MANHATTAN RENTAL MARKET REPORT
MANHATTAN RENTAL MARKET REPORT ARCHIVE
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introduction
THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.
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CHANGE
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$4,662JANUARY 2024
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$4,713FEBRUARY 2024
A QUICK LOOK
Over the last month, the average rental price in Manhattan increased by 1.09%, from $4,662 to $4,713. The average rental price for a non-dorman studio unit increased by 0.02%, from $2,906 to $2,907. The average rental price for a non-doorman one-bedroom unit decreased by 0.27%, from $3,460 to $3,451. The average rental price for a non-doorman two-bedroom unit increased by 2.97%, from $4,623 to $4,761. The average rental price for a doorman studio unit increased by 0.26%, from $3,813 to $3,823. The average rental price for a one-bedroom doorman unit increased by 0.09%, from $5,262 to $5,267. The average rental price for a doorman two-bedroom unit increased by 0.57%, from $7,167 to $7,208.
Year-over-year, the average rental price for a non-doorman studio decreased by 0.39%, while the average rental price for a doorman studio increased by 3.13%. The average rental price for a non-doorman one-bedroom unit decreased by 9.29%, while doorman one-bedroom units saw their average rental price increase by 3.33%. The average rental price for a non-doorman two-bedroom unit decreased by 2.89%, and the average rental price for doorman two-bedroom units decreased by 1.29%. Overall, the average rental price in Manhattan decreased by 0.30% from this time last year.
NOTABLE TRENDS
TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
---|---|---|
Non-doorman studios | TriBeCa $4,800 | Harlem $2,173 |
Non-doorman one bedrooms | Greenwich Village $4,560 | Harlem $2,505 |
Non-doorman two bedrooms | TriBeCa $8,239 | Harlem $3,004 |
TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
---|---|---|
Doorman studios | SoHo $5,317 | Harlem $2,861 |
Doorman one bedrooms | SoHo $7,658 | Harlem $3,702 |
Doorman two bedrooms | SoHo $10,000 | Harlem $4,693 |
WHERE PRICES DECREASED
BATTERY PARK CITY
Doorman Studios -4.0%
Doorman Two-Bedroom -3.2%
CHELSEA
Non-Doorman Studios -0.2%
EAST VILLAGE
Doorman Studios -0.5%
Doorman One-Bedroom -4.4%
Doorman Two-Bedroom -6.9%
FINANCIAL DISTRICT
Non-Doorman One-Bedroom -6.0%
Doorman Studios -0.8%
Doorman One-Bedroom -4.7%
Doorman Two-Bedroom -2.2%
GRAMERCY
Non-Doorman One-Bedroom -4.5%
Non-Doorman Two-Bedroom -1.1%
Doorman One-Bedroom -1.2%
Doorman Two-Bedroom -3.3%
GREENWICH VILLAGE
Non-Doorman Studios -3.3%
Non-Doorman One-Bedroom -2.6%
Doorman Studios -2.7%
Doorman One-Bedroom -5.4%
HARLEM
Doorman Studios -4.6%
LOWER EAST SIDE
Non-Doorman Studios -4.5%
Non-Doorman One-Bedroom -1.7%
Doorman One-Bedroom -1.0%
Doorman Two-Bedroom -1.8%
MIDTOWN EAST
Non-Doorman Studios -0.5%
MIDTOWN WEST
Non-Doorman One-Bedroom -1.4%
Doorman One-Bedroom -0.1%
MURRAY HILL
Non-Doorman Studios -5.0%
Non-Doorman Two-Bedroom -2.8%
Doorman Two-Bedroom -4.6%
SOHO
Non-Doorman One-Bedroom -0.8%
Non-Doorman Two-Bedroom -1.8%
Doorman One-Bedroom -3.7%
Doorman Two-Bedroom -4.5%
TRIBECA
Non-Doorman Studios -4.0%
Doorman Studios -2.9%
UPPER EAST SIDE
Non-Doorman One-Bedroom -0.4%
Non-Doorman Two-Bedroom -0.7%
UPPER WEST SIDE
Non-Doorman Studios -3.4%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman One-Bedroom 2.9%
CHELSEA
Non-Doorman One-Bedroom 2.0%
Non-Doorman Two-Bedroom 9.2%
Doorman Studios 1.9%
Doorman One-Bedroom 3.9%
Doorman Two-Bedroom 4.5%
EAST VILLAGE
Non-Doorman Studios 8.2%
Non-Doorman One-Bedroom 1.4%
Non-Doorman Two-Bedroom 4.3%
FINANCIAL DISTRICT
Non-Doorman Studios -
Non-Doorman Two-Bedroom 0.8%
GRAMERCY
Non-Doorman Studios 3.0%
Doorman Studios 0.6%
GREENWICH VILLAGE
Non-Doorman Two-Bedroom 7.7%
Doorman Two-Bedroom 0.2%
HARLEM
Non-Doorman Studios 0.4%
Non-Doorman One-Bedroom 0.0%
Non-Doorman Two-Bedroom 0.5%
Doorman One-Bedroom 4.3%
Doorman Two-Bedroom 4.1%
LOWER EAST SIDE
Non-Doorman Two-Bedroom 5.5%
Doorman Studios 0.7%
MIDTOWN EAST
Non-Doorman One-Bedroom 2.7%
Non-Doorman Two-Bedroom 4.5%
Doorman Studios 3.6%
Doorman One-Bedroom 1.3%
Doorman Two-Bedroom 2.1%
MIDTOWN WEST
Non-Doorman Studios 6.0%
Non-Doorman Two-Bedroom 2.8%
Doorman Studios 0.9%
Doorman Two-Bedroom 5.9%
MURRAY HILL
Non-Doorman One-Bedroom 2.3%
Doorman Studios 3.7%
Doorman One-Bedroom 2