New York Lease Renewals June 2022

the openigloo team

Reading time: 3 minutes

50%+ rent renewals starting to cool

In June 2022, rent increases on New York lease renewals for market-rate apartments in NYC averaged 13.8%. While Manhattan median rents saw a year over year increase of 25.2%, rent renewals lagged at 16.2%. Despite renewal increases cooling slightly since earlier this year, rent increases are nearly triple what they were during the same period in 2021. In June, 2% of renewals were over 50% compared to 8% last month. While 65% of June renewals experienced an increase of less than 10%.

New York City Lease Renewals

June 2022May 2022June 2021
Average Lease
Renewal Change (%)
13.8%15.5%5%

June New York Lease Renewals Breakdown By Increase

46% of lease renewals in June were between 0-4%, while 2% of renewals were above 51%

Jan-Jun 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)

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

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