Summer Rent Increases Cool in July
In July 2023, 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. Rent increases were in double-digit territory in June as summer demand pushed prices higher – but July seemed to bring some reprise. Sub-5% rent increases are still prevalent, with 75% of renters reporting renewals in this range. Increases in Brooklyn slightly outpaced those in Manhattan. The neighborhoods with the highest reported increases on lease renewals (above 10%) were Bed-Study, Hamilton Heights, Prospect Heights and Chinatown.
New York City Lease Renewals
| Jul 2023 | Jun 2023 | May 2023 | Apr 2023 | Mar 2023 | Feb 2023 | Jul 2022 | |
|---|---|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 4.1% | 12.1% | 4.9% | 6.8% | 10.8% | 10.2% | 11.1% |
July 2023 Renewal Breakdown By Increase
75% of lease renewals in July were between 0-4%.
July 2022 – July 2023 Lease Renewal Change (Manhattan, Brooklyn, Queens)
Rent increases on renewals continue to drop below previous year levels.
