{"id":509,"date":"2022-06-01T15:29:00","date_gmt":"2022-06-01T19:29:00","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=509"},"modified":"2023-03-03T12:09:53","modified_gmt":"2023-03-03T17:09:53","slug":"new-york-lease-renewals-june-2022","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-june-2022\/","title":{"rendered":"New York Lease Renewals June 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-50-rent-renewals-starting-to-cool\">50%+ rent renewals starting to cool<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In June 2022, <a href=\"https:\/\/blog.openigloo.com\/3-email-templates-for-when-you-want-to-negotiate-your-rent\/\" target=\"_blank\" rel=\"noreferrer noopener\">rent<\/a> increases on New York lease renewals for market-rate apartments in NYC averaged 13.8%. While <a href=\"https:\/\/www.openigloo.com\/buildings\/upper-east-side\"><span style=\"text-decoration: underline;\">Manhattan<\/span><\/a> 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%.<\/p>\n\n\n\n<div style=\"height:0.24rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\">Read report for February 2023<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:0.25rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-york-city-lease-renewals\">New York City Lease Renewals<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-x-small-font-size\" style=\"font-style:normal;font-weight:400\"><table><thead><tr><th><\/th><th class=\"has-text-align-center\" data-align=\"center\">June 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">May 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">June 2021<\/th><\/tr><\/thead><tbody><tr><td><strong>Average Lease<br>Renewal Change (%)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">13.8%<\/td><td class=\"has-text-align-center\" data-align=\"center\">15.5%<\/td><td class=\"has-text-align-center\" data-align=\"center\">5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-june-new-york-lease-renewals-breakdown-by-increase\">June New York Lease Renewals Breakdown By Increase<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">46% of <a href=\"https:\/\/blog.openigloo.com\/how-to-strategize-your-stabilized-lease-renewal\/\" target=\"_blank\" rel=\"noreferrer noopener\">lease renewals<\/a> in June were between 0-4%, while 2% of renewals were above 51%<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1247\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-june-2022\/rent-report-twitter-size-2x-june-2022\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rent report Twitter size 2x June 2022\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x June 2022&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x June 2022&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"June New York Lease Renewals Breakdown By Increase\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1247\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-jan-jun-2022-lease-renewals-change-manhattan-brooklyn-queens\">Jan-Jun 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As we get to the last of the <a href=\"https:\/\/www.nytimes.com\/2022\/07\/26\/realestate\/nyc-apartments-covid-discount.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">\u201cCOVID-deal\u201d<\/span><\/a> renewals, increases have started to wane.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1246\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-june-2022\/rent-report-twitter-size-2x-june-2022-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rent report Twitter size 2x June 2022 1\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x June 2022 1&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x June 2022 1&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Jan-Jun 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1246\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-size-2x-June-2022-1.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:0.25rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-july-2022\/\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\" target=\"_blank\" rel=\"noreferrer noopener\">Read July 2022 report<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:0.25rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-custom-neutral-light-n-20-background-color has-background wp-block-paragraph\">Questions or comments? Reach out to us at <a href=\"mailto:info@openigloo.com\" target=\"_blank\" rel=\"noreferrer noopener\">info@openigloo.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2013 sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing down, rent increases on renewals are still triple what they were during the same period last year. <\/p>\n<p>Renters have been sharing details of their rental experiences and their renewals on openigloo. Many renters have reached out to us asking whether they should move or renew. Our advice is to research the rent prices in their neighborhood and see what others are quoted. For example, in Brooklyn the average June renewal was an increase of 11%. This figure can act as a benchmark for those negotiating their rents. For those that decide to move, we encourage renters to research their prospective landlords to see what kind of rent increases they can expect to see.<\/p>\n","protected":false},"author":227048563,"featured_media":1249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_has_post_settings":[],"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[1364],"tags":[1372,1369],"hashtags":[],"class_list":["post-509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New York Lease Renewals June 2022 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the June 2022 New York Lease Renewals Report from openigloo. Get insightful data into the New York Apartment rental market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-june-2022\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Lease Renewals June 2022 | openigloo\" \/>\n<meta property=\"og:description\" content=\"Read the June 2022 New York Lease Renewals Report from openigloo. Get insightful data into the New York Apartment rental market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-june-2022\" \/>\n<meta property=\"og:site_name\" content=\"openigloo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/openigloo\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-01T19:29:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-03T17:09:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-FB-cover-img-June-2022.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"openigloo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New York Lease Renewals June 2022 | openigloo\" \/>\n<meta name=\"twitter:description\" content=\"Read the June 2022 New York Lease Renewals Report from openigloo. Get insightful data into the New York Apartment rental market.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/06\/Rent-report-Twitter-cover-img-June-2022.jpg?fit=1200%2C675&ssl=1\" \/>\n<meta name=\"twitter:creator\" content=\"@openigloo\" \/>\n<meta name=\"twitter:site\" content=\"@openigloo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"openigloo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-june-2022#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/new-york-lease-renewals-june-2022\\\/\"},\"author\":{\"name\":\"openigloo\",\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/#\\\/schema\\\/person\\\/4c77c1531ee3a0bdd17d198e72508ac9\"},\"headline\":\"New York Lease Renewals June 2022\",\"datePublished\":\"2022-06-01T19:29:00+00:00\",\"dateModified\":\"2023-03-03T17:09:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/new-york-lease-renewals-june-2022\\\/\"},\"wordCount\":137,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-june-2022#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/blog.openigloo.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Rent-report-Banner-img-June-2022.jpg?fit=1500%2C500&ssl=1\",\"keywords\":[\"nyc\",\"rental\"],\"articleSection\":[\"Rent Report\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-june-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/new-york-lease-renewals-june-2022\\\/\",\"url\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-june-2022\",\"name\":\"New York Lease Renewals June 2022 | openigloo\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-june-2022#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-june-2022#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/blog.openigloo.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Rent-report-Banner-img-June-2022.jpg?fit=1500%2C500&ssl=1\",\"datePublished\":\"2022-06-01T19:29:00+00:00\",\"dateModified\":\"2023-03-03T17:09:53+00:00\",\"description\":\"Read the June 2022 New York Lease Renewals Report from openigloo. 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For the past few months, New Yorkers (especially in Manhattan) have experienced record lease renewals \u2013 sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing down, rent increases on renewals are still triple what they were during the same period last year.&lt;br&gt;Renters have been sharing details of their rental experiences and their renewals on openigloo. Many renters have reached out to us asking whether they should move or renew. Our advice is to research the rent prices in their neighborhood and see what others are quoted. For example, in Brooklyn the average June renewal was anincrease of 11%. This figure can act as a benchmark for those negotiating their rents. 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