Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

May 2015

Introduction

Average rent across Manhattan decreased by 0.37% compared to this time last year, from $3,939 in April 2015 to $ 3,924 in May 2015.

A Quick Look

Rent Prices in Manhattan decreased insignificantly by 0.37% from $3,939 in April 2015 to $3,924 in May 2015, with listing inventory decreasing slightly at 0.38% from 8,077rental units in April to 8,046 rental units in May. The ratio of non- doorman units to doorman units in all of Manhattan changed from 41.4% (NDM) and 58.6% (DM) in April 2015 to 42.7% (NDM) and 57.3% (DM) in May 2015.
The largest monthly percentage increases in rent prices were seen in one bedroom units in the Lower East Side and two bedroom doorman units in Soho. The largest percentage decreases were seen in non-doorman studios in Financial District, doorman studio in Harlem and Soho, one bedroom non-doorman units in TriBeCa, one bedroom doorman units in East Village, and two bedroom doorman units in Soho. It should be noted that the following neighborhoods have a sample size of less than 15 units at the time the sample was taken: Studio – FIDI (NDM), Lower East Side (DM), Soho (DM), TriBeCa (NDM); One Bedroom – FIDI (NDM), Soho (DM), TriBeCa (NDM), Two Bedroom – FIDI (NDM), Soho (DM).
The largest annual shifts in rent prices were seen in the Harlem and TriBeCa. Rent increased by 9.7% in Harlem, from $2,442 in May 2014 to $2,680 in May 2015. Rent declined by 8.0% in TriBeCa from $5,582 in May 2014 to $5,137 in May 2015.
The largest inventory swings since previous month were seen in East Village, Midtown West, Gramercy and TriBeca. East village experienced a 16.3% increase in inventory as Midtown West inventory dropped by 11.5%.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Two-Bedroom -2.0%
Chelsea
Non-Doorman One-Bedroom -1.5%
East Village
Doorman Studios -2.0% Non-Doorman Studios -0.9% Doorman One-Bedroom -8.6%
Financial District
Non-Doorman Studios -18.7% Non-Doorman Two-Bedroom -4.5% Doorman Two-Bedroom -1.5%
Gramercy
Doorman Studios -0.9% Doorman One-Bedroom -0.5% Non-Doorman One-Bedroom -0.2% Doorman Two-Bedroom -1.39%
Greenwich Village
Non-Doorman Studios -2.6% Non-Doorman One-Bedroom -6.6% Doorman One-Bedroom -1.9% Non-Doorman Two-Bedroom -5.5%
Harlem
Doorman Studios -13.4% Non-Doorman Studios -7.3% Non-Doorman Two-Bedroom -0.4% Doorman Two-Bedroom -4.6%
Lower East Side
Non-Doorman Studios -0.3% Doorman Studios -2.1% Non-Doorman Two-Bedroom -0.8%
Midtown East
Non-Doorman Studios -6.4% Non-Doorman One-Bedroom -1.2% Non-Doorman Two-Bedroom -5.7%
Midtown West
Non-Doorman Studios -5.1% Doorman Two-Bedroom -0.8%
Murray Hill
Doorman Studios -2.1% Non-Doorman Studios -3.9% Non-Doorman One-Bedroom -4.0%
SoHo
Doorman Studios -24.5% Non-Doorman Studios -1.2% Non-Doorman One-Bedroom -0.5% Non-Doorman Two-Bedroom -2.3%
Tribeca
Doorman One-Bedroom -5.7% Non-Doorman One-Bedroom -10.5% Doorman Two-Bedroom -4.9%
Upper East Side
Non-Doorman Two-Bedroom -2.6%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 1.2% Doorman One-Bedroom 3.2%
Chelsea
Non-Doorman Studios 2.6% Doorman Studios 0.9% Doorman One-Bedroom 1.4% Doorman Two-Bedroom 1.1% Non-Doorman Two-Bedroom 5.5%
East Village
Non-Doorman One-Bedroom 3.3% Doorman Two-Bedroom 6.4% Non-Doorman Two-Bedroom 0.3%
Financial District
Doorman Studios 0.6% Doorman One-Bedroom 3.1% Non-Doorman One-Bedroom 0.6%
Gramercy
Non-Doorman Studios 1.6% Non-Doorman Two-Bedroom 2.1%
Greenwich Village
Doorman Studios 3.6% Doorman Two-Bedroom 1.5%
Harlem
Non-Doorman One-Bedroom 0.6% Doorman One-Bedroom 4.1%
Lower East Side
Doorman One-Bedroom 7.5% Non-Doorman One-Bedroom 4.6% Doorman Two-Bedroom 2.2%
Midtown East
Doorman Studios 1.3% Doorman One-Bedroom 2.8% Doorman Two-Bedroom 5.7%
Midtown West
Doorman Studios 0.6% Doorman One-Bedroom 0.8% Non-Doorman One-Bedroom 2.9% Non-Doorman Two-Bedroom 0.2%
Murray Hill
Doorman One-Bedroom 3.6% Non-Doorman Two-Bedroom 0.0% Doorman Two-Bedroom 5.9%
SoHo
Doorman One-Bedroom 0.2% Doorman Two-Bedroom 12.1%
Tribeca
Non-Doorman Studios 3.1% Doorman Studios 3.2% Non-Doorman Two-Bedroom 1.6%
Upper East Side
Doorman Studios 4.5% Non-Doorman Studios 0.8% Doorman One-Bedroom 2.6% Non-Doorman One-Bedroom 0.3% Doorman Two-Bedroom 1.5%
Upper West Side
Doorman Studios 2.7% Non-Doorman Studios 0.9% Doorman One-Bedroom 3.0% Non-Doorman One-Bedroom 4.0% Doorman Two-Bedroom 3.3% Non-Doorman Two-Bedroom 3.8%
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: May 2014 vs. May 2015
Type May '14 May '15 Change
Non-Doorman Studios $2,549 $2,385 -6.4%
Non-Doorman One Bedrooms $3,187 $3,041 -4.6%
Non-Doorman Two Bedrooms $4,272 $4,241 -0.7%
Manhattan Doorman Rents: May 2014 vs. May 2015
Type May '14 May '15 Change
Doorman Studios $2,856 $3,074 7.6%
Doorman One Bedrooms $4,060 $4,259 4.9%
Doorman Two Bedrooms $6,060 $6,293 3.8%

