Increases on January lease renewals for market-rate apartments averaged 8.1% vs. 3.2% in December and 17% for the same period in 2022. Rental activity seemed to cool in latter months of 2022 with reported rent increases averaging ~5%. January’s bounce could be indicative that the seasonal dip is over and rents will rise heading into…

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Decreases on lease renewals for market-rate apartments continued into December, averaging 3.2% vs. 5.2% in November and 18.2% for the same period in 2021. Notably, Brooklyn has superseded Manhattan with respect to lease renewals, averaging 6.7%, indicating the popularity of the borough. Increases on rent renewals have been hovering around 5% since August, indicating that…

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Decreases on lease renewals for market-rate apartments continued into November, averaging 5.2% vs. 5.9% in October and 11.6% for the same period in 2021. While rent increases on renewals continued to dip lower than 2021 levels, Brooklyn and Manhattan rent increases converged at 6% compared to 0% in Queens. Increases on rent renewals have been…

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Increases on lease renewals for market-rate apartments continued into October, averaging 5.9% vs. 5.2% in September and 8% for the same period in 2021. While rent increases on renewals continued to dip lower than 2021 levels, Brooklyn rent increases outpaced the other boroughs. Brooklyn rent increases on renewals were 10% compared to 4% in Manhattan.…

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Increases on September lease renewals for market-rate apartments brought a reprieve for NYC renters, averaging 5.2% vs. 12.5% in August and 7.2% for the same period in 2021. As the summer activity cooled, rent increases on renewals dipped lower than 2021 levels for the first time this year. This is an indication that demand is…

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A constraint on supply of apartments in NYC and increased rental activity continues to put pressure on rent prices across the five boroughs. The median rent for 1-bedrooms in NYC hit $3,930 in August, a 40% increase compared to last year. While increases on new leases continue to hit all-time highs, increases on rent renewals…

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Despite a constraint on supply of apartments in NYC this summer, rent increases on renewals continue to cool. For those already in a space, rent renewal increases have been lagging the over market. In July, rent increases on lease renewals for market-rate apartments averaged 11.2% down from 13.8% in June. 51%+ increases continue to be…

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As median rents in NYC continue to rise, renters are left weighing the costs of moving or renewing. For the past few months, New Yorkers (especially in Manhattan) have experienced record lease renewals – sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing…

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