Rent increases on lease renewals continue to stabilize, with the exception of Brooklyn
In October 2022, rent increases on lease renewals for market-rate apartments in NYC were 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 than 5%. Notably, Brooklyn’s increases in 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 2022 | Sept 2022 | Aug 2022 | Oct 2021 | |
|---|---|---|---|---|
| Average Lease Renewal Change (%) | 5.9% | 5.2% | 12.5% | 8% |
October Renewal Breakdown By Increase
74% of lease renewals in October were between 0-4%, while just 2% of renewals were above 51%.
Jan-Oct 2022 Renewal Change (Manhattan, Brooklyn, Queens)
Rent increases on renewals continue to drop below 2021 levels.
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