• Both monthly average and annual changes increased by 0.2% and 5.6% respectively.
• The average rent for studio doorman and one bedroom doorman units increased by 1.2% and 3.2%, while the average rent for two bedroom doorman units slightly decreased by 2%.

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

• Two bedroom non-doorman units increased substantially by 5.5%. Both monthly average and annual changes increased by 1.8% and by 1.2%.

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

• One bedroom doorman units rent decreased significantly by 8.6% as two bedroom doorman units rent increased by 6.4%.
• The inventory increased 16.3% since previous month in East Village.
• The annual changes grew by 5.5%

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

• A staggering decrease of 18.7% in studio non-doorman unit average rent led to a decrease of 3.2% in monthly average; however, the annual changes still increased by 6.4%.

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

•The annual changes increased by 5.3%.
• Two bedroom doorman and non-doorman unit rents grew significantly since May 2014 by 8.0% and 22.7% respectively.

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

• Two bedroom non-doorman units experienced decreases of 5.5%.
• The average monthly decreased by only 1.8% as the annual changes increased by 0.3% in annual changes.

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

•Both non-doorman unit rental averages and doorman studio unit rental averages decreased by 7.3% and 13.4% since previous month.
• The monthly average for the neighborhood fell by 3.2% since previous month; however, the annual changes still grew by 9.7%.

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

• Both one bedroom non-doorman unit and doorman unit rental averages experienced increases of 4.6% and 7.5% respectively since last month. The monthly average rent increased by 2.0% since last month.

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

• Studio non-doorman unit rental averages and two bedroom non-doorman unit rental averages fell by 6.4% and 5.7%.

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

• Although the monthly average only increased by 0.2%, the annual changes decreased by 2.9%.

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

• Two bedroom doorman unit rental averages increased 5.9% since previous month as studio non-doorman units and one bedroom units decreased by 3.9% and 4.0%.

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

• Studio doorman unit rental averages decreased by a staggering 24.5% , while two bedroom doorman unit average rent increased by 12.1% since April 2015.
• The monthly changes decreased by 2.1%; however, the annual changes grew by 5.7%. soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• One bedroom non-doorman units fell noticeably by 10.5% since previous month.
• Both monthly average and annual changes decreased by 2.6% and 8.0% respectively

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

• Both monthly and annual rent prices remained stable with monthly prices and annual prices increasing slightly and insignificantly by 1.2% and by 1.1%.
• Studio doorman unit average rent fell down by 4.5% since previous month.

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

• Both monthly and annual rent prices remained stable with monthly prices and annual prices decreasing slightly and insignificantly by 2.0% and by 0.3%.
• All the unit types in this neighborhood experienced a slight positive growth as both monthly average and annual changes

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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