Summer Rent Increases Are Back
In June 2023, 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, just 41% of lease renewals were in this range compared to 78% last month. Notably, apartments priced $5-7k per month experienced the lowest increases at 4.8%, while apartments priced less than $2500 experienced 16% increases on average.
New York City Lease Renewals
| June 2023 | May 2023 | April 2023 | March 2023 | February 2023 | January 2023 | June 2022 | |
|---|---|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 12.1% | 4.9% | 6.8% | 10.8% | 10.2% | 8.1% | 21.5% |
June 2023 Renewal Breakdown By Increase
41% of lease renewals in June were between 0-4%.
June 2022-June 2023 Lease Renewal Change (Manhattan, Brooklyn, Queens)
Rent increases on renewals continue to drop below previous year levels but are still in double-digit territory.
