{"id":1355,"date":"2023-01-06T13:38:07","date_gmt":"2023-01-06T18:38:07","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=1355"},"modified":"2023-04-13T11:08:05","modified_gmt":"2023-04-13T15:08:05","slug":"new-york-lease-renewals-december-2022","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/new-york-lease-renewals-december-2022\/","title":{"rendered":"New York Lease Renewals December 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-rent-increases-on-lease-renewals-fall-for-the-3rd-straight-month\">Rent increases on lease renewals fall for the 3rd straight month<\/h2>\n\n\n\n<p class=\"has-link-color wp-elements-89bea3ee3ccde84bbb60a850811f5c29\">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.&nbsp;<a href=\"https:\/\/www.openigloo.com\/rent-reports\/3-email-templates-for-when-you-want-to-negotiate-your-rent\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">Increases in rent<\/span><\/a> renewals have been hovering around 5% since August, indicating that the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-15\/new-york-city-rents-landlords-jack-up-prices-70-in-lease-renewals-post-covid\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">post-pandemic<\/span><\/a> correction in prices seems to be behind us.<\/p>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.openigloo.com\/review\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\" target=\"_blank\" rel=\"noreferrer noopener\">Read and share reviews<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-york-city-lease-renewals\">New York City Lease Renewals<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-x-small-font-size\" style=\"font-style:normal;font-weight:400\"><table><thead><tr><th><\/th><th class=\"has-text-align-center\" data-align=\"center\">Dec 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Nov 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Oct 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Sep 2022<\/th><th class=\"has-text-align-center\" data-align=\"center\">Dec 2021<\/th><\/tr><\/thead><tbody><tr><td>Average Lease <br>Renewal Change (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.9%<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">18.2%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-lease-renewals-december-2022-breakdown-by-increase\">Lease Renewals December 2022 Breakdown&nbsp;By Increase<\/h2>\n\n\n\n<p class=\"has-link-color wp-elements-15ea8db06ae570c864d108d483020feb\">84% of lease renewals in December were between 0-4%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1370\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-december-2022\/rent-report-twitter-size-2x-dec-2022-v2\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rent report Twitter size 2x Dec 2022 v2\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Dec 2022 v2&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Dec 2022 v2&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Rent report Twitter size 2x Dec 2022 v2\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1370\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022-v2.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-jan-dec-2022-lease-renewals-change-manhattan-brooklyn-queens\">Jan-Dec 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens)<\/h2>\n\n\n\n<p class=\"has-link-color wp-elements-5a4be3bddcc7cc3f6b683689c94f3ae2\">Rent increases on <a href=\"https:\/\/www.openigloo.com\/rent-reports\/how-to-strategize-your-stabilized-lease-renewal\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">renewals<\/span><\/a> continue to drop below 2021 levels.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-attachment-id=\"1361\" data-permalink=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-december-2022\/rent-report-twitter-size-2x-dec-2022\/\" data-orig-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?fit=2400%2C1350&amp;ssl=1\" data-orig-size=\"2400,1350\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rent report Twitter size 2x Dec 2022\" data-image-description=\"&lt;p&gt;Rent report Twitter size 2x Dec 2022&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rent report Twitter size 2x Dec 2022&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?fit=1024%2C576&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Jan-Dec 2022 Lease Renewals Change (Manhattan, Brooklyn, Queens) - Lease Renewals December 2022\" class=\"has-border-color has-custom-neutral-light-n-20-border-color wp-image-1361\" style=\"border-width:1px\" srcset=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-size-2x-Dec-2022.jpg?resize=1200%2C675&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 has-custom-font-size\" style=\"font-size:1em\"><a class=\"wp-block-button__link has-background-color has-custom-extended-blue-grey-d-300-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-january-2023\/\" style=\"border-radius:100px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\" target=\"_blank\" rel=\"noreferrer noopener\">Read January 2023 Report<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:1rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-custom-neutral-light-n-20-background-color has-background\">Questions or comments? Reach out to us at <a href=\"mailto:info@openigloo.com\" target=\"_blank\" rel=\"noreferrer noopener\">info@openigloo.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decreases on lease renewals for market-rate apartments continued into December, averaging 3.2% vs. 5.2% in November and 18.2% for the same period in 2021. Notably, Brooklyn has superseded Manhattan with respect to lease renewals, averaging 6.7%, indicating the popularity of the borough. Increases on rent renewals have been hovering around 5% since August, indicating that the post-pandemic correction in prices seem to be behind us.<\/p>\n","protected":false},"author":227048563,"featured_media":1371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1364],"tags":[1372,1369],"hashtags":[],"class_list":["post-1355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rent-report","tag-nyc","tag-rental"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New York Lease Renewals December 2022 | openigloo<\/title>\n<meta name=\"description\" content=\"Read the December 2022 New York Lease Renewals from openigloo. Get insightful data into the New York Apartment rental market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Lease Renewals December 2022 | openigloo\" \/>\n<meta property=\"og:description\" content=\"Read the December 2022 New York Lease Renewals from openigloo. 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Get insightful data into the New York Apartment rental market.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Twitter-cover-img-Dec-2022-v2.jpg?fit=1200%2C675&ssl=1\" \/>\n<meta name=\"twitter:creator\" content=\"@openigloo\" \/>\n<meta name=\"twitter:site\" content=\"@openigloo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"openigloo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-december-2022\/\"},\"author\":{\"name\":\"openigloo\",\"@id\":\"https:\/\/blog.openigloo.com\/#\/schema\/person\/4c77c1531ee3a0bdd17d198e72508ac9\"},\"headline\":\"New York Lease Renewals December 2022\",\"datePublished\":\"2023-01-06T18:38:07+00:00\",\"dateModified\":\"2023-04-13T15:08:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-december-2022\/\"},\"wordCount\":142,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/blog.openigloo.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Banner-img-Dec-2022-v2.jpg?fit=1500%2C500&ssl=1\",\"keywords\":[\"nyc\",\"rental\"],\"articleSection\":[\"Rent Report\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.openigloo.com\/new-york-lease-renewals-december-2022\/\",\"url\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022\",\"name\":\"New York Lease Renewals December 2022 | openigloo\",\"isPartOf\":{\"@id\":\"https:\/\/blog.openigloo.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.openigloo.com\/blogs\/new-york-lease-renewals-december-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/blog.openigloo.com\/wp-content\/uploads\/2023\/01\/Rent-report-Banner-img-Dec-2022-v2.jpg?fit=1500%2C500&ssl=1\",\"datePublished\":\"2023-01-06T18:38:07+00:00\",\"dateModified\":\"2023-04-13T15:08:05+00:00\",\"description\":\"Read the December 2022 New York Lease Renewals from openigloo. 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For the past few months, New Yorkers (especially in Manhattan) have experienced record lease renewals \u2013 sometimes upward of 50%. In June, rent increases on lease renewals for market-rate apartments averaged 13.8%. While 50%+ increases are slowing down, rent increases on renewals are still triple what they were during the same period last year.&lt;br&gt;Renters have been sharing details of their rental experiences and their renewals on openigloo. Many renters have reached out to us asking whether they should move or renew. Our advice is to research the rent prices in their neighborhood and see what others are quoted. For example, in Brooklyn the average June renewal was anincrease of 11%. This figure can act as a benchmark for those negotiating their rents. 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