NYC RGB: Rents, Markets & Trends 2020

Market Report provided by NYC - RGB

This year, the PIOC for all rent stabilized apartments increased by 3.7%. Increases occurred in all PIOC components, except Fuel. The largest proportional increase was seen in Insurance (16.5%), followed by Taxes (5.9%), Maintenance (4.8%) and Administrative Costs (3.5%). More moderate increases occurred in the Labor Costs (3.2%) and Utilities (1.6%) components, while Fuel was the only component to decline (12.3%). The growth in the Consumer Price Index (CPI), which measures inflation in a wide range of consumer goods and services, during this same time period was lower than the PIOC, rising 1.8%.2 See the table on the previous page and Appendix B.2 for changes in costs and prices for buildings that contain rent stabilized apartments from 2019-2020