{"id":1044,"date":"2022-12-21T12:34:34","date_gmt":"2022-12-21T17:34:34","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=1044"},"modified":"2023-04-13T11:08:34","modified_gmt":"2023-04-13T15:08:34","slug":"openigloos-2023-nyc-rental-market-predictions","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/openigloos-2023-nyc-rental-market-predictions\/","title":{"rendered":"openigloo\u2019s 2023 NYC Rental Market Predictions"},"content":{"rendered":"\n
2022\u2019s rental market was a rollercoaster. The year started off with a dramatic reversal of the rent discounts seen throughout the pandemic. Manhattan renters in particular navigated double-digit increases sometimes upward of 50% when their leases came up for renewal<\/span><\/a>.<\/p>\n\n\n\n Heading into the summer, the usual seasonal uptick coupled with the influx of renters returning to the city resulted in unprecedented demand. As 2022 comes to a close, things have \u201cnormalized\u201d. Rents are back or have surpassed pre-pandemic prices while demand has cooled heading into the winter months.<\/p>\n\n\n\n So what can we expect in 2023? Here are openigloo\u2019s NYC 2023 rental predictions:<\/p>\n\n\n\n Since summer 2022, rents have stabilized. Even increases on lease renewals have remained sub-5% indicating there is no longer appetite for 20% increases. We expect this attitude to continue into 2023 with the usual seasonal upticks throughout the year.<\/p>\n\n\n\n\n
<\/figure>\n\n\n\n1) Rent prices will remain flat in the 2023 NYC rental market<\/h2>\n\n\n\n
<\/figure>\n\n\n\n2) Regulatory discussions around Good Cause Eviction and Broker Fees.<\/h2>\n\n\n\n