REPORTS
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MANHATTAN
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BROOKLYN
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QUEENS
BROCHURES
Introduction
Average rent across Manhattan remained stable this month, moving -0.26% from $4,057.67 in May 2016 to $4,047.04 in June 2016.
A Quick Look
Average rent across Manhattan remained stable this month, moving -0.26% from $4,057.67 in May 2016 to $4,047.04 in
June 2016. Inventory levels, however, increased by 7.0% from 9,746 in May 2016 to 10,433. The ratio of Non-Doorman units
to Doorman units in all of Manhattan changed from 42.7% (NDM) and 57.3% (DM) to 49.3% (NDM) and 50.7% (DM). From
an annual perspective, rents increased by 1.6% since June 2015, from $3,985 to $4,047
It is important to note that the following neighborhoods consisted of a sample size of less than 20 units at the time the
sample was taken: Studios – Battery Park City (DM), Financial District (NDM), Lower East Side (DM), SoHo (DM), TriBeCa
(NDM); One Bedrooms – SoHo (DM), TriBeCa (NDM); Two Bedrooms –Lower East Side (DM), SoHo (DM). Smaller sample
sizes often lead to heightened average price fluctuations.
Inventory in Manhattan is continuing to increase, with Battery Park City seeing the largest influx of apartments since last
month, with an increase of 27.9%. Midtown West, however, saw the largest decrease in units on the market, moving from
1,415 units in May to 1,085 in June. From a pricing perspective, most areas prices fluctuated between -2.2% and 3.5%,
with the exception of Harlem which decreased by 5.5%, the result of various doorman units exiting the market.
Since last year, while East Village, Midtown East, Midtown West and SoHo remained relatively unchanged, the other
neighborhoods saw moderate increases in average rents, up to 4.5% (aside from TriBeCa which increased by 7%). The
largest annual increase, after TriBeCa which consistently has rather small level of inventory on the market, was seen in
Greenwich Village at 4.5%, followed by Battery Park City at 3.7% and the Financial District at 3.4%.
A Quick Look
| Type | Most Expensive | Least Expensive |
|---|---|---|
| Non-Doorman Studios | TriBeCa $3,728 | Harlem $1,867 |
| Non-Doorman One Bedrooms | TriBeCa $5,956 | Harlem $2,345 |
| Non-Doorman Two Bedrooms | TriBeCa $7,991 | Harlem $2,837 |
| Type | Most Expensive | Least Expensive |
|---|---|---|
| Doorman Studios | SoHo $3,929 | Harlem $2,399 |
| Doorman One Bedrooms | SoHo $5,832 | Harlem $3,128 |
| Doorman Two Bedrooms | SoHo $8,335 | Harlem $4,058 |
Where Prices Decreased(monthly)
- Battery Park City
- Doorman Studios -4.2% Doorman One-Bedroom -2.6%
- Chelsea
- Doorman Two-Bedroom -4.6%
- East Village
- Non-Doorman Studios -1.4% Non-Doorman Two-Bedroom -0.3% Doorman One-Bedroom -4.3% Doorman Two-Bedroom -5.0%
- Financial District
- Non-Doorman Studios -0.4%
- Gramercy
- Doorman Two-Bedroom -3.1% Non-Doorman Two-Bedroom -6.9%
- Greenwich Village
- Doorman One-Bedroom -0.4% Doorman Two-Bedroom -5.6%
- Harlem
- Non-Doorman One-Bedroom -1.1% Non-Doorman Two-Bedroom -0.6% Doorman Studios -14.2% Doorman One-Bedroom -7.2% Doorman Two-Bedroom -5.5%
- Lower East Side
- Non-Doorman Studios -2.3% Non-Doorman Two-Bedroom -2.5% Doorman Studios -2.8% Doorman One-Bedroom -0.3% Doorman Two-Bedroom -4.3%
- Midtown East
- Doorman Studios -3.6% Doorman One-Bedroom -2.8% Doorman Two-Bedroom -2.6%
- Midtown West
- Doorman One-Bedroom -1.2% Doorman Two-Bedroom -3.5%
- Murray Hill
- Non-Doorman Studios -0.9% Doorman Studios -3.8% Doorman One-Bedroom -1.3% Doorman Two-Bedroom -0.3%
- SoHo
- Non-Doorman One-Bedroom -9.5% Doorman One-Bedroom -1.4% Doorman Two-Bedroom -3.9%
- Tribeca
- Non-Doorman Studios -0.5%
- Upper East Side
- Doorman Studios -0.4% Doorman One-Bedroom -1.6% Non-Doorman Two-Bedroom-0.6%
- Upper West Side
- Doorman Studios -2.7% Doorman Two-Bedroom -3.1%
Where Prices Increased(monthly)
- Battery Park City
- Doorman Two-Bedroom 0.8%
- Chelsea
