{"id":3415,"date":"2025-09-11T20:00:00","date_gmt":"2025-09-12T00:00:00","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=3415"},"modified":"2025-10-27T07:31:54","modified_gmt":"2025-10-27T11:31:54","slug":"nyc-summer-2025-rent-report","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/nyc-summer-2025-rent-report\/","title":{"rendered":"NYC Summer 2025 Rent Report: Post-FARE Act Shake Up"},"content":{"rendered":"\n<div style=\"height:16px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-rents-renewals-and-market-dynamics-shifted-post-fare-act\">How Rents, Renewals, and Market Dynamics Shifted Post-FARE Act<\/h2>\n\n\n\n<p>This summer marked a turning point for New York City renters. On June 11, the <a href=\"https:\/\/www.openigloo.com\/blogs\/the-fare-act-passed-in-nyc-what-does-it-mean-for-renters\">FARE Act<\/a> went into effect, putting an end to forced broker fees and reshaping the economics of apartment hunting overnight. At Openigloo, we analyzed how this policy change impacted rents, lease renewals, and inventory during Summer 2025 (June 1-Aug 31).&nbsp;<\/p>\n\n\n\n<p>Our analysis combines survey responses from over 5,200 market-rate NYC renters, alongside tens of thousands of active listings across New York City.<\/p>\n\n\n\n<div style=\"height:16px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background has-custom-font-size wp-element-button\" href=\"https:\/\/www.openigloo.com\/\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20);font-size:1em\">Search NYC Apartments<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:16px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Report Snapshot<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FARE Act has contributed to a 6% increase in summer rents &#8211; still a significant savings to the 8-15% fees renters are used to paying.<\/li>\n\n\n\n<li>Summer renewal rates have taken a hit, dropping to 59% in 2025 from 69% in 2024 &#8211; suggesting renters felt empowered to move without the additional overhead of a broker fee.<\/li>\n\n\n\n<li>Advertised inventory dropped dramatically after the FARE Act passed only to rebound by mid-July, suggesting the activity was a brief market-adjustment not a permanent reality.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-did-rents-rise-to-offset-broker-fees\">Did Rents Rise to Offset Broker Fees?<\/h2>\n\n\n\n<p>A big concern before the FARE Act was that landlords would simply bake broker fees into the rent. Our data shows that while some of that cost has shifted into monthly rent on market-rate apartments (~6%), renters are still coming out ahead compared to the 8\u201315% broker fees they used to pay upfront. It\u2019s also worth noting that this summer\u2019s rent growth could be about more than just the FARE Act. <a href=\"https:\/\/www.openigloo.com\/blogs\/what-is-good-cause-eviction-what-does-it-mean-for-new-yorkers\">Good Cause Eviction<\/a> and other market dynamics are in play. And because this analysis only looks at market-rate units, not stabilized ones, the overall impact on citywide rents is likely smaller than what we\u2019re showing here.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-x-small-font-size\" style=\"font-style:normal;font-weight:400\"><table><thead><tr><th>Year<\/th><th class=\"has-text-align-center\" data-align=\"center\">Apr 11-Jun 10<\/th><th class=\"has-text-align-center\" data-align=\"center\">Jun 11-Aug 27<\/th><th class=\"has-text-align-center\" data-align=\"center\">% Rent Increase<\/th><\/tr><\/thead><tbody><tr><td>2023<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,250<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,520<\/td><td class=\"has-text-align-center\" data-align=\"center\">8.3%<\/td><\/tr><tr><td>2024<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,500<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,800<\/td><td class=\"has-text-align-center\" data-align=\"center\">8.6%<\/td><\/tr><tr><td>2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,600<\/td><td class=\"has-text-align-center\" data-align=\"center\">$4,125<\/td><td class=\"has-text-align-center\" data-align=\"center\">14.6%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-renewal-behavior-a-big-drop\">Renewal Behavior: A Big Drop<\/h2>\n\n\n\n<p>Renewals took a hit this summer. Rates dropped from 69% in 2024 to 59% in 2025. This is a sign that once <a href=\"https:\/\/www.openigloo.com\/blogs\/broker-fees-in-nyc-how-does-it-work-and-who-pays\">broker fees<\/a> disappeared, more renters felt free to shop around rather than stay put. Across price points, renewal rates varied, with the biggest shift in the highest price range. There were minimal drops in<br>renewal rates for apartments priced below $3,100.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"619\" data-attachment-id=\"3445\" data-permalink=\"https:\/\/blog.openigloo.com\/nyc-summer-2025-rent-report\/barlinechart2-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?fit=2992%2C1808&amp;ssl=1\" data-orig-size=\"2992,1808\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"BarLineChart2\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?fit=300%2C181&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?fit=1024%2C619&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=1024%2C619&#038;ssl=1\" alt=\"Renewal Rates: NYC, Summer 2024 vs 2025\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-3445\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=1024%2C619&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=300%2C181&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=768%2C464&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=1536%2C928&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=2048%2C1238&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart2-5.png?resize=1200%2C725&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"652\" data-attachment-id=\"3444\" data-permalink=\"https:\/\/blog.openigloo.com\/nyc-summer-2025-rent-report\/barlinechart3-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?fit=2992%2C1904&amp;ssl=1\" data-orig-size=\"2992,1904\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"BarLineChart3\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?fit=300%2C191&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?fit=1024%2C652&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=1024%2C652&#038;ssl=1\" alt=\"Renewal Rates by Rent Quartile (Q1-Q4), Summer 2024 vs 2025\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-3444\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=1024%2C652&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=300%2C191&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=768%2C489&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=1536%2C977&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=2048%2C1303&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/BarLineChart3-5.png?resize=1200%2C764&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-inventory-amp-days-on-market\">Inventory &amp; Days on Market<\/h2>\n\n\n\n<p>When the FARE Act took effect, listing inventory dipped dramatically as the market adjusted. Overnight, advertised open listings dropped by nearly 75%. But by mid July, supply not only bounced back but nearly doubled the pre-FARE Act levels. At the same time, apartments were moving faster: the median time on market dropped from 39 days to 23 days after the FARE Act.