Rent increases on lease renewals continue to stabilize
In November 2022, rent increases on lease renewals for market-rate apartments in NYC were 5.2% compared to 11.6% a year before. As rental activity cools heading in the winter months, 82% of renewals reported an increase of less than 5%. The average November renewal in Brooklyn and Manhattan was a 6% increase, compared to 0% in Queens. Increases in rent renewals have been hovering around 5% since August, indicating that the post-pandemic boom in prices seems to be behind us.
New York City Lease Renewals
| Nov 2022 | Oct 2022 | Sep 2022 | Aug 2022 | Nov 2021 | |
|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 5.2% | 5.9% | 5.2% | 12.5% | 11.6% |
November Renewal Breakdown By Increase
82% of lease renewals in November were between 0-4%, while just 0% of renewals were above 51%.
Jan-Nov 2022 Renewal Change (Manhattan, Brooklyn, Queens)
Rent increases on renewals continue to drop below 2021 levels.
Questions or comments? Reach out to us at info@openigloo.com