Rent increases on renewals continue to stabilize, but popular neighborhoods continue to experience high double-digit increases
In August 2022, rent increases on lease renewals for market-rate apartments in NYC averaged 12.5%. Despite 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 Upper East Side, Upper West Side, Chinatown, and Bushwick experienced increases of over 20% during August. The average increase on renewals in Manhattan was 13%, Brooklyn at 11%, and Queens at 12%.
New York City Lease Renewals
|Oct 2022||Sep 2022||Aug 2022||Oct 2021|
|Average Lease |
Renewal Change (%)
August Renewal Breakdown By Increase
52% of lease renewals in August were between 0-4%, while 4% of renewals were above 51%.
Jan-Aug 2022 Renewal Change (Manhattan, Brooklyn, Queens)
Rent increases on renewals across boroughs continue to converge.
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