New York Lease Renewals July 2022

the openigloo team

Reading time: 3 minutes

Less discrepancy in renewal increases between boroughs

In July 2022, rent increases on lease renewals for market-rate apartments in NYC averaged 11.2%. Despite renewal increases cooling slightly since earlier this year, rent increases are still double what they were during the same period in 2021. In July, 2% of renewals were over 51% which is the same as last month – a good indication that the occurrences of these steep renewals are on the decline. 60% of July renewals experienced an increase of less than 10%. Notably, there was less discrepancy in rent increases between boroughs. The average increase on renewals in Manhattan was 10%, 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%

July Renewal Breakdown By Increase

48% of lease renewals in July were between 0-4%, while 2% of renewals were above 51%

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

As we get to the last of the “COVID-deal” renewals, increases have started to wane.

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