4.0 6.5
24 10/1/92-9/30/93 3.0 5.0
25 10/1/93-9/30/94 3.0 5.0
@ Owners were no longer required to offer a 3-year lease.
* The table provides the history of lease adjustments orders
and excludes allowable adjustments for vacancy allowance,
electrical inclusion charges, low-rent supplements and fuel
surcharges.
================================================================
================================================================
WESTCHESTER COUNTY
APARTMENT RENT ADJUSTMENT GUIDELINES 1974 -- 1993*
Lease Term (percent)
------ ------- -------
Lease Starting Between 1 Year 2 Years 3 Years
---------------------- ------ ------- -------
2/1/75 - 6/30/75 15.0 17.5 19.5
7/1/75 - 6/30/76 13.0 15.5 17.0
7/1/76 - 6/30/77 4.0 5.0 7.0
1st 2nd 1st 2nd 3rd
yr. yr. yr. yr. yr.
---- ---- ---- ---- ----
7/1/77 - 6/30/78 7.0 5.0 4.0 4.0 5.0 5.0
7/1/78 - 6/30/79 6.0 5.0 4.0 5.0 5.0 4.0
7/1/79 - 6/30/80** 9.0 11.0 13.0
7/1/80 - 9/30/81 12.0 15.0 16.0
10/1/81 - 9/30/82 12.0 15.0 18.0
10/1/82 - 9/30/83 4.0 6.0 9.0
10/1/83 - 9/30/84 0.0 0.0 @
10/1/84 - 9/30/85 0.0 3.0
10/1/85 - 9/30/86 6.0 10.0
10/1/86 - 9/30/87 3.0 5.0
10/1/87 - 9/30/88 3.0 5.0
10/1/88 - 9/30/89 6.0 9.0
10/1/89 - 9/30/90 3.0 5.0
10/1/90 - 9/30/91 4.0 7.0
10/1/91 - 9/30/92 3.5 5.0
10/1/92 - 9/30/93 3.0 4.0
10/1/93 - 9/30/94 3.0 4.0
@ Owners were no longer required to offer a 3-year lease.
* The table provides the history of lease adjustment orders
and excludes allowable adjustments for vacancy allowance,
electrical inclusion charges and fuel surcharges, and leases
with tax escalation clauses.
** Additional guidelines promulgated based on location of
municipality.
================================================================
================================================================
NASSAU COUNTY
APARTMENT RENT ADJUSTMENT GUIDELINES 1974 - 1993*
Lease Term (percent)
------ ------- -------
Lease Starting Between 1 Year 2 Years 3 Years
---------------------- ------ ------- -------
4/1/75 - 6/30/75** 12.0 15.0 18.0
7/1/75 - 6/30/76 9.0 12.0 15.0
7/1/76 - 6/30/77 5.0 7.0 9.0
7/1/77 - 6/30/78 5.0 7.0 9.0
7/1/78 - 6/30/79 6.0 8.0 10.0
7/1/79 - 6/30/80 7.0 10.0 13.0
7/1/80 - 9/30/81 9.0 13.0 15.0
10/1/81 - 9/30/82 12.0 15.0 17.0
10/1/82 - 9/30/83 6.0 10.0 12.0
10/1/83 - 9/30/84 6.5 9.0 @
10/1/84 - 9/30/85 6.0 8.0
10/1/85 - 9/30/86 4.5 6.5
10/1/86 - 9/30/87 4.0 5.5
10/1/87 - 9/30/88*** 3.5 5.0
10/1/88 - 9/30/89 5.0 6.5
10/1/89 - 9/30/90 5.0 6.5
10/1/90 - 9/30/91 4.0 5.5
10/1/91 - 9/30/92 5.0 6.5
10/1/92 - 9/30/93 3.0 5.0
10/1/93 - 9/30/94 2.5 4.3
@ Owners were no longer required to offer a 3-year lease.
* The table provides the history of lease adjustment
orders and excludes allowable adjustments for vacancy
allowance, electrical inclusion charges and fuel
surcharges. Also excludes special guidelines for leases
with tax escalation clauses and/or leases with previous
guidelines adjustments.
** Additional guidelines promulgated based on location of
municipality.
*** Additional guidelines promulgated based on cooperative
status.
================================================================
================================================================
ROCKLAND COUNTY
APARTMENT RENT ADJUSTMENT GUIDELINES 1974 - 1993*
Lease Term (percent)
------ ------- -------
Lease Starting Between 1 Year 2 Years 3 Years
---------------------- ------ ------- -------
2/1/75 - 6/30/75 14.0 16.0 17.0
7/1/75 - 6/30/76 9.75 13.0 16.0
7/1/76 - 6/30/77 5.0 9.0 12.5
7/1/77 - 6/30/78 7.0 9.0 11.0
7/1/78 - 6/30/79 5.0 8.0 11.0
7/1/79 - 6/30/80 11.5 13.5 15.0
7/1/80 - 9/30/81 8.0 12.0 15.5
10/1/81 - 9/30/82 10.5 13.5 16.0
10/1/82 - 9/30/83 7.0 10.0 12.5
10/1/83 - 9/30/84 4.0 7.5 @
10/1/84 - 9/30/85 3.0 6.0
10/1/85 - 9/30/86 4.5 7.0
10/1/86 - 9/30/87 3.0 4.5
10/1/87 - 9/30/88 2.5 4.5
10/1/88 - 9/30/89 2.5 4.0
10/1/89 - 9/30/90 3 0 5.0
10/1/90 - 9/30/91 2.5 4.0
10/1/91 - 9/30/92 3.0 5.0
10/1/92 - 9/30/93 1.5 2.5
10/1/93 - 9/30/94 1.5 2.5
@ Owners were no longer required to offer a 3-year lease.
* The table provides the history of lease adjustment orders
and excludes allowable adjustments for vacancy allowance,
electrical inclusion charges, type of fuel used and fuel
surcharges.