{"id":1927,"date":"2023-05-12T21:03:29","date_gmt":"2023-05-13T01:03:29","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=1927"},"modified":"2025-10-28T10:44:41","modified_gmt":"2025-10-28T14:44:41","slug":"new-york-lease-renewals-may-2023","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-may-2023","title":{"rendered":"New York Lease Renewals May 2023"},"content":{"rendered":"\n<div style=\"height:0.5rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rent-increases-on-lease-renewals-continue-to-cool\">Rent Increases on Lease Renewals Continue to Cool<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In May 2023, rent increases on lease renewals for market-rate apartments in NYC cooled off to 4.9% compared to 17% a year before and 6.8% in April 2023. After a year of mostly double-digit increases, renters got some reprieve as <a href=\"https:\/\/www.openigloo.com\/blogs\/top-5-big-residential-landlords-in-nyc-2022\"><span style=\"text-decoration: underline;\">landlords<\/span><\/a> handed out sub-5% rent increases in the majority of cases. Notably, rent increases on <a href=\"https:\/\/www.openigloo.com\/blogs\/3-email-templates-for-when-you-want-to-negotiate-your-rent\"><span style=\"text-decoration: underline;\">lease renewals<\/span><\/a> for apartments priced less than $2500 received the largest increases &#8211; around 8%. But why are rent prices on renewals cooling as the summer rental season heats up? Perhaps it\u2019s indicative that rents have finally reached their top and landlord\u2019s feel there isn\u2019t the same upside to put units back on the market.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background 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)\">Read and Share Reviews<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:0.5rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-york-city-lease-renewals\">New York City Lease Renewals<\/h2>\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><\/th><th class=\"has-text-align-center\" data-align=\"center\">May 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">Apr 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">Mar 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">Feb 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">Jan 2023<\/th><th class=\"has-text-align-center\" data-align=\"center\">May 2022<\/th><\/tr><\/thead><tbody><tr><td>Average Lease <br>Renewal Change (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">4.9%<\/td><td class=\"has-text-align-center\" data-align=\"center\">6.8%<\/td><td class=\"has-text-align-center\" data-align=\"center\">10.8%<\/td><td class=\"has-text-align-center\" data-align=\"center\">10.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">8.1%<\/td><td class=\"has-text-align-center\" data-align=\"center\">17.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:0.5rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-may-renewal-breakdown-by-increase\">May Renewal Breakdown By Increase<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">78% of lease renewals in May were between 0-4%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1931\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-may-2023\/renewal-breakdown-twitter-size-2x-may-2023\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-title=\"Renewal Breakdown Twitter size 2x May 2023\" data-image-description=\"&lt;p&gt;Renewal Breakdown Twitter size 2x May 2023&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Renewal Breakdown Twitter size 2x May 2023&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"May Renewal Breakdown By Increase\" class=\"wp-image-1931\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Breakdown-Twitter-size-2x-May-2023.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:0.5rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-may-2022-may-2023-renewal-change-manhattan-brooklyn-queens\">May 2022-May 2023 Renewal Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rent increases on renewals continue to drop below previous year levels. May saw another reprieve in rent increases from the first few months of 2023.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1933\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-may-2023\/renewal-change-twitter-size-2x-apr-2023-2\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-title=\"Renewal Change Twitter size 2x Apr 2023\" data-image-description=\"&lt;p&gt;Renewal Change Twitter size 2x Apr 2023&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Renewal Change Twitter size 2x Apr 2023&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"May 2022-May 2023 Renewal Change (Manhattan, Brooklyn, Queens)\" class=\"wp-image-1933\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/06\/Renewal-Change-Twitter-size-2x-Apr-2023.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:0.5rem\" 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-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-june-2023\" 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)\">Read report for June 2023<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:0.5rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In May 2023, rent increases on lease renewals for market-rate apartments in NYC cooled off to 4.9% compared to 17% a year before and 6.8% in April 2023. After a year of mostly double-digit increases, renters got some reprieve as landlords handed out sub-5% rent increases in the majority of cases. But why are rent prices on renewals cooling as the summer rental season heats up?<\/p>\n","protected":false},"author":227048563,"featured_media":1937,"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],"hashtags":[],"class_list":["post-1927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New York Lease Renewals May 2023 | Openigloo<\/title>\n<meta name=\"description\" content=\"Read the May 2023 New York Lease Renewals from openigloo. 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