{"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<h2 class=\"wp-block-heading\" id=\"h-renters-finally-get-some-reprieve-on-rent-renewals-as-increases-dip-below-2021-levels-for-the-first-time-this-year\">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<p class=\"wp-block-paragraph\">In September 2022, <a href=\"https:\/\/www.nytimes.com\/2022\/04\/08\/realestate\/nyc-rent-cost.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">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 <a href=\"https:\/\/blog.openigloo.com\/5-things-every-nyc-renter-needs-to-know-about-heat-season\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">season<\/span><\/a>, rents have started to cool, with 76% of renewals reporting an increase of less than 5%. Notably, Brooklyn <a href=\"https:\/\/blog.openigloo.com\/how-to-strategize-your-stabilized-lease-renewal\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">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 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\">Sept 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Aug 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Jul 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Jun 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">May 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Sept 2021<\/th><\/tr><\/thead><tbody><tr><td>Average Lease <br>Renewal Change (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.2%<\/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\">7.3%<\/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-september-lease-renewals-report-breakdown-by-increase\">September Lease Renewals Report Breakdown By Increase<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">76% of lease renewals in September 2022 were between 0-4%, while just 1% 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=\"1294\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-september-2022\/rent-report-twitter-size-2x-sept-2023\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-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 Sept 2023\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Sept 2023&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Sept 2023&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"September Renewal Breakdown By Increase\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1294\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-2023.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-size-2x-Sept-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-sep-2022-lease-renewals-report-change-manhattan-brooklyn-queens\">Jan-Sep 2022 Lease Renewals Report Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rent increases on lease 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=\"1296\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-september-2022\/rent-report-twitter-size-2x-sept-2022\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-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 Sept 2022\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Sept 2022&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Sept 2022&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Jan-Sep 2022 Renewal Change\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1296\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/12\/Rent-report-Twitter-size-2x-Sept-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-october-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 October 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>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":{"_has_post_settings":[],"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","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,"jetpack_post_was_ever_published":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":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New 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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Get insightful data into the New York apartment renewals report\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/09\/Rent-report-Twitter-cover-img-Sept-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-september-2022#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/new-york-lease-renewals-september-2022\\\/\"},\"author\":{\"name\":\"openigloo\",\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/#\\\/schema\\\/person\\\/4c77c1531ee3a0bdd17d198e72508ac9\"},\"headline\":\"New York Lease Renewals September 2022\",\"datePublished\":\"2022-09-01T15:32:00+00:00\",\"dateModified\":\"2023-03-03T17:03:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/new-york-lease-renewals-september-2022\\\/\"},\"wordCount\":150,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-september-2022#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/blog.openigloo.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Rent-report-Banner-img-Sept-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-september-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/new-york-lease-renewals-september-2022\\\/\",\"url\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-september-2022\",\"name\":\"New York Lease Renewals Report September 2022 - openigloo\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.openigloo.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-september-2022#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.openigloo.com\\\/blogs\\\/new-york-lease-renewals-september-2022#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/blog.openigloo.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Rent-report-Banner-img-Sept-2022.jpg?fit=1500%2C500&ssl=1\",\"datePublished\":\"2022-09-01T15:32:00+00:00\",\"dateModified\":\"2023-03-03T17:03:11+00:00\",\"description\":\"Read the September 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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