{"id":2084,"date":"2023-07-10T10:56:34","date_gmt":"2023-07-10T14:56:34","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=2084"},"modified":"2025-10-27T07:45:30","modified_gmt":"2025-10-27T11:45:30","slug":"new-york-lease-renewals-june-2023","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-june-2023\/","title":{"rendered":"New York Lease Renewals June 2023"},"content":{"rendered":"\n
In June 2023, rent increases on lease renewals for market-rate apartments in NYC<\/span><\/a> 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, just 41% of lease renewals<\/span><\/a> were in this range compared to 78% last month. Notably, apartments priced $5-7k per month experienced the lowest increases at 4.8%, while apartments priced less than $2500 experienced 16% increases on average.<\/p>\n\n\n\n