New York Lease Renewals August 2022

the openigloo team

Reading time: 3 minutes

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 2022Sep 2022Aug 2022Oct 2021
Average Lease
Renewal Change (%)
5.9%5.2%12.5%8%

August Renewal Breakdown By Increase

52% of lease renewals in August were between 0-4%, while 4% of renewals were above 51%.

August Renewal Breakdown By Increase
August Renewal Breakdown By Increase

Jan-Aug 2022 Renewal Change (Manhattan, Brooklyn, Queens)

Rent increases on renewals across boroughs continue to converge.

Jan Aug 2022 Renewal Change
Jan-Aug 2022 Renewal Change (Manhattan, Brooklyn, Queens)

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