for 10/1/2008 to 9/30/09
On June 26, 2008 The Rent Guidelines Board of Westchester County approved the following increases for leases renewed during the upcoming period of 10/01/2008 - 9/30/2009:
1-year Lease term: 4.5%
2-year Lease term: 6.5%
And for those apts where no heat/hot water is provided by Landlords:
1-year Lease term: 3.6%
2-year Lease term: 5.2%
A minimum increase of $45.00 per month was approved for either the 1 or the 2-year lease term
-The Vacancy Allowance as stated in the Rent Regulatory Reform Act of 1997 continues operative:
20% for a 2-year Lease
19% for a 1-year lease
Where a unit was occupied for 8 years or more, an additional increase of 0.6% per year is allowed, i.e. a unit vacating after 10-year occupancy can be increased 26%:
20% + (0.6% X 10 years) = 26%
Information provided by Jerry Houlihan, Chairman, Apartment Owners Advisory Council of Westchester County (AOAC)
