{"id":1542,"date":"2023-02-13T12:59:55","date_gmt":"2023-02-13T17:59:55","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=1542"},"modified":"2023-04-13T11:06:24","modified_gmt":"2023-04-13T15:06:24","slug":"new-york-lease-renewals-january-2023","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-january-2023\/","title":{"rendered":"New York Lease Renewals January 2023"},"content":{"rendered":"\n

Is the seasonal dip in rents over?<\/h2>\n\n\n\n

In January 2023, rent increases on lease renewals for market-rate apartments in NYC were 8.1% compared to 17% a year before and 3.2% in December 2022. Rental<\/span><\/a> activity seemed to cool in the latter months of 2022, but January saw a bounce back. 71% of New York lease renewals were still sub 5%. There was notably a big bounce in Manhattan rent increases, 11.1% vs. 2.4% last month. The neighborhood with the highest reported rent<\/span><\/a> increases was the West Village at 36%.<\/p>\n\n\n\n

<\/div>\n\n\n\n
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Read and share reviews<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n

New York City Lease Renewals<\/h2>\n\n\n\n
<\/th>Jan 2023<\/th>Dec 2022<\/th>Nov 2022<\/th>Oct 2022<\/th>Sep 2022<\/th>Jan 2022<\/th><\/tr><\/thead>
Average Lease
Renewal Change (%)<\/td>		8.1%<\/td>3.2%<\/td>5.2%<\/td>5.9%<\/td>5.2%<\/td>17%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

January 2023 Renewal Breakdown By Increase<\/h2>\n\n\n\n

71% of New York lease renewals in January 2023 were between 0-4%.<\/p>\n\n\n\n

\"January<\/figure>\n\n\n\n
<\/div>\n\n\n\n

Jan 2022-Jan 2023 Renewal Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n

While rent increases on New York lease renewals in January 2023 continue to drop below previous year levels, prices are now starting to tick upward<\/span><\/a>.<\/p>\n\n\n\n

\"Rent<\/figure>\n\n\n\n
<\/div>\n\n\n\n
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Read February 2023 Report<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n

Questions or comments? Reach out to us at info@openigloo.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 the more active summer months.<\/p>\n","protected":false},"author":227048563,"featured_media":1553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1364],"tags":[1372,1369],"hashtags":[],"class_list":["post-1542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"\nNew York Lease Renewals January 2023 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the January 2023 New York Lease Renewals from openigloo. 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