• New York Lease Renewals October 2022

    New York Lease Renewals October 2022

    Increases on lease renewals for market-rate apartments continued into October, averaging 5.9% vs. 5.2% in September and 8% for the same period in 2021. While rent increases on renewals continued to dip lower than 2021 levels, Brooklyn rent increases outpaced the other boroughs. Brooklyn rent increases on renewals were 10% compared to 4% in Manhattan. This could be early indication of increased demand in Brooklyn.

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  • New York Lease Renewals September 2022

    New York Lease Renewals September 2022

    Increases on September lease renewals for market-rate apartments brought a reprieve for NYC renters, averaging 5.2% vs. 12.5% in August and 7.2% for the same period in 2021. As the summer activity cooled, rent increases on renewals dipped lower than 2021 levels for the first time this year. This is an indication that demand is stabilizing and landlords are preparing for a quieter rental season heading into the winter months. Notably, Brooklyn rent increases on renewals were 7% compared to 5% in Manhattan. This could be early indication of increased demand in Brooklyn. Only a handful of NYC neighborhoods experienced double digit increases and Brooklyn neighborhoods Clinton Hill, Williamsburg, and Crown Heights were included.

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  • New York Lease Renewals August 2022

    New York Lease Renewals August 2022

    A constraint on supply of apartments in NYC and increased rental activity continues to put pressure on rent prices across the five boroughs. The median rent for 1-bedrooms in NYC hit $3,930 in August, a 40% increase compared to last year. While increases on new leases continue to hit all-time highs, increases on rent renewals continue to stabilize. In August, rent increases on lease renewals for market-rate apartments averaged 12.5% up slightly from 11.2% in July. 63% of August renewals were for increases of less than 10%. Notably, neighborhoods such as Upper East Side, Upper West Side, Chinatown, and Bushwick experienced increases of over 20% during August.

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  • New York Lease Renewals July 2022

    New York Lease Renewals July 2022

    Despite a constraint on supply of apartments in NYC this summer, rent increases on renewals continue to cool. For those already in a space, rent renewal increases have been lagging the over market. In July, rent increases on lease renewals for market-rate apartments averaged 11.2% down from 13.8% in June. 51%+ increases continue to be on the decline, making up just 2% of lease renewals. 60% of renewals in July were for an increase less than 10%.

    Renters continue to share details of their rental experiences and their renewals on openigloo. For those renters looking for a long-term place to stay, our advice is to take into consideration how the property manager handles renewals – do they work with tenants or hash out steep increases? These are the answers that prospective renters can gauge when browsing apartments on openigloo.

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  • New York Lease Renewals June 2022

    New York Lease Renewals June 2022

    As median rents in NYC continue to rise, renters are left weighing the costs of moving or renewing. For the past few months, New Yorkers (especially in Manhattan) have experienced record lease renewals – sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing down, rent increases on renewals are still triple what they were during the same period last year.

    Renters have been sharing details of their rental experiences and their renewals on openigloo. Many renters have reached out to us asking whether they should move or renew. Our advice is to research the rent prices in their neighborhood and see what others are quoted. For example, in Brooklyn the average June renewal was an increase of 11%. This figure can act as a benchmark for those negotiating their rents. For those that decide to move, we encourage renters to research their prospective landlords to see what kind of rent increases they can expect to see.

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