New York Lease Renewals November 2022

the openigloo team

Reading time: 4 minutes

Rent increases on lease renewals continue to stabilize

In November 2022, rent increases on lease renewals for market-rate apartments in NYC were 5.2% compared to 11.6% a year before. As rental activity cools heading in the winter months, 82% of renewals reported an increase of less than 5%. The average November renewal in Brooklyn and Manhattan was a 6% increase, compared to 0% in Queens. Increases in rent renewals have been hovering around 5% since August, indicating that the post-pandemic boom in prices seems to be behind us. 

New York City Lease Renewals

Nov 2022Oct 2022Sep 2022Aug 2022Nov 2021
Average Lease
Renewal Change (%)

November Renewal Breakdown By Increase

82% of lease renewals in November were between 0-4%, while just 0% of renewals were above 51%.

November Renewal Breakdown By Increase

Jan-Nov 2022 Renewal Change (Manhattan, Brooklyn, Queens)

Rent increases on renewals continue to drop below 2021 levels. 

Jan-Nov 2022 Renewal Change

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