{"id":1740,"date":"2023-04-04T13:04:30","date_gmt":"2023-04-04T17:04:30","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=1740"},"modified":"2023-04-13T11:02:34","modified_gmt":"2023-04-13T15:02:34","slug":"new-york-lease-renewals-february-2023","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-february-2023","title":{"rendered":"New York Lease Renewals February 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-rental-dip-of-late-2022-seems-to-be-over\">The rental dip of late 2022 seems to be over.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In February 2023, <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.openigloo.com\/blogs\/6-tips-to-negotiate-your-rent\" target=\"_blank\" rel=\"noreferrer noopener\">rent increases<\/a><\/span> on lease renewals for <a href=\"https:\/\/advocate.nyc.gov\/housing-equity\/get-empowered\/market-rate\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">market-rate apartments in NYC<\/span><\/a> was 10.2% compared to 26.4% a year before and 8.1% in January 2023. Increases on lease renewals have stabilized compared to the levels seen in 2022, where the market saw steep corrections in rent. 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 and steep double digit increases are becoming less common.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.openigloo.com\/review\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\" target=\"_blank\" rel=\"noreferrer noopener\">Write a review<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-york-city-lease-renewals\">New York City Lease Renewals<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-x-small-font-size\" style=\"font-style:normal;font-weight:400\"><table><thead><tr><th><\/th><th class=\"has-text-align-center\" data-align=\"center\">Feb 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">Jan 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">Dec 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Nov 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Oct 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Feb 2022<\/th><\/tr><\/thead><tbody><tr><td>Average Lease <br>Renewal Change (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">10.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">8.1%<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.9%<\/td><td class=\"has-text-align-center\" data-align=\"center\">26.4%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">February 2023 Lease Renewal Breakdown&nbsp;By Increase<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">66% of lease renewals in January were between 0-4%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1746\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-february-2023\/rent-report-twitter-size-2x-feb-2023\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-title=\"Rent report Twitter size 2x Feb 2023\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Feb 2023&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Feb 2023&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"February 2023 Renewal Breakdown\u00a0By Increase\" class=\"wp-image-1746\" style=\"border-top-color:var(--wp--preset--color--custom-neutral-light-n-20);border-top-style:solid;border-top-width:1px;border-right-color:var(--wp--preset--color--custom-neutral-light-n-20);border-right-style:solid;border-right-width:1px;border-bottom-color:var(--wp--preset--color--custom-neutral-light-n-20);border-bottom-style:solid;border-bottom-width:1px;border-left-color:var(--wp--preset--color--custom-neutral-light-n-20);border-left-style:solid;border-left-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Feb-2023.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Feb 2022 &#8211; Feb 2023 Lease Renewal Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While <a href=\"https:\/\/www.openigloo.com\/blogs\/3-email-templates-for-when-you-want-to-negotiate-your-rent\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">rent increases<\/span><\/a> on renewals continue to drop below previous year levels, prices are now starting to tick upward.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1747\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-february-2023\/rent-report-twitter-size-2x-fed-2023\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-title=\"Rent report Twitter size 2x Fed 2023\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Fed 2023&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Fed 2023&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Feb 2022 - Feb 2023 Renewal Change (Manhattan, Brooklyn, Queens)\" class=\"wp-image-1747\" style=\"border-top-color:var(--wp--preset--color--custom-neutral-light-n-20);border-top-style:solid;border-top-width:1px;border-right-color:var(--wp--preset--color--custom-neutral-light-n-20);border-right-style:solid;border-right-width:1px;border-bottom-color:var(--wp--preset--color--custom-neutral-light-n-20);border-bottom-style:solid;border-bottom-width:1px;border-left-color:var(--wp--preset--color--custom-neutral-light-n-20);border-left-style:solid;border-left-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/04\/Rent-report-Twitter-size-2x-Fed-2023.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-march-2023\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\" target=\"_blank\" rel=\"noreferrer noopener\">Read report for March 2023<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 to stay put.<\/p>\n","protected":false},"author":227048563,"featured_media":1750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_has_post_settings":[],"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","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},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[1364],"tags":[1372,1369],"hashtags":[],"class_list":["post-1740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New York Lease Renewals February 2023 | Openigloo<\/title>\n<meta name=\"description\" content=\"Read the February 2023 New York Lease Renewals from openigloo. 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