New York Lease Renewals August 2022

the openigloo team

Reading time: 4 minutes

In August 2022, rent increased on lease renewals for market-rate apartments in NYC averaged 12.5%. Despite New York lease renewal increases cooling slightly since earlier this year, rent increases are still nearly double what they were during the same period in 2021. 63% of August renewals experienced an increase of less than 10%. Notably, neighborhoods such as Upper East Side, Upper West Side, Chinatown, and Bushwick experienced increases of over 20% during August. The average increase in renewals in Manhattan was 13%, Brooklyn at 11%, and Queens at 12%.

New York City Lease Renewals

Aug 2022July 2022June 2022May 2022Aug 2021
Average Lease
Renewal Change (%)

August Renewal Breakdown By Increase

52% of lease renewals in August were between 0-4%, while 4% of renewals were above 51%.

August New York Lease Renewals Breakdown By Increase

Jan-Aug 2022 New York Lease Renewals Change (Manhattan, Brooklyn, Queens)

Rent increases on renewals across boroughs continue to converge.

Jan-Aug 2022 New York Lease Renewals Change (Manhattan, Brooklyn, Queens)

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