{"id":792,"date":"2022-10-30T11:17:00","date_gmt":"2022-10-30T15:17:00","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=792"},"modified":"2023-03-03T11:56:18","modified_gmt":"2023-03-03T16:56:18","slug":"new-york-lease-renewals-october-2022","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-october-2022\/","title":{"rendered":"New York Lease Renewals October 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-rent-increases-on-lease-renewals-continue-to-stabilize-with-the-exception-of-brooklyn\">Rent increases on lease renewals continue to stabilize, with the exception of Brooklyn<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In October 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 increases<\/span><\/a> on lease renewals for market-rate apartments in NYC were 5.9% compared to 8% a year before. After a busy summer season, rents have started to cool, with 74% of renewals reporting an increase of less than 5%. Notably, Brooklyn&#8217;s increases in renewals continue to outpace other boroughs &#8211; the average October renewal in Brooklyn saw a 10% increase compared to just 4% in <a href=\"https:\/\/www.cnbc.com\/2022\/12\/08\/manhattan-renters-face-sticker-shock-with-average-rent-at-5200.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">Manhattan<\/span><\/a>. This could be an early sign of heightened demand in the borough.&nbsp;<\/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-a89b3969 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\">Oct 2022<\/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\">Oct 2021<\/th><\/tr><\/thead><tbody><tr><td>Average Lease <br>Renewal Change (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.9%<\/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\">8%<\/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\">October Renewal Breakdown&nbsp;By Increase<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">74% of <a href=\"https:\/\/blog.openigloo.com\/how-to-strategize-your-stabilized-lease-renewal\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">lease renewals<\/span><\/a> in October were between 0-4%, while just 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=\"1312\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-october-2022\/rent-report-twitter-size-2x-oct-2022\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-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 Oct 2022\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Oct 2022&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Oct 2022&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"October Renewal Breakdown\u00a0By Increase\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1312\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-2022.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Oct-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\">Jan-Oct 2022 Renewal Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rent increases on renewals continue to drop below 2021 levels.<\/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=\"1313\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-october-2022\/rent-report-twitter-size-2x-sept-2022-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/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-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Twitter-size-2x-Sept-2022.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/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\/10\/Rent-report-Twitter-size-2x-Sept-2022.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Jan-Oct 2022 Renewal Change (Manhattan, Brooklyn, Queens)\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1313\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/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\/10\/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\/10\/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\/10\/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\/10\/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\/10\/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:1rem\" 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-a89b3969 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-november-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 November 2022 report<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:1rem\" 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 lease renewals for market-rate apartments continued into October, averaging 5.9% vs. 5.2% in September and 8% for the same period in 2021. While rent increases on renewals continued to dip lower than 2021 levels, Brooklyn rent increases  outpaced the other boroughs. Brooklyn rent increases on renewals were 10% compared to 4% in Manhattan. This could be early indication of increased demand in Brooklyn.<\/p>\n","protected":false},"author":227048563,"featured_media":1311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":true,"_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-792","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 v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New York Lease Renewals October 2022 - openigloo<\/title>\n<meta name=\"description\" content=\"Read the October 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-october-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 October 2022 - openigloo\" \/>\n<meta property=\"og:description\" content=\"Read the October 2022 New York Lease Renewals Report from openigloo. 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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\/10\/Rent-report-Twitter-cover-img-Oct-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-october-2022#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-october-2022\/\"},\"author\":{\"name\":\"openigloo\",\"@id\":\"https:\/\/blog.openigloo.com\/#\/schema\/person\/4c77c1531ee3a0bdd17d198e72508ac9\"},\"headline\":\"New York Lease Renewals October 2022\",\"datePublished\":\"2022-10-30T15:17:00+00:00\",\"dateModified\":\"2023-03-03T16:56:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-october-2022\/\"},\"wordCount\":149,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/blog.openigloo.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-october-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Banner-img-Oct-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-october-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-october-2022\/\",\"url\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-october-2022\",\"name\":\"New York Lease Renewals October 2022 - openigloo\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-october-2022#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-october-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2022\/10\/Rent-report-Banner-img-Oct-2022.jpg?fit=1500%2C500&ssl=1\",\"datePublished\":\"2022-10-30T15:17:00+00:00\",\"dateModified\":\"2023-03-03T16:56:18+00:00\",\"description\":\"Read the October 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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