<\/p>\n\n\n\n<p>Far from freezing activity, the policy seems to have accelerated it. Renters had more choice, less upfront costs, and confidence to enter the rental market in what is usually a competitive season.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-x-small-font-size\" style=\"font-style:normal;font-weight:400\"><table><thead><tr><th>Period<\/th><th class=\"has-text-align-center\" data-align=\"center\">25th %ile<\/th><th class=\"has-text-align-center\" data-align=\"center\">Median<\/th><th class=\"has-text-align-center\" data-align=\"center\">75th %ile<\/th><\/tr><\/thead><tbody><tr><td>Pre-FARE Act<\/td><td class=\"has-text-align-center\" data-align=\"center\">17.3 days<\/td><td class=\"has-text-align-center\" data-align=\"center\">39 days<\/td><td class=\"has-text-align-center\" data-align=\"center\">42 days<\/td><\/tr><tr><td>Post-FARE Act<\/td><td class=\"has-text-align-center\" data-align=\"center\">16 days<\/td><td class=\"has-text-align-center\" data-align=\"center\">23 days<\/td><td class=\"has-text-align-center\" data-align=\"center\">24 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h2>\n\n\n\n<p>Despite stark warnings from various groups it seems that the FARE Act didn\u2019t break NYC renting but rather reshaped it. While rents did climb, the increases were modest compared to the savings on forced broker fees. Renewal rates dropped as renters gained mobility and leverage, and listings moved faster &#8211; all signs of a more dynamic market.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background has-custom-font-size wp-element-button\" href=\"https:\/\/www.openigloo.com\/listings\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20);font-size:1em\">Find Your Next Apartment<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This summer marked a turning point for New York City renters. On June 11, the FARE Act went into effect, putting an end to forced broker fees and reshaping the economics of apartment hunting overnight. At Openigloo, we analyzed how this policy change impacted rents, lease renewals, and inventory during Summer 2025 (June 1-Aug 31).<\/p>\n","protected":false},"author":227048563,"featured_media":3454,"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":true,"_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":[1372,1369,1379],"hashtags":[],"class_list":["post-3415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental","tag-renters"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYC Summer 2025 Rent Report | openigloo<\/title>\n<meta name=\"description\" content=\"Read the NYC Summer 2025 Rent Report from openigloo. 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Get insightful data into the New York Apartment rental market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report\" \/>\n<meta property=\"og:site_name\" content=\"openigloo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/openigloo\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-12T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-27T11:31:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/FARE-Act-report-Feature-img-Sep-2025.png\" \/>\n\t<meta property=\"og:image:width\" content=\"6000\" \/>\n\t<meta property=\"og:image:height\" content=\"2000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"openigloo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@openigloo\" \/>\n<meta name=\"twitter:site\" content=\"@openigloo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"openigloo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/nyc-summer-2025-rent-report\/\"},\"author\":{\"name\":\"openigloo\",\"@id\":\"https:\/\/blog.openigloo.com\/#\/schema\/person\/4c77c1531ee3a0bdd17d198e72508ac9\"},\"headline\":\"NYC Summer 2025 Rent Report: Post-FARE Act Shake Up\",\"datePublished\":\"2025-09-12T00:00:00+00:00\",\"dateModified\":\"2025-10-27T11:31:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.openigloo.com\/nyc-summer-2025-rent-report\/\"},\"wordCount\":531,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/blog.openigloo.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/FARE-Act-report-Feature-img-Sep-2025.png?fit=6000%2C2000&ssl=1\",\"keywords\":[\"nyc\",\"rental\",\"renters\"],\"articleSection\":[\"Rent Report\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.openigloo.com\/nyc-summer-2025-rent-report\/\",\"url\":\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report\",\"name\":\"NYC Summer 2025 Rent Report | openigloo\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/nyc-summer-2025-rent-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2025\/09\/FARE-Act-report-Feature-img-Sep-2025.png?fit=6000%2C2000&ssl=1\",\"datePublished\":\"2025-09-12T00:00:00+00:00\",\"dateModified\":\"2025-10-27T11:31:54+00:00\",\"description\":\"Read the NYC Summer 2025 Rent Report from openigloo. 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For the past few months, New Yorkers (especially in Manhattan) have experienced record lease renewals \u2013 sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing down, rent increases on renewals are still triple what they were during the same period last year.&lt;br&gt;Renters have been sharing details of their rental experiences and their renewals on openigloo. Many renters have reached out to us asking whether they should move or renew. Our advice is to research the rent prices in their neighborhood and see what others are quoted. For example, in Brooklyn the average June renewal was anincrease of 11%. This figure can act as a benchmark for those negotiating their rents. 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