Rent increases on lease renewals fall for the 3rd straight month
In December 2022, rent increased on lease renewals for market-rate apartments in NYC were 3.2% compared to 18.2% a year before. Rental activity continues to cool heading in the winter months, where 84% of renewals reported an increase of less than 5%. Notably, the average December renewal in Manhattan was a 2.4% increase compared to 6.7% in Brooklyn. Increases in rent renewals have been hovering around 5% since August, indicating that the post-pandemic correction in prices seems to be behind us.