{"id":1757,"date":"2023-04-04T13:09:12","date_gmt":"2023-04-04T17:09:12","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=1757"},"modified":"2025-10-28T10:47:22","modified_gmt":"2025-10-28T14:47:22","slug":"new-york-lease-renewals-march-2023","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-march-2023\/","title":{"rendered":"New York Lease Renewals March 2023"},"content":{"rendered":"\n

Rents continue to tick up heading into summer months.<\/h2>\n\n\n\n

In March 2023, rent increases on lease renewals for market-rate apartments in NYC<\/span><\/a> 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<\/span><\/a>.<\/p>\n\n\n\n

\n
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>Mar 2023<\/th>Feb 2023<\/th>Jan 2023<\/th>Dec 2022<\/th>Nov 2022<\/th>Oct 2022<\/th>Mar 2022<\/th><\/tr><\/thead>
Average Lease
Renewal Change (%)<\/td>		10.8%<\/td>10.2%<\/td>8.1%<\/td>3.2%<\/td>5.2%<\/td>5.9%<\/td>20.0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

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

68% of lease renewals in March were between 0-4%.<\/p>\n\n\n\n

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

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

While rent increases on renewals continue to drop below previous year levels, prices are now starting to tick upward.<\/p>\n\n\n\n

\"March<\/figure>\n\n\n\n
<\/div>\n\n\n\n
\n
Read report for April 2023<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 of renewals were for increases of less than 5%.<\/p>\n","protected":false},"author":227048563,"featured_media":1768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":true,"_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-1757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"\nNew York Lease Renewals March 2023 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the March 2023 New York Lease Renewals from openigloo. 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