New York Lease Renewals October 2022

the openigloo team

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Rent increases on lease renewals continue to stabilize with exception to Brooklyn

In October 2022, rent increases on lease renewals for market-rate apartments in NYC was 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 5%. Notably, Brooklyn increases on renewals continue to outpace other boroughs – the average October renewal in Brooklyn saw a 10% increase compared to just 4% in Manhattan. This could be an early sign of heightened demand in the borough. 

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

74% of lease renewals in October were between 0-4%, while just 2% of renewals were above 51%.

October Renewal Breakdown By Increase

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

Rent increases on renewals continue to drop below 2021 levels.

October Renewal Breakdown By Increase

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