BRI Says Westchester Rent Hike Falls Short

WHITE PLAINS—In reaction to the Westchester County Rent Guidelines Board’s vote on June 26 to impose a 2% rent increase for one-year leases and 3% for two-year leases, officials with the Armonk-based Building and Realty Institute of Westchester & the Mid-Hudson Region say the hikes were not enough for property owners that face rising operating and repair costs.

The Board’s increases take effect on leases starting Oct. 1, 2025, through Sept. 30, 2026. BRI officials stated that while the new increases prevent another destructive rent freeze, they once again fall short of what is required to keep up with rising costs.

“Once again, we’re staring down the same math problem with the same dangerous answer,” said Alana Ciuffetelli, Chair of the BRI’s Apartment Owners Advisory Council. “These increases do not match the surging costs of insurance, fuel, water, repairs, and local compliance. It’s becoming nearly impossible to keep buildings safe and well-maintained without the financial tools to do so.”

Over the past year, insurance premiums for multifamily buildings have soared 26% on average, with some property owners seeing annual premiums per unit surpass $1,770. That’s a 103% jump from four years ago, and that’s if owners can even find coverage—more and more insurers are pulling out of the rent-stabilized market entirely, the BRI noted.

“These (rent) increases are crumbs at a time when owners need tools, not barriers,” said Ciuffetelli. “Every day, we see more buildings slipping into disrepair because their owners are trapped between regulatory overreach and economic neglect.”

The consequences of the Housing Stability and Tenant Protection Act of 2019 continue to cascade through the system. The inability to raise rents in step with costs has led to widespread devaluation of rent-stabilized buildings, diminishing access to financing for critical repairs and even threatening bank portfolios.

Meanwhile, the limited Individual Apartment Improvement cap—currently $30,000—is a fraction of what’s needed for full-scale renovations, which typically cost between $100,000 and $150,000 according to the BRI. Applications for Major Capital Improvements (MCI) have dropped 83% over the last five years, reflecting the sheer economic uncertainty facing property owners.

“Tonight’s vote sends a clear message to owners: keep providing more with less,” Ciuffetelli said. “But this model is unsustainable—and eventually, we’re all going to pay the price.”