New York Lease Renewals February 2023

the openigloo team

Reading time: 4 minutes

The rental dip of late 2022 seems to be over.

In February 2023, rent increases on lease renewals for market-rate apartments in NYC was 10.2% compared to 26.4% a year before and 8.1% in January 2023. Increases on lease renewals have stabilized compared to the levels seen in 2022, where the market saw steep corrections in rent. 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 and steep double digit increases are becoming less common.

New York City Lease Renewals

Feb 2023Jan 2023Dec 2022Nov 2022Oct 2022Feb 2022
Average Lease
Renewal Change (%)

February 2023 Lease Renewal Breakdown By Increase

66% of lease renewals in January were between 0-4%.

February 2023 Renewal Breakdown By Increase

Feb 2022 – Feb 2023 Lease Renewal Change (Manhattan, Brooklyn, Queens)

While rent increases on renewals continue to drop below previous year levels, prices are now starting to tick upward.

Feb 2022 - Feb 2023 Renewal Change (Manhattan, Brooklyn, Queens)

Discover more from openigloo

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

Continue reading