New York Lease Renewals September 2022

the openigloo team

Reading time: 3 minutes

Renters finally get some reprieve on rent renewals as increases dip below 2021 levels for the first time this year.

In September 2022, rent increases on lease renewals for market-rate apartments in NYC fell to 5.2% compared to 12.5% in August. After a busy summer season, rents have started to cool, with 76% of renewals reporting an increase of less than 5%. Notably, Brooklyn renewals were 2 percentage points higher than in Manhattan. Few neighborhoods reported double-digit rent increases for September renewals; these include Clinton Hill, Williamsburg, Crown Heights, and Gramercy.

New York City Lease Renewals

Sept 2022Aug 2022Jul 2022Jun 2022May 2022Sept 2021
Average Lease
Renewal Change (%)
5.2%12.5%11.2%13.8%15.5%7.3%

September Renewal Breakdown By Increase

76% of lease renewals in September were between 0-4%, while just 1% of renewals were above 51%.

September Renewal Breakdown By Increase
September Renewal Breakdown By Increase

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

Rent increases on renewals across boroughs continue to converge.

September Renewal Breakdown By Increase 1
Jan-Sep 2022 Renewal Change (Manhattan, Brooklyn, Queens)

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