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New York Lease Renewals July 2023
Double-digit rent hikes took a pause last month. In July, rent increases on lease renewals for market-rate apartments in NYC cooled to 4.1% compared to 11.1% a year before and 12.1% in June 2023. Sub-5% rent increases are still prevalent, with 75% of renters reporting renewals in this range. Increases in Brooklyn slightly outpaced those…
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New York Lease Renewals June 2023
It seems like summer pricing is back. In June, rent increases on lease renewals for market-rate apartments in NYC ramped up to 12.2% compared to 21.5% a year before and just 4.9% in May 2023. Rent increases are back in double-digit territory as summer demand pushed prices higher. While sub-5% rent increases are still prevalent,…
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New York Lease Renewals May 2023
In May 2023, rent increases on lease renewals for market-rate apartments in NYC cooled off to 4.9% compared to 17% a year before and 6.8% in April 2023. After a year of mostly double-digit increases, renters got some reprieve as landlords handed out sub-5% rent increases in the majority of cases. But why are rent…
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New York Lease Renewals April 2023
Rent Increases on Lease Renewals Cooled Off in April In April 2023, rent increases on lease renewals for market-rate apartments in NYC cooled off to 6.8% compared to 20.6% a year before and 10.8% in March 2023. Increases on lease renewals have stabilized compared to 2022, where the market saw steep corrections in rent and…
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New York Lease Renewals March 2023
Increases on March lease renewals for market-rate apartments averaged 10.8% vs. 10.2% in February and 20% for the same period in 2022. This continued increase on rents could be indicative that the winter dip is over, and rents will continue to rise heading into the summer months. Despite the uptick in rent increases, the majority…
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New York Lease Renewals February 2023
Increases on February lease renewals for market-rate apartments averaged 10.2% vs. 8.1% in January and 26% for the same period in 2022. Compared to 2022 levels, rent increases have stabilized, leaving renters weighing the costs of renewing or moving elsewhere. Given the pinch of supply across the 5 boroughs, it seems more renters are opting…
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New York Lease Renewals January 2023
Increases on January lease renewals for market-rate apartments averaged 8.1% vs. 3.2% in December and 17% for the same period in 2022. Rental activity seemed to cool in latter months of 2022 with reported rent increases averaging ~5%. January’s bounce could be indicative that the seasonal dip is over and rents will rise heading into…
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New York Lease Renewals December 2022
Decreases on lease renewals for market-rate apartments continued into December, averaging 3.2% vs. 5.2% in November and 18.2% for the same period in 2021. Notably, Brooklyn has superseded Manhattan with respect to lease renewals, averaging 6.7%, indicating the popularity of the borough. Increases on rent renewals have been hovering around 5% since August, indicating that…
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New York Lease Renewals November 2022
Decreases on lease renewals for market-rate apartments continued into November, averaging 5.2% vs. 5.9% in October and 11.6% for the same period in 2021. While rent increases on renewals continued to dip lower than 2021 levels, Brooklyn and Manhattan rent increases converged at 6% compared to 0% in Queens. Increases on rent renewals have been…
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New York Lease Renewals October 2022
Increases on lease renewals for market-rate apartments continued into October, averaging 5.9% vs. 5.2% in September and 8% for the same period in 2021. While rent increases on renewals continued to dip lower than 2021 levels, Brooklyn rent increases outpaced the other boroughs. Brooklyn rent increases on renewals were 10% compared to 4% in Manhattan.…
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