Rents continue to tick up heading into summer months.
In March 2023, rent increases on lease renewals for market-rate apartments in NYC ticked up to 10.8% compared to 20% a year before and 10.2% in February 2023. Increases on lease renewals have stabilized compared to 2022, where the market saw steep corrections in rent and 20%+ increases were standard. However, the majority of lease renewals are still in the sub-5% range. Meaning, landlords are increasing rents less than 5% when their tenants are up for renewal. Our recommendation to both renters and landlords is to compare the renewals they are receiving/giving to the numbers below so they can assess if the pricing is aligned with the rest of the market.
New York City Lease Renewals
| Mar 2023 | Feb 2023 | Jan 2023 | Dec 2022 | Nov 2022 | Oct 2022 | Mar 2022 | |
|---|---|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 10.8% | 10.2% | 8.1% | 3.2% | 5.2% | 5.9% | 20.0% |
March 2023 Renewal Breakdown By Increase
68% of lease renewals in March were between 0-4%.
March 2022 – March 2023 Renewal Change (Manhattan, Brooklyn, Queens)
While rent increases on renewals continue to drop below previous year levels, prices are now starting to tick upward.
