The State Assembly has passed a souped-up bill to extend and expand rent regulations. Last week, The Torch presented some numbers on regulated renters’ income.
Today’s short installment:
What does the rent pay for?
It costs $855 each month in operating costs (not including mortgage interest) for a landlord to run a single rent-stabilized apartment built after 1946. The average rent on such an apartment is $1,148.
Of these costs, the biggest items are:
Taxes – $226 (26%)
Labor – $126 (15%)
Maintenance – $109 ($13%)
Fuel – $99 (12%)
Administration – $94 (11%)
Miscellaneous – $77 (9%)
Light / power – $46 (5%)
Water / sewer – $42 (5%)
Insurance – $36 (4%)
Nearly 13 percent of rent-stabilized buildings can’t cover their costs.
Source: 2010 Income & Expense Study, NYC Rent Guidelines Board (landlords and tenants equally represented).
Tomorrow: how long do New Yorkers stay in their apartments?
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