During a meeting held at White Plains City Hall on June 22, the Westchester County Rent Guidelines Board approved rent increases of 3.5% for one-year leases and 4.5% for two-year leases for rent-stabilized apartments, effective Oct. 1 of this year.
The board had held a number of public hearings around the county leading up to the meeting at which it made its decision. Prior to a vote, landlords were given an opportunity to enter their rebuttals to arguments that had been made against allowing rent increases.
In gathering information as part of the decision-making process, the board reviewed financials for 427 buildings in Westchester with 12, 956 apartments for 2023 to 2025. It found that in 2025 aggregate income was $242,653,000 and aggregate expenses were $182,493,000 without taking depreciation into account. Expenses averaged 74.54% of the income.
A breakdown of the expenses showed that for 2025 fuel was 10.3%, utilities 5.7%, payroll 8.0%, real estate taxes 18.4%, insurance 9.1%, management costs 8.1%, repairs and maintenance 14.5%, interest 13.1%, and miscellaneous 3.4%.
In reacting to the board’s decision to allow the 3.5% and 4.5% rent increases, The Building & Realty Institute of the Hudson Valley (BRI) said the increases represent a departure from the lower adjustments adopted in recent years. The BRI noted that housing providers continue to face significant financial pressures from rising operating costs and regulatory requirements.
“The board’s decision is a more realistic recognition of the challenges facing housing providers,” said Alana Ciuffetelli, chair of the BRI’s Apartment Owners Advisory Council. “However, owners continue to face pressures that affect their ability to maintain, improve, and preserve their properties over the long term.”
BRI said property owners are anticipating higher regulatory costs in the next year, including from the New York State Department of Health Lead Rental Registry program, which takes effect this year.
“We know affordability remains a concern for many residents, and property owners understand those challenges,” Ciuffetelli said. “At the same time, preserving safe, quality housing requires ongoing investment. The long-term health of Westchester’s rent-stabilized housing stock depends on ensuring that owners have the ability to keep pace with rising costs and continue investing in their buildings.”
The BRI noted that while the approved adjustments provide some relief, many landlords still need to deal with years of accumulated cost increases that have outpaced allowable rental income. The BRI pointed out that the approved increases that will soon go into effect are less than the current rate of inflation.
The BRI said that it will continue advocating for policies that support housing preservation, encourage investment in aging buildings, and ensure that rent-stabilized housing remains sustainable for both residents and housing providers.
