{"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

Summer Rent Increases Are Back<\/h2>\n\n\n\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

<\/div>\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>June 2023<\/th>May 2023<\/th>April 2023<\/th>March 2023<\/th>February 2023<\/th>January 2023<\/th>June 2022<\/th><\/tr><\/thead>
Average Lease
Renewal Change (%)<\/td>
12.1%<\/td>4.9%<\/td>6.8%<\/td>10.8%<\/td>10.2%<\/td>8.1%<\/td>21.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

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

41% of lease renewals in June were between 0-4%.<\/p>\n\n\n\n

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

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

Rent increases on renewals continue to drop below previous year levels but are still in double-digit territory.<\/p>\n\n\n\n

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

It seems like summer pricing is back. In June, rent increases on lease renewals for market-rate apartments in NYC 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 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","protected":false},"author":227048563,"featured_media":2093,"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-2084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"\nNew York Lease Renewals June 2023 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the June 2023 New York Lease Renewals from openigloo. 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