https://blog.openigloo.com/openigloos-2023-nyc-rental-market-predictions Your entire New York City rental journey in one place Fri, 12 May 2023 18:43:44 +0000 hourly 1 https://blog.openigloo.com/openigloos-2023-nyc-rental-market-predictions/comment-page-1#comment-164 Fri, 12 May 2023 18:43:44 +0000 https://blog.openigloo.com/?p=1044#comment-164 […] to 20.6% a year before and 10.8% in March 2023. Increases on lease renewals have stabilized compared to 2022, where the market saw steep corrections in rent and 20%+ increases were standard. However, the […]

]]> https://blog.openigloo.com/openigloos-2023-nyc-rental-market-predictions/comment-page-1#comment-64 Tue, 04 Apr 2023 17:09:15 +0000 https://blog.openigloo.com/?p=1044#comment-64 […] In March 2023, rent increases on lease renewals for market-rate apartments in NYC ticked up to 10.8% compared to 20% a year before and 10.2% in February 2023. Increases on lease renewals have stabilized compared to 2022, where the market saw steep corrections in rent and 20%+ increases were standard. However, the majority of lease renewals are still in the sub-5% range. Meaning, landlords are increasing rents less than 5% when their tenants are up for renewal. Our recommendation to both renters and landlords is to compare the renewals they are receiving/giving to the numbers below so they can assess if the pricing is aligned with the rest of the market. […]

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