Rent Guidelines Board Approves Rent Increases
At its meeting last night, the Rent Guidelines Board approved the following rent increases effective October 1, 2009:
Apartments where heat is provided at no cost to the tenant:
1 year lease – 3.0%
2 year lease – 6.0%
However, if the most recent vacancy lease was executed six years or more prior to the date of the renewal lease, the guidelines are as follows:
1 year lease – 3.0% or $30, whichever is greater
2 year lease – 6.0% or $60, whichever is greater
For all apartments:
Vacancy allowance – 0% (the statutory vacancy increases remain in effect).
Sublet allowance – 10%