{"id":576,"date":"2022-07-01T16:14:00","date_gmt":"2022-07-01T20:14:00","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=576"},"modified":"2023-03-03T12:08:14","modified_gmt":"2023-03-03T17:08:14","slug":"new-york-lease-renewals-july-2022","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-july-2022\/","title":{"rendered":"New York Lease Renewals July 2022"},"content":{"rendered":"\n

Less discrepancy in renewal increases between boroughs<\/h2>\n\n\n\n

New York Lease Renewals in July 2022, rent increases on lease renewals<\/span><\/a> 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<\/a> increases between boroughs. The average increase in renewals in Manhattan was 10%, Brooklyn at 11%, and Queens at 12%.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\n
Read and share reviews<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n

New York City Lease Renewals<\/h2>\n\n\n\n
<\/th>July 2022<\/th>June 2022<\/th>May 2022<\/th>July 2021<\/th><\/tr><\/thead>
Average Lease
Renewal Change (%)<\/td>
11.2%<\/td>13.8%<\/td>15.5%<\/td>5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

July New York Lease Renewals Breakdown By Increase<\/h2>\n\n\n\n

48% of lease renewals in July were between 0-4%, while 2% of renewals were above 51%<\/p>\n\n\n\n

\"July<\/figure>\n\n\n\n
<\/div>\n\n\n\n

Jan-Jul 2022 Renewal Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n

As we get to the last of the \u201cCOVID-deal\u201d<\/span><\/a> renewals, increases have started to wane.<\/p>\n\n\n\n

\"Jan-Jul<\/figure>\n\n\n\n
<\/div>\n\n\n\n
\n
Read August 2022 report<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n

Questions or comments? Reach out to us at info@openigloo.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite a constraint on supply of apartments in NYC this summer, rent increases on renewals continue to cool. For those already in a space, rent renewal increases have been lagging the over market. In July, rent increases on lease renewals for market-rate apartments averaged 11.2% down from 13.8% in June. 51%+ increases continue to be on the decline, making up just 2% of lease renewals. 60% of renewals in July were for an increase less than 10%. <\/p>\n

Renters continue to share details of their rental experiences and their renewals on openigloo. For those renters looking for a long-term place to stay, our advice is to take into consideration how the property manager handles renewals – do they work with tenants or hash out steep increases? These are the answers that prospective renters can gauge when browsing apartments on openigloo.<\/p>\n","protected":false},"author":227048563,"featured_media":1262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","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-576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"\nNew York Lease Renewals July 2022 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the July 2022 New York Lease Renewals Report from openigloo. 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