{"id":2148,"date":"2023-08-09T15:47:47","date_gmt":"2023-08-09T19:47:47","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=2148"},"modified":"2025-10-27T07:43:06","modified_gmt":"2025-10-27T11:43:06","slug":"new-york-lease-renewals-july-2023","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-july-2023\/","title":{"rendered":"New York Lease Renewals July 2023"},"content":{"rendered":"\n
In July 2023, rent increases on lease renewals for market-rate apartments in NYC<\/span><\/a> cooled to 4.1% compared to 11.1% a year before and 12.1% in June 2023. Rent increases were in double-digit territory in June as summer demand pushed prices higher – but July seemed to bring some reprise. Sub-5% rent increases are still prevalent, with 75% of renters reporting renewals<\/span><\/a> in this range. Increases in Brooklyn slightly outpaced those in Manhattan. The neighborhoods with the highest reported increases on lease renewals (above 10%) were Bed-Study, Hamilton Heights, Prospect Heights and Chinatown.<\/p>\n\n\n\n