FACT SHEET #5
Vacancy Leases in Rent Stabilized Apartments
3 PAGES
SUMMARY AND HIGHLIGHTS
AT A GLANCE When someone rents a rent stabilized apartment for the first time, the
This Fact Sheet explains owner and the tenant sign a “vacancy lease.” This written lease is a
what to expect when contract between the owner and the tenant that states the terms and
conditions of the rental. Those include the length of the lease, and the
someone first rents a rights and responsibilities of the tenant and the owner.
rent-stabilized apartment.
Process • The Rent Stabilization Law lets the new tenant (also
DEFINITIONS called the “vacancy lease tenant”) choose between a
Division of Housing and one or two-year lease.
Community Renewal (DHCR): • The Housing Stability and Tenant Protection Act (HSTPA)
DHCR is the New York State agency of 2019, effective June 14, 2019, prevents owners from
that invests in communities, deregulating rent-stabilized apartments when tenants
preserves and protects affordable move out.
housing and enforces the state’s • HSTPA eliminated the statutory vacancy rate and
rent control and rent stabilization does not permit Rent Guidelines Boards to establish a
laws. separate vacancy rate.