https://blog.openigloo.com/openigloos-2023-nyc-rental-market-predictions/ 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. Fri, 12 May 2023 18:43:44 +0000 hourly 1 https://blog.openigloo.com/openigloos-2023-nyc-rental-market-predictions/comment-page-1/#comment-164 Fri, 12 May 2023 18:43:44 +0000 https://blog.openigloo.com/?p=1044#comment-164 […] to 20.6% a year before and 10.8% in March 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 […]

]]> https://blog.openigloo.com/openigloos-2023-nyc-rental-market-predictions/comment-page-1/#comment-64 Tue, 04 Apr 2023 17:09:15 +0000 https://blog.openigloo.com/?p=1044#comment-64 […] 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. […]

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