New York Lease Renewals May 2023

the openigloo team

Reading time: 4 minutes

Rent Increases on Lease Renewals Continue to Cool

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. Notably, rent increases on lease renewals for apartments priced less than $2500 received the largest increases – around 8%. But why are rent prices on renewals cooling as the summer rental season heats up? Perhaps it’s indicative that rents have finally reached their top and landlord’s feel there isn’t the same upside to put units back on the market.

New York City Lease Renewals

May 2023Apr 2023Mar 2023Feb 2023Jan 2023May 2022
Average Lease
Renewal Change (%)
4.9%6.8%10.8%10.2%8.1%17.5%

May Renewal Breakdown By Increase

78% of lease renewals in May were between 0-4%.

May Renewal Breakdown By Increase

May 2022-May 2023 Renewal Change (Manhattan, Brooklyn, Queens)

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.

May 2022-May 2023 Renewal Change (Manhattan, Brooklyn, Queens)