Press Release: First RGB Report of 2025 Shows Landlords’ Incomes Rise While Tenants Struggle

Press Release

First RGB Report of 2025 Shows Landlords' Incomes Rise While Tenants Struggle

The numbers are in, and profits are up for rent stabilized landlords. The Rent Guidelines Board (RGB) staff's 2025 Income and Expense Report shows that Net Operating Incomes (NOI, or landlords' incomes minus expenses) rose by a whopping 12.1 percent from 2022 to 2023, representing a major turnaround compared to the four prior years of available data.

NOI is up in more than four out of five Community Districts across the city, rent collection is up in every single Community District, and the number of buildings in distress declined. But this is not just a one-year trend - looking over the long-term, collected rents rose over 250 percent between 1990 and 2023, and NOI rose 48 percent.

During the meeting, RGB staff analysts shared that these trends were true in the short term as well as the long term. Between 2013 and 2023, during which the strongest tenant protections in generations were passed in Albany and COVID-19 shook the housing market, collected rents rose nearly eight percent and NOI rose more than 10 percent. Unless they overleveraged their buildings to the tilt, under the assumption they could deregulate apartments and charge exorbitant rents, landlords' economic position remained strong across the decade.

In short, landlords and building owners' economic position is improving, but tenants continue to struggle. Evictions and homelessness are at crisis levels, with 118,000 households facing eviction filings last year and 350,000 people living in shelters, on the streets, or doubled up in precarious and overcrowded quarters. RGB members should look at this data as a clear sign that landlords don't need another rent hike.

Issues Covered

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