Renters finally get some reprieve on rent renewals as increases dip below 2021 levels for the first time this year.
In September 2022, rent increased 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 2022 | Aug 2022 | Jul 2022 | Jun 2022 | May 2022 | Sept 2021 | |
|---|---|---|---|---|---|---|
| Average Lease Renewal Change (%) | 5.2% | 12.5% | 11.2% | 13.8% | 15.5% | 7.3% |
September Lease Renewals Report Breakdown By Increase
76% of lease renewals in September 2022 were between 0-4%, while just 1% of renewals were above 51%.
Jan-Sep 2022 Lease Renewals Report Change (Manhattan, Brooklyn, Queens)
Rent increases on lease renewals across boroughs continue to converge.
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