{"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
<\/div>\n\n\n\n

Summer Rent Increases Cool in July<\/h2>\n\n\n\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

<\/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>Jul 2023<\/th>Jun 2023<\/th>May 2023<\/th>Apr 2023<\/th>Mar 2023<\/th>Feb 2023<\/th>Jul 2022<\/th><\/tr><\/thead>
Average Lease
Renewal Change (%)<\/td>		4.1%<\/td>12.1%<\/td>4.9%<\/td>6.8%<\/td>10.8%<\/td>10.2%<\/td>11.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

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

75% of lease renewals in July were between 0-4%.<\/p>\n\n\n\n

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

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

Rent increases on renewals continue to drop below previous year levels.<\/p>\n\n\n\n

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

Double-digit rent hikes took a pause last month. In July, rent increases on lease renewals for market-rate apartments in NYC cooled to 4.1% compared to 11.1% a year before and 12.1% in June 2023. Sub-5% rent increases are still prevalent, with 75% of renters reporting renewals 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","protected":false},"author":227048563,"featured_media":2163,"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":true},"categories":[1364],"tags":[1372,1369,1379],"hashtags":[],"class_list":["post-2148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental","tag-renters"],"yoast_head":"\nNew York Lease Renewals July 2023 | Openigloo<\/title>\n<meta name=\"description\" content=\"Read the July 2023 New York Lease Renewals from openigloo. 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