what is a rent stabilized apartment

A rent-stabilized apartment is a form of housing that is subject to rent regulation, which limits the amount of rent that can be charged. In New York, rent stabilization applies to buildings with six or more units built before 1974 that are not subject to rent control. It sets maximum rates for annual rent increases and entitles tenants to receive required services from their landlords along with lease renewals. Rent stabilization is designed to keep existing housing affordable and to provide protection against wrongful eviction, encourage a variety of income levels within a neighborhood, and increase tenant retention. Tenants in rent-stabilized apartments have certain protections, including protection against unlawful rent increases and the right to renew their lease. Finding a rent-stabilized apartment can be challenging, as stabilized tenants are often aware of the benefits and move less often. Rent-stabilized apartments are more commonly found than rent- controlled apartments, and they provide affordable housing to those who need it