https://blog.openigloo.com/3-things-you-should-know-before-breaking-a-lease-in-nyc/ 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.<br>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 anincrease 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. Wed, 12 Jun 2024 18:41:09 +0000 hourly 1 https://blog.openigloo.com/3-things-you-should-know-before-breaking-a-lease-in-nyc/comment-page-1/#comment-692 Wed, 12 Jun 2024 18:41:09 +0000 https://blog.openigloo.com/?p=235#comment-692 […] and tips on how to negotiate with your landlord. If you are looking for info or guidance on lease breaks, rent negotiation, rent-stabilization rules, Good Cause Eviction, security deposit rules, broker […]

]]> https://blog.openigloo.com/3-things-you-should-know-before-breaking-a-lease-in-nyc/comment-page-1/#comment-333 Thu, 10 Aug 2023 18:14:44 +0000 https://blog.openigloo.com/?p=235#comment-333 […] some cases, tenants may post their lease breaks early if they know they have to move. They can be hard to track down, but if the stars align, you […]

]]> https://blog.openigloo.com/3-things-you-should-know-before-breaking-a-lease-in-nyc/comment-page-1/#comment-8 Thu, 10 Nov 2022 16:03:05 +0000 https://blog.openigloo.com/?p=235#comment-8 […] Sometimes life happens and a renter needs to break a lease. In 2019, there were landmark rent reforms that shifted some responsibility to landlords when it comes to re-renting an apartment after a tenant breaks the lease. Landlords now have what’s called “a duty to mitigate”. This means they need to make a reasonable effort to re-rent the apartment rather than simply taking you to court for unpaid rent. Check out our post about breaking a lease in NYC for more info. […]

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