About 90 lifts fitted in the 1960s and 1970s across 50 blocks in Brighton and Hove will be replaced over the next nine years.
A contract is being drawn up to run the replacement programme to tackle the problem of continuing breakdowns.
Brighton and Hove City Council said: “The programme will come as a welcome relief to residents who have endured increasing inconvenience with broken lifts.”
The council also said that it was financially necessary because of the rising cost of maintaining outdated equipment.
Breakdowns have become more commonplace in recent years as obsolete parts have had to be sourced or built to keep the old lifts running.
The new lifts, which will have standard equipment to reduce delays and a 25-year warranty on all parts, will also be more energy efficient and will reduce CO2 emissions.
The council said that it had worked with residents, including the 12-strong Asset Management Panel representing tenants and leaseholders and the High Rise Action Group, to select a contractor to give the best service and value for money.
As part of the agreement, the contract will ensure that when lifts break down they are back up and running as soon as possible.
The council added that it had worked hard to ensure 480 leaseholders in blocks with lifts, who are being fully consulted on the proposals, have flexible payment options to cater for their share of the costs.
Each leaseholder will have to make a contribution of between £3,000 and £10,000 with the average cost expected to be £7,000.
Councillor Liz Wakefield, the council’s cabinet member for housing, said: “These lifts were fitted in the 1960s and 1970s so it’s no surprise that they are breaking down more often.
“The inconvenience to our residents when they don’t work is considerable.
“We are involving both tenants and leaseholders in the proposals to replace these lifts and in the choice of contractor as part of our ongoing commitment to involve the community in decision-making.
“Both tenants and leaseholders will benefit from improved reliability and maintenance along with lower energy cost.
“We understand that around 480 leaseholders will have to make a contribution to the cost of the work but there are flexible payment options to help them meet this.
“If they have a mortgage their lender may be able to add the cost to their mortgage or alternatively they may wish to look at taking out a council loan.”