Less discrepancy in renewal increases between boroughs
New York Lease Renewals in July 2022, rent increases on lease renewals for market-rate apartments in NYC averaged 11.2%. Despite renewal increases cooling slightly since earlier this year, rent increases are still double what they were during the same period in 2021. In July, 2% of renewals were over 51% which is the same as last month – a good indication that the occurrences of these steep renewals are on the decline. 60% of July renewals experienced an increase of less than 10%. Notably, there was less discrepancy in rent increases between boroughs. The average increase in renewals in Manhattan was 10%, Brooklyn at 11%, and Queens at 12%.
New York City Lease Renewals
| July 2022 | June 2022 | May 2022 | July 2021 | |
|---|---|---|---|---|
| Average Lease Renewal Change (%) | 11.2% | 13.8% | 15.5% | 5% |
July New York Lease Renewals Breakdown By Increase
48% of lease renewals in July were between 0-4%, while 2% of renewals were above 51%
Jan-Jul 2022 Renewal Change (Manhattan, Brooklyn, Queens)
As we get to the last of the “COVID-deal” renewals, increases have started to wane.
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