Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

February 2015

Introduction

Rental prices in Manhattan decreased by 0.75% in February, down to $3,899 from $3,928 in January 2015.

A Quick Look

Rent prices in Manhattan fell by 0.75% from $3,928 in January 2015 to $3,899 in February 2015. This decrease was caused in part by a surplus of inventory, with listing inventory increasing 6% from 7,372 to 7,835 rental units. Several neighborhoods saw double digits increases in inventory, including Greenwich Village, Murray Hill, Midtown East, and the Upper East Side, at 18.8%, 18.8%, 14.8%, and 12.7%, respectively. For many neighborhoods, this correlated to a decrease in rental prices.

The ratio of non-doorman to doorman units increased .6% in Manhattan since January. Non-doorman units are up from 41.3% to 41.9% as a percentage of listing inventory in February, with doorman units comprising 58.1% of all rental inventory.

The largest monthly decreases in rent prices were seen in studio non-doorman units and in two bedroom doorman units, which fell by 4% and 3.7%, respectively. The largest increases in rent prices occurred in one bedroom non-doorman units, which saw prices climb by 2.5%. It should be noted that the following neighborhoods contained a sample size of less than 10 units at the time data was collected: Studios – Financial District (NDM), Tribeca (NDM), Lower East Side (DM), SoHo (DM); One Bedrooms – Financial District (NDM), Tribeca (NDM), Soho (DM); Two Bedrooms – Tribeca (NDM), Soho (DM). Smaller sample sets may result in data that is extremely price sensitive.

Overall, Harlem has had the largest year-over-year increases in rental prices. Average rents in the neighborhood are up 8.5%, from $ 2,449 to $2,657, over the past 12 months. Average rents in Murray Hill are the declined the most since February 2014; neighborhood rents are down by 3.1%, from $3,633 to $3,521, in the last 12 months.

A Quick Look

Non-Doorman Buildings (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Two-Bedroom -0.3%
East Village
Non-Doorman Studios -7.1%, Non-Doorman One-Bedroom -0.2%
Financial District
Non-Doorman Studios -20.5%, Doorman Studios -2.5%, Non-Doorman One-Bedroom -0.4%, Non-Doorman Two-Bedroom -5.5%
Gramercy
Doorman One-Bedroom -1.4%
Greenwich Village
Non-Doorman Studios -8.3%, Doorman One-Bedroom -0.2%, Doorman Two-Bedroom -18.4%
Harlem
Non-Doorman Studios -2.8%, Doorman Studios -1.0%, Doorman Two-Bedroom -11.7%
Lower East Side
Non-Doorman One-Bedroom -3.7%, Doorman One-Bedroom -4.0%, Non-Doorman Two-Bedroom -5.8%, Doorman Two-Bedroom -27.2%
Midtown East
Doorman Studios -6.9%, Non-Doorman One-Bedroom -3.7%, Doorman One-Bedroom -0.3%, Non-Doorman Two-Bedroom -5.7%
Midtown West
Doorman Studios -1.1%, Non-Doorman Studios -2.1%, Non-Doorman One-Bedroom -0.5%, Doorman Two-Bedroom -0.5%
Murray Hill
Doorman Studios -15.3% Non-Doorman One-Bedroom -1.3%, Non-Doorman Two-Bedroom -1.9%
SoHo
Non-Doorman Studios -14.6%, Doorman One-Bedroom -5.6%, Doorman Two-Bedroom -5.5%
Tribeca
Doorman Studios -8.7%, Non-Doorman Two-Bedroom -1.0%
Upper East Side
Doorman Studios -5.4%, Doorman Two-Bedroom -2.6%
Upper West Side
Non-Doorman Studios -3.0%, Non-Doorman Two-Bedroom -5.2%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 0.7%, Doorman One-Bedroom 3.5%
Chelsea
Non-Doorman Studios 3.7%, Doorman Studios 0.6%, Non-Doorman One-Bedroom 1.2%, Doorman One-Bedroom 0.7%, Doorman Two-Bedroom 0.0%, Non-Doorman Two-Bedroom 5.9%
East Village
Doorman Studios 0.0%, Doorman One-Bedroom 2.8%, Doorman Two-Bedroom 4.7%, Non-Doorman Two-Bedroom 1.8%
Financial District
Doorman One-Bedroom 1.0%, Doorman Two-Bedroom 0.6%
Gramercy
Non-Doorman Studios 3.8%, Doorman Studios 1.3%, Non-Doorman One-Bedroom 0.8%, Non-Doorman Two-Bedroom 12.5%, Doorman Two-Bedroom 1.18%
Greenwich Village
Doorman Studios 3.6%, Non-Doorman One-Bedroom 7.7%, Non-Doorman Two-Bedroom 14.8%
Harlem
Non-Doorman One-Bedroom 5.5%, Doorman One-Bedroom 2.3%, Non-Doorman Two-Bedroom 1.0%
Lower East Side
Non-Doorman Studios 1.6%, Doorman Studios 3.8%
Midtown East
Non-Doorman Studios 1.9%, Doorman Two-Bedroom 1.2%
Midtown West
Doorman One-Bedroom 0.6%, Non-Doorman Two-Bedroom 2.9%
Murray Hill
Non-Doorman Studios 2.3%, Doorman One-Bedroom 1.2%, Doorman Two-Bedroom 2.8%
SoHo
Non-Doorman One-Bedroom 2.9%, Non-Doorman Two-Bedroom 11.7%
Tribeca
Non-Doorman Studios 0.0%, Doorman One-Bedroom 2.3%, Non-Doorman One-Bedroom 15.2%, Doorman Two-Bedroom 1.3%
Upper East Side
Non-Doorman Studios 1.0%, Doorman One-Bedroom 3.8%, Non-Doorman One-Bedroom 1.3%, Non-Doorman Two-Bedroom 1.7%
Upper West Side
Doorman Studios 1.6%, Non-Doorman One-Bedroom 0.2%, Doorman One-Bedroom 2.0%, Doorman Two-Bedroom 2.0%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year-Over-Year Changes

