New York Lease Renewals March 2023

the openigloo team

Reading time: 4 minutes

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

March 2023 Renewal Breakdown By Increase

68% of lease renewals in March were between 0-4%.

March 2023 Renewal Breakdown By Increase

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.

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

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