New York Lease Renewals June 2023

the openigloo team

Reading time: 4 minutes

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 2023May 2023April 2023March 2023February 2023January 2023June 2022
Average Lease
Renewal Change (%)

June 2023 Renewal Breakdown By Increase

41% of lease renewals in June were between 0-4%.

June 2023 Renewal Breakdown By Increase graph

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.

June 2022-June 2023 Renewal Change (Manhattan, Brooklyn, Queens) graph

Discover more from openigloo

Subscribe now to keep reading and get access to the full archive.

Continue reading