- Non-Doorman Studios 3.6% Non-Doorman One-Bedroom 1.4% Non-Doorman Two-Bedroom 4.7% Doorman Studios 5.8% Doorman One-Bedroom 2.4%
- East Village
- Non-Doorman One-Bedroom 0.7% Doorman Studios 0.8%
- Financial District
- Non-Doorman One-Bedroom 2.8% Non-Doorman Two-Bedroom 1.6% Doorman Studios 0.2% Doorman One-Bedroom 3.9% Doorman Two-Bedroom 2.1%
- Gramercy
- Non-Doorman Studios 9.6% Doorman Studios -0.0% Doorman One-Bedroom 0.2% Non-Doorman Two-Bedroom 7.3%
- Greenwich Village
- Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 1.5% Non-Doorman Two-Bedroom 1.7% Doorman Studios 0.4%
- Harlem
- Non-Doorman Studios 2.1%
- Lower East Side
- Non-Doorman One-Bedroom 8.0%
- Midtown East
- Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 1.6% Non-Doorman Two-Bedroom 6.5%
- Midtown West
- Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 2.8% Doorman Studios 0.4% Non-Doorman Two-Bedroom 1.8%
- Murray Hill
- Non-Doorman One-Bedroom 1.4% Non-Doorman Two-Bedroom 0.5%
- SoHo
- Doorman Studios 1.4% Non-Doorman Studios 18.1% Doorman One-Bedroom 0.1%
- Tribeca
- Doorman Studios 2.2% Doorman One-Bedroom 2.6% Non-Doorman One-Bedroom 4.4% Doorman Two-Bedroom 3.2% Non-Doorman Two-Bedroom 6.3%
- Upper East Side
- Non-Doorman Studios 0.9% Non-Doorman One-Bedroom 1.5% Doorman Two-Bedroom 0.2%
Year Over Year Price Change
| Type | June 2015 | June 2016 | Change |
|---|---|---|---|
| Non-Doorman Studios | $2,437 | $2,527 | 3.7% |
| Non-Doorman One Bedrooms | $3,160 | $3,359 | 6.3% |
| Non-Doorman Two Bedrooms | $4,288 | $4,332 | 1.0% |
| Type | May 2015 | May 2016 | Change |
|---|---|---|---|
| Doorman Studios | $3,048 | $3,138 | 2.9% |
| Doorman One Bedrooms | $4,353 | $4,330 | 0.5% |
| Doorman Two Bedrooms | $6,375 | $6,339 | 0.6% |
• The monthly average rent decreased slightly by 1.3%, as the annual average rent increased by 3.7%.
• All unit classes increased this month between 1.4% and 5.8%, with the exception of Doorman Two-Bedroom Units which decreased by 4.6% as
higher priced units left the market.
• Overall, the average rent increased by 1.2% since last month.
• While One and Two Bedroom Doorman Units decreased by 4.3 and 5.0%, respectively this month, as higher priced units exited the
market and lower priced units entered, all other unit classes remained relatively unchanged.
• The Financial District saw movements between -0.4% and 3.9% this month, with an overall average increase of 1.9%.
• Since last year, average rents have increased by 3.4%.
• Non Doorman Studios and One Bedroom Units increased by 9.6% and 7.3%, respectively this month, as several units centered on Gramercy Park itself, entered the market.
• Average rents this month remained stable, moving by only -0.8%, while the annual average rent increased by 4.5%.
• The doorman sector took a hit this month, as all unit classes decreased corresponding to last month’s higher priced doorman units exiting the market. These decreases led the overall average rental decrease of 5.0%.
• The One Bedroom Non Doorman sector saw a substantial increase this month, at 8.0%, as a large sun-drenched loft apartment from 147 Bowery entered the market. All other unit classes saw decreased due to standard changes in inventory.
• Like Midtown East, Midtown West remained stable, moving by only -0.4% since last month.
• Average rent remained stable this month, with an overall movement of -0.6%.
• With Studio Doorman units increasing by 18.1% as several high end units entered the market, and One Bedroom Non Doorman units decreasing by 9.5%, the overall average rent balanced out with an average movement of -0.6%.
• TriBeCa saw a stable increase this month, at 3.5%, as the annual average rent increased by 7.0%.
• Although the monthly average rent remained stable at -0.1%, the annual average rent increased by 2.9%.
• Similar to the UES, the monthly average rent remained stable at -0.4%, as the annual average rent increased by 2.3%.
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.
CONTACT US NOW: 212.475.9000
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)
Tools
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