Is the seasonal dip in rents over?
In January 2023, rent increases on lease renewals for market-rate apartments in NYC were 8.1% compared to 17% a year before and 3.2% in December 2022. Rental activity seemed to cool in the latter months of 2022, but January saw a bounce back. 71% of New York lease renewals were still sub 5%. There was notably a big bounce in Manhattan rent increases, 11.1% vs. 2.4% last month. The neighborhood with the highest reported rent increases was the West Village at 36%.
New York City Lease Renewals
| Jan 2023 | Dec 2022 | Nov 2022 | Oct 2022 | Sep 2022 | Jan 2022 | |
|---|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 8.1% | 3.2% | 5.2% | 5.9% | 5.2% | 17% |
January 2023 Renewal Breakdown By Increase
71% of New York lease renewals in January 2023 were between 0-4%.
Jan 2022-Jan 2023 Renewal Change (Manhattan, Brooklyn, Queens)
While rent increases on New York lease renewals in January 2023 continue to drop below previous year levels, prices are now starting to tick upward.
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