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NYC 2025 Mayoral Election Report: Inside the minds of NYC renters
As the 2025 mayoral race heats up, housing has emerged as the defining issue for New Yorkers. Openigloo conducted a citywide survey from October 22–28, 2025, capturing the sentiments of hundreds of renters and homeowners across the five boroughs. The results reveal a city fixated on housing affordability and stability – and a mayoral race…
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NYC Summer 2025 Rent Report: Post-FARE Act Shake Up
This summer marked a turning point for New York City renters. On June 11, the FARE Act went into effect, putting an end to forced broker fees and reshaping the economics of apartment hunting overnight. At Openigloo, we analyzed how this policy change impacted rents, lease renewals, and inventory during Summer 2025 (June 1-Aug 31).
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New York Lease Renewals July 2023
Double-digit rent hikes took a pause last month. In July, rent increases on lease renewals for market-rate apartments in NYC cooled to 4.1% compared to 11.1% a year before and 12.1% in June 2023. Sub-5% rent increases are still prevalent, with 75% of renters reporting renewals in this range. Increases in Brooklyn slightly outpaced those…
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New York Lease Renewals June 2023
It seems like summer pricing is back. In June, rent increases on lease renewals for market-rate apartments in NYC ramped up to 12.2% compared to 21.5% a year before and just 4.9% in May 2023. Rent increases are back in double-digit territory as summer demand pushed prices higher. While sub-5% rent increases are still prevalent,…
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New York Lease Renewals May 2023
In May 2023, rent increases on lease renewals for market-rate apartments in NYC cooled off to 4.9% compared to 17% a year before and 6.8% in April 2023. After a year of mostly double-digit increases, renters got some reprieve as landlords handed out sub-5% rent increases in the majority of cases. But why are rent…
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New York Lease Renewals April 2023
Rent Increases on Lease Renewals Cooled Off in April In April 2023, rent increases on lease renewals for market-rate apartments in NYC cooled off to 6.8% compared 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…
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New York Lease Renewals March 2023
Increases on March lease renewals for market-rate apartments averaged 10.8% vs. 10.2% in February and 20% for the same period in 2022. This continued increase on rents could be indicative that the winter dip is over, and rents will continue to rise heading into the summer months. Despite the uptick in rent increases, the majority…
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New York Lease Renewals February 2023
Increases on February lease renewals for market-rate apartments averaged 10.2% vs. 8.1% in January and 26% for the same period in 2022. Compared to 2022 levels, rent increases have stabilized, leaving renters weighing the costs of renewing or moving elsewhere. Given the pinch of supply across the 5 boroughs, it seems more renters are opting…
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New York Lease Renewals January 2023
Increases on January lease renewals for market-rate apartments averaged 8.1% vs. 3.2% in December and 17% for the same period in 2022. Rental activity seemed to cool in latter months of 2022 with reported rent increases averaging ~5%. January’s bounce could be indicative that the seasonal dip is over and rents will rise heading into…
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New York Lease Renewals December 2022
Decreases on lease renewals for market-rate apartments continued into December, averaging 3.2% vs. 5.2% in November and 18.2% for the same period in 2021. Notably, Brooklyn has superseded Manhattan with respect to lease renewals, averaging 6.7%, indicating the popularity of the borough. Increases on rent renewals have been hovering around 5% since August, indicating that…
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