50%+ rent renewals starting to cool
In June 2022, rent increases on New York lease renewals for market-rate apartments in NYC averaged 13.8%. While Manhattan median rents saw a year-over-year increase of 25.2%, rent renewals lagged at 16.2%. Despite renewal increases cooling slightly since earlier this year, rent increases are nearly triple what they were during the same period in 2021. In June, 2% of renewals were over 50% compared to 8% last month. While 65% of June renewals experienced an increase of less than 10%.
New York City Lease Renewals
| June 2022 | May 2022 | June 2021 | |
|---|---|---|---|
| Average Lease Renewal Change (%) | 13.8% | 15.5% | 5% |
June New York Lease Renewals Breakdown By Increase
46% of lease renewals in June were between 0-4%, while 2% of renewals were above 51%
Jan-Jun 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)
As we get to the last of the “COVID-deal” renewals, increases have started to wane.
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