Rent increases on lease renewals fall for the 3rd straight month
In December 2022, rent increased on lease renewals for market-rate apartments in NYC were 3.2% compared to 18.2% a year before. Rental activity continues to cool heading in the winter months, where 84% of renewals reported an increase of less than 5%. Notably, the average December renewal in Manhattan was a 2.4% increase compared to 6.7% in Brooklyn. Increases in rent renewals have been hovering around 5% since August, indicating that the post-pandemic correction in prices seems to be behind us.
New York City Lease Renewals
| Dec 2022 | Nov 2022 | Oct 2022 | Sep 2022 | Dec 2021 | |
|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 3.2% | 5.2% | 5.9% | 5.2% | 18.2% |
Lease Renewals December 2022 Breakdown By Increase
84% of lease renewals in December were between 0-4%.
Jan-Dec 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)
Rent increases on renewals continue to drop below 2021 levels.
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