NYC TC201 Operating Expenses Analysis for Rent Stabilized Buildings

This year’s TC201 study covers 2017–2025, with 2,533 entries across about 1,025 buildings.

The dataset also includes smaller buildings, including under-11-unit properties the Board does not see clearly in its data pulls.

Taxes remain the largest expense, while insurance, utilities, and fuel are all still far above 2019 levels. Insurance is up 109 percent since 2019, utilities 56 percent, and fuel 37 percent.

Even where some costs eased from 2024 to 2025, this does not mean buildings are back on stable footing.

The biggest pressure is in older, more heavily stabilized buildings. Pre-1974 buildings still have insurance costs far above pre-2019 levels, and NOI fell 6 percent from 2024 to 2025.

RGB’s own study showed citywide NOI up 6.2 percent, but that masks weaker conditions in places like the Bronx and outside Core Manhattan.

RGB is the only systemwide tool for keeping rents from falling behind operating costs and preserving housing quality.