https://www.openigloo.com/blogs/rent-reports As median rents in NYC continue to rise, renters are left weighing the costs of moving or renewing. For the past few months, New Yorkers (especially in Manhattan) have experienced record lease renewals – sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing down, rent increases on renewals are still triple what they were during the same period last year.<br>Renters have been sharing details of their rental experiences and their renewals on openigloo. Many renters have reached out to us asking whether they should move or renew. Our advice is to research the rent prices in their neighborhood and see what others are quoted. For example, in Brooklyn the average June renewal was anincrease of 11%. This figure can act as a benchmark for those negotiating their rents. For those that decide to move, we encourage renters to research their prospective landlords to see what kind of rent increases they can expect to see. Mon, 18 Nov 2024 19:56:45 +0000 hourly 1