{"id":671,"date":"2022-09-01T11:32:00","date_gmt":"2022-09-01T15:32:00","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=671"},"modified":"2023-03-03T12:03:11","modified_gmt":"2023-03-03T17:03:11","slug":"new-york-lease-renewals-september-2022","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-september-2022\/","title":{"rendered":"New York Lease Renewals September 2022"},"content":{"rendered":"\n

Renters finally get some reprieve on rent renewals as increases dip below 2021 levels for the first time this year.<\/h2>\n\n\n\n

In September 2022, rent increased<\/span><\/a> on lease renewals for market-rate apartments in NYC fell to 5.2% compared to 12.5% in August. After a busy summer season<\/span><\/a>, rents have started to cool, with 76% of renewals reporting an increase of less than 5%. Notably, Brooklyn renewals<\/span><\/a> were 2 percentage points higher than in Manhattan. Few neighborhoods reported double-digit rent increases for September renewals; these include Clinton Hill, Williamsburg, Crown Heights, and Gramercy.<\/p>\n\n\n\n

<\/div>\n\n\n\n
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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>Sept 2022<\/th>Aug 2022<\/th>Jul 2022<\/th>Jun 2022<\/th>May 2022<\/th>Sept 2021<\/th><\/tr><\/thead>
Average Lease
Renewal Change (%)<\/td>		5.2%<\/td>12.5%<\/td>11.2%<\/td>13.8%<\/td>15.5%<\/td>7.3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

September Lease Renewals Report Breakdown By Increase<\/h2>\n\n\n\n

76% of lease renewals in September 2022 were between 0-4%, while just 1% of renewals were above 51%.<\/p>\n\n\n\n

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

Jan-Sep 2022 Lease Renewals Report Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n

Rent increases on lease renewals across boroughs continue to converge.<\/p>\n\n\n\n

\"Jan-Sep<\/figure>\n\n\n\n
<\/div>\n\n\n\n
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Read October 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":"

Increases on September lease renewals for market-rate apartments brought a reprieve for NYC renters, averaging 5.2% vs. 12.5% in August and 7.2% for the same period in 2021. As the summer activity cooled, rent increases on renewals dipped lower than 2021 levels for the first time this year. This is an indication that demand is stabilizing and landlords are preparing for a quieter rental season heading into the winter months. Notably, Brooklyn rent increases on renewals were 7% compared to 5% in Manhattan. This could be early indication of increased demand in Brooklyn. Only a handful of NYC neighborhoods experienced double digit increases and Brooklyn neighborhoods Clinton Hill, Williamsburg, and Crown Heights were included.<\/p>\n","protected":false},"author":227048563,"featured_media":1293,"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-671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"\nNew York Lease Renewals Report September 2022 - openigloo<\/title>\n<meta name=\"description\" content=\"Read the September 2022 New York Lease Renewals Report from openigloo. 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