For leases commencing between October 1, 2003 through September 30, 2004 

Renewal Guidelines
One-year lease...............................4.5%
Two-year lease...............................7.5% 

No Supplemental Adjustment

Vacancy Allowance
Only as permitted by State statutory vacancy allowances*:
One-year lease..........................17%
Two-year lease.........................20% 
Vacancy allowance for sublets..............................10% 
*See page 9 of July/August 2003 RSA Reporter for 
State statutory vacancy allowance calculations.

Special Guideline For Decontrolled Units Entering Stabilization
50% Above Maximim Base Rent; or,
 the appropriate Fair Market Rent for Section 8 housing as established by 
HUD for the New York City PMSA adjusted for gas and electric charges, whichever is greater.

Following are 2003-2004 rent guidelines for Nassau, Rockland

and Westchester Counties.

(Effective for Renewal Leases Commencing 10/1/03 - 9/30/04)