Manhattan Non-Doorman Rents: February 2014 vs. February 2015
  February '14 February '15 Change
Studios $2,424 $2,455 1.3%
One Bedroom $3,128 $3,193 2.1%
Two Bedroom $4,189 $4,395 4.9%
Manhattan Doorman Rents: February 2014 vs. February 2015
  February '14 February '15 Change
Studios $2,888 $3,041 5.3%
One-bedrooms $3,953 $4,103 3.8%
Two-bedrooms $5,910 $6,978 1.1%

• Average neighborhood rents increased 1.0% since January 2015.
• Year-over-year growth for neighborhood rents was 6.5% since February 2014. Inventory in the neighborhood decreased 6.0% since January 2015.

battery park city studio apartment price trends battery park one bedroom prices battery park city two bedroom apartment price trends

• Average neighborhood rents increased 1.9% since last month.
• Year-over-year growth for neighborhood rents was 2.9%.

chelsea studio apartment price trends chelsea one bedroom apartment price trends chelsea two bedroom apartment price trends

• Rents in the neighborhood increased 1.3% since last month, and have increased 4.2% since February 2014.
• Two bedroom doorman unit rents increased by 17.6% year-over-year since February 2014.

east village studio apartment price trends east village one bedroom apartment prices east village two bedroom apartment price trends

• Average rents in the neighborhood fell by 3.8% in February compared to last month; however, average rents are up 7.4% over February 2014.
• Rental prices for studio non doorman units dropped 20.5% over the past month.

financial district nyc studio apartment prices financial district one bedroom apartments financial district two bedroom apartment price trends

• Average rents in the neighborhood have increased by 3.0% since January 2015, and by 4.7% over the last 12 months.
• Most of the growth occurred in two bedroom units; rents for two bedrooms units grew by 6% overall since last month, and rents for two bedroom non doorman units increase of 12.5% since January 2015.

gramercy studio apartment trends gramercy one bedroom apartment price trends gramercy two bedroom apartment price trends

• Average rents in the neighborhood decreased on both a month-over-month and year-over-year basis, at 2.1% and, 3.0% respectively.
• The neighborhood saw a 18.8% growth in inventory.

greenwich village studio apartment prices greenwich village one bedroom apartment prices greenwich village two bedroom apartment prices

• Average rents in the neighborhood decreased by 2.5% since January 2015.
• Two bedroom doorman unit rents decreased by 11.7% since last month.

harlem studio apartment price trends harlem one bedroom prices harlem two bedroom apartment price trends

• Average rents in the neighborhood decreased by 9.6% since last month.
• Two bedroom doorman unit rental prices declined 27.2% in the last month. This abnormal price movement resulted from a few units ranging from $3,000 to $3,650/month entering the market.

lower east side studio apartment prices lower east side one bedroom apartment price trends lower east side two bedroom apartment price trends

• Overall, rents in the neighborhood are up 1.2% in the last 12 months.
• The neighborhood saw a 14.1% increase in inventory since last month.

midtown east studio apartment price trends midtown east one bedroom price trends midtown east two bedroom price trends

• Average rents in the neighborhood remained steady, with a 0% change since last month, and 1.8% increase in the last 12 months.

midtown west studio apartment price trends midtown west one bedroom price trends midtown west two bedroom apartment price trends

• Average rents in the neighborhood decreased by 1.6% since last month.
• Studio doorman unit rental prices decreased by 15.3% since January 2015.

murray hill studio apartment price trends murray hill one bedroom apartment price trends murray hill two bedroom apartment price trends

• Average rents in the neighborhood decreased by .2% since last month; howver, rents are up 6.0% over the last 12 months.
• Studio non-doorman unit rental prices declined by 14.6%, resulting from two luxury listings leaving the market.

soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• Inventory in the neighborhood fell by 13.6% since January 2015.
• One bedroom non doorman unit rental prices increased by 15.2%.
• Studio doorman unit rents decreased by 8.7%.

tribeca studio apartment prices tribeca one bedroom apartment price trends tribeca two bedroom apartment prices

• Prices remained steady, with average rents in the neighborhood falling by only 0.2%.
• The neighborhood saw a 12.7% increase in inventory.

upper east side studio apartment price trends upper east side one bedroom price trends upper east side two bedroom price trends

• Average rents in the neighborhood fell by 0.1% and by 0.4% on a month-over-month and year-over-year basis, respectively.

upper west side studio apartment price trends upper west side one bedroom price trends upper west side two bedroom price trends

The Report Explained

The The Manhattan Rental Market Report™ compares fluctuation in the city’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the NYC apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Manhattan.

The Manhattan Rental Market Report™ is based on data cross-sectioned from over 10,000 currently available listings located below 155th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus).

Author:

MNS has been helping Manhattan and Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.

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Note: All market data is collected and compiled by MNS's marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.

If you would like to republish this report on the web, please be sure to source it as the -Brooklyn Rental Market Report- with a link back to its original location (http://www.mns.com/manhattan_rental_market_report)

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