The Division of Housing and Community Renewal (DHCR) released an updated schedule for rent decreases in apartments where the tenant becomes responsible for their electricity consumption. The new schedule set forth in Operational Bulletin 2003-1 (issued Novemmber 12, 2003) and Update Number 1 (issued September 3, 2008) and any other outstanding formula or schedule for setting rents upon electrical conversion of rent regulated housing accomodations.
Rent Reduction Formula
Upon granting an owner's application to convert from master to individual metering of electricity, DHCR will apply schedules of rent reductions for rent controlled and rent stabilized housing accomodations that are conerted to individual mertering. The schedules are derives from data analysis by the Rent Guidelines Board, as well as the Departmmet of Housing Preservatoin and Development tabulation of data from the United States Census Bureau. In addition, data from the U.S. Departent of Energy, Energy Information Administration (EIA) whiche became available in early 2010 was utilized in calculating the rent reductions.
The chat below reflects the new schedule for New York City.
Number of Rooms Direct Metering Submetering
1 $55.00 $42.58
2 $60.00 $46.99
3 $70.00 $56.25
4 $74.00 $59.78
5 $80.00 $65.29
6 or more Add $6.25 per room Add $5.68 per room