NYC RGB Income & Expense Study 2026: Owner Takeaways

The NYC Rent Guidelines Board (RGB) publishes an annual Income & Expense Study based on NYC Department of Finance RPIE filings for buildings that contain rent-stabilized units. It’s a window into real owner economics: rents collected, other income, operating costs, and net operating income (NOI).

If you own or manage a rent-stabilized building, you can use the report to:

• Benchmark your building’s expense growth against the citywide averages
• Spot early warning signs (like a rising cost-to-income ratio)
• Build a clearer story for financing, reserves, and capital planning
• Prepare for the 2026 RGB season (and for tough tenant conversations)

Pull-quote: Citywide NOI rose 6.2% from 2023 to 2024, while operating costs rose 4.2% — but not every borough shared in that growth.

Here are several top-line stats from the RGB’s 2026 Income & Expense Study (covering 2023–2024 changes):

Metric (buildings with stabilized units)	Change / Level	What it suggests
Net Operating Income (NOI)	+6.2% (nominal)	NOI grew faster than costs overall
NOI (inflation-adjusted)	+2.2%	Real NOI growth was modest
Rental income	+4.8%	Collected rent rose, but not wildly
Total income	+4.9%	Other income helped a bit
Operating costs	+4.2%	Expenses continued to climb
Buildings in distress (negative NOI)	9.2%	Distress persists, even with NOI growth

Primary source: RGB 2026 Income & Expense Study PDF.

A single “NOI up” headline can hide a lot. Owners should focus on what drives margins in a rent-stabilized building:

• Labor and vendor contracts (porters, supers, elevator service, extermination)
• Insurance (often the fastest-moving line item)
• Fuel and utilities (especially if your building pays heat/hot water)
• Repairs and compliance (DOB, HPD, FDNY, façade work)

If your building is small (A1 owners), even a few large repairs can swing NOI negative for the year. That is why the “distress” number matters: it’s a signal that some properties cannot absorb the expense curve.

Action item: If your operating costs jumped more than the citywide average, do a line-by-line variance review now, not at year-end.

The report breaks out NOI growth across the city, and the gap between boroughs is meaningful. NOI growth was strongest in Staten Island and Manhattan submarkets, while the Bronx was flat-to-down.

For owners and boards, this matters because:

• Rent-stabilized income is constrained, so neighborhood-level performance impacts your ability to fund repairs
• Insurance and labor costs do not “discount” because your area is underperforming
• Buildings with weaker NOI growth may face harder choices on capital work timing

If you’re in the Bronx or in a building with a high share of regulated units, assume tighter cash flow and plan earlier for assessments, refinancing, or phased scopes.

Use the study as a reality check for 2026 budgeting.

Here’s a simple workflow we use with owners and boards:

1. Update your trailing-12 expense run rate (not last calendar year)
2. Separate “one-time” repairs from recurring operating costs
3. Stress test for +5% to +10% on insurance, payroll, and vendor renewals
4. Build a compliance calendar so DOB/HPD items don’t become emergency work
5. Track delinquencies and arrears monthly (not quarterly)

If your building is rent-stabilized-heavy, a small miss on expenses can wipe out cash reserves fast.

The RGB process typically includes staff research, expert testimony, and public hearings before a final vote. The next set of guidelines applies to leases effective Oct 1, 2026 to Sep 30, 2027.

If you own a rent-stabilized building, think of the I&E Study as a “shared baseline” in the debate. Tenants will point to affordability. Owners should be ready to show what it costs to run safe, well-maintained housing.

What owners can do now:

• Collect clean documentation on major cost drivers (insurance invoices, fuel, labor)
• Make sure your RPIE filings reflect your building’s real expenses and income
• Prepare a clear narrative on why specific increases are needed to maintain safe housing
• Document any compliance work that is not optional (HPD lead paint, DOB gas, façade, boiler)

Practical tip: If you plan to speak at an RGB hearing (or submit written testimony), start with two numbers: your building’s year-over-year expense growth and the work you deferred because cash flow could not support it.

For small-building owners (A1), also review your rent roll and renewal dates. A missed renewal or an untracked preferential rent can create a bigger revenue hit than most owners expect.

For more background on regulated housing rules and how they impact owners, see:

• /blog/nyc-local-law-86-rent-transparency-act-landlord-guide
• /blog/nyc-rent-all-time-high-2026-what-owners-need-to-know
• /blog/how-to-choose-condo-management-company-nyc

Use these primary sources for the full report and ongoing updates:

• NYC RGB homepage: https://rentguidelinesboard.cityofnewyork.us/
• RGB 2026 Income & Expense Study (PDF): https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2026/03/2026-IE-Study-Final.pdf
• NYC Mayor’s Office announcement on RGB appointees: https://www.nyc.gov/mayors-office/news/2026/02/mayor-mamdani-announces-six-appointees-to-the-rent-guidelines-bo

Download the PDF and keep it in your building records. You’ll want it when you’re budgeting, refinancing, or preparing testimony.