Category: Rent Report

Is the seasonal dip in rents over?

In January 2023, rent increases on lease renewals for market-rate apartments in NYC were 8.1% compared to 17% a year before and 3.2% in December 2022. Rental activity seemed to cool in the latter months of 2022, but January saw a bounce back. 71% of New York lease renewals were still sub 5%. There was notably a big bounce in Manhattan rent increases, 11.1% vs. 2.4% last month. The neighborhood with the highest reported rent increases was the West Village at 36%.

New York City Lease Renewals

	Jan 2023	Dec 2022	Nov 2022	Oct 2022	Sep 2022	Jan 2022
Average Lease Renewal Change (%)	8.1%	3.2%	5.2%	5.9%	5.2%	17%

January 2023 Renewal Breakdown By Increase

71% of New York lease renewals in January 2023 were between 0-4%.

Jan 2022-Jan 2023 Renewal Change (Manhattan, Brooklyn, Queens)

While rent increases on New York lease renewals in January 2023 continue to drop below previous year levels, prices are now starting to tick upward.

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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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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. 

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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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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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Rent increases on renewals continue to stabilize, but popular neighborhoods continue to experience high double-digit increases

In August 2022, rent increased on lease renewals for market-rate apartments in NYC averaged 12.5%. Despite New York lease renewal increases cooling slightly since earlier this year, rent increases are still nearly double what they were during the same period in 2021. 63% of August renewals experienced an increase of less than 10%. Notably, neighborhoods such as Upper East Side, Upper West Side, Chinatown, and Bushwick experienced increases of over 20% during August. The average increase in renewals in Manhattan was 13%, Brooklyn at 11%, and Queens at 12%.

New York City Lease Renewals

	Aug 2022	July 2022	June 2022	May 2022	Aug 2021
Average Lease Renewal Change (%)	12.5%	11.2%	13.8%	15.5%	7%

August Renewal Breakdown By Increase

52% of lease renewals in August were between 0-4%, while 4% of renewals were above 51%.

Jan-Aug 2022 New York Lease Renewals Change (Manhattan, Brooklyn, Queens)

Rent increases on renewals across boroughs continue to converge.

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Less discrepancy in renewal increases between boroughs

New York Lease Renewals in July 2022, rent increases on lease renewals for market-rate apartments in NYC averaged 11.2%. Despite renewal increases cooling slightly since earlier this year, rent increases are still double what they were during the same period in 2021. In July, 2% of renewals were over 51% which is the same as last month – a good indication that the occurrences of these steep renewals are on the decline. 60% of July renewals experienced an increase of less than 10%. Notably, there was less discrepancy in rent increases between boroughs. The average increase in renewals in Manhattan was 10%, Brooklyn at 11%, and Queens at 12%.

New York City Lease Renewals

	July 2022	June 2022	May 2022	July 2021
Average Lease Renewal Change (%)	11.2%	13.8%	15.5%	5%

July New York Lease Renewals Breakdown By Increase

48% of lease renewals in July were between 0-4%, while 2% of renewals were above 51%

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

As we get to the last of the “COVID-deal” renewals, increases have started to wane.

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50%+ rent renewals starting to cool

In June 2022, rent increases on New York lease renewals for market-rate apartments in NYC averaged 13.8%. While Manhattan median rents saw a year-over-year increase of 25.2%, rent renewals lagged at 16.2%. Despite renewal increases cooling slightly since earlier this year, rent increases are nearly triple what they were during the same period in 2021. In June, 2% of renewals were over 50% compared to 8% last month. While 65% of June renewals experienced an increase of less than 10%.

New York City Lease Renewals

	June 2022	May 2022	June 2021
Average Lease Renewal Change (%)	13.8%	15.5%	5%

June New York Lease Renewals Breakdown By Increase

46% of lease renewals in June were between 0-4%, while 2% of renewals were above 51%

Jan-Jun 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)

As we get to the last of the “COVID-deal” renewals, increases have started to wane.

Questions or comments? Reach out to us at info@openigloo.com