{"id":652,"date":"2022-08-01T11:14:00","date_gmt":"2022-08-01T15:14:00","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=652"},"modified":"2023-03-03T12:05:55","modified_gmt":"2023-03-03T17:05:55","slug":"new-york-lease-renewals-august-2022","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-august-2022\/","title":{"rendered":"New York Lease Renewals August 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-rent-increases-on-renewals-continue-to-stabilize-but-popular-neighborhoods-continue-to-experience-high-double-digit-increases\">Rent increases on renewals continue to stabilize, but popular neighborhoods continue to experience high double-digit increases<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In August 2022, <a href=\"https:\/\/blog.openigloo.com\/3-email-templates-for-when-you-want-to-negotiate-your-rent\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">rent increased<\/span><\/a> on lease renewals for market-rate apartments in NYC averaged 12.5%. Despite New York lease renewal increases cooling slightly since earlier this year, rent increases are still nearly double what they were during the same period in 2021. 63% of August renewals experienced an increase of less than 10%. Notably, neighborhoods such as <a href=\"https:\/\/www.cnbc.com\/2022\/08\/20\/how-three-renters-are-coping-with-record-breaking-rent-in-nyc.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">Upper East Side<\/span><\/a>, Upper West Side, Chinatown, and Bushwick experienced increases of over 20% during August. The average increase in renewals in Manhattan was 13%, Brooklyn at 11%, and Queens at 12%.<\/p>\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:\/\/www.openigloo.com\/review\" 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 and share reviews<\/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\">Aug 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">July 2022<\/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\">Aug 2021<\/th><\/tr><\/thead><tbody><tr><td>Average Lease <br>Renewal Change (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">12.5%<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.2%<\/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\">7%<\/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-august-renewal-breakdown-by-increase\">August Renewal Breakdown By Increase<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">52% of lease renewals in August were between 0-4%, while 4% of <a href=\"https:\/\/blog.openigloo.com\/how-to-strategize-your-stabilized-lease-renewal\/\" target=\"_blank\" rel=\"noreferrer noopener\">renewals<\/a> 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=\"1281\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-august-2022\/rent-report-twitter-size-2x-aug-2023\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.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 Aug 2023\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Aug 2023&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Aug 2023&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"August New York Lease Renewals Breakdown By Increase\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1281\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2023.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-aug-2022-new-york-lease-renewals-change-manhattan-brooklyn-queens\">Jan-Aug 2022 New York Lease Renewals Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rent increases on renewals across boroughs continue to converge.<\/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=\"1283\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-august-2022\/rent-report-twitter-size-2x-aug-2022\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-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 Aug 2022\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Aug 2022&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Aug 2022&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Jan-Aug 2022 New York Lease Renewals Change (Manhattan, Brooklyn, Queens)\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1283\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:8px\" 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-september-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 September 2022 report<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:8px\" 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>A constraint on supply of apartments in NYC and increased rental activity continues to put pressure on rent prices across the five boroughs. The median rent for 1-bedrooms in NYC hit $3,930 in August, a 40% increase compared to last year. While increases on new leases continue to hit all-time highs, increases on rent renewals continue to stabilize. In August, rent increases on lease renewals for market-rate apartments averaged 12.5% up slightly from 11.2% in July. 63% of August renewals were for increases of less than 10%. Notably, neighborhoods such as Upper East Side, Upper West Side, Chinatown, and Bushwick experienced increases of over 20% during August.<\/p>\n","protected":false},"author":227048563,"featured_media":1287,"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-652","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 v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New York Lease Renewals August 2022 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the August 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-august-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 August 2022 | openigloo\" \/>\n<meta property=\"og:description\" content=\"Read the August 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-august-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=\"2022-08-01T15:14:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-03T17:05:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Twitter-size-2x-Aug-2022.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1350\" \/>\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 August 2022 | openigloo\" \/>\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-august-2022#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-august-2022\/\"},\"author\":{\"name\":\"openigloo\",\"@id\":\"https:\/\/blog.openigloo.com\/#\/schema\/person\/4c77c1531ee3a0bdd17d198e72508ac9\"},\"headline\":\"New York Lease Renewals August 2022\",\"datePublished\":\"2022-08-01T15:14:00+00:00\",\"dateModified\":\"2023-03-03T17:05:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-august-2022\/\"},\"wordCount\":158,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/blog.openigloo.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-august-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Banner-img-Aug-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-august-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-august-2022\/\",\"url\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-august-2022\",\"name\":\"New York Lease Renewals August 2022 | openigloo\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-august-2022#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-august-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/08\/Rent-report-Banner-img-Aug-2022.jpg?fit=1500%2C500&ssl=1\",\"datePublished\":\"2022-08-01T15:14:00+00:00\",\"dateModified\":\"2023-03-03T17:05:55+00:00\",\"description\":\"Read the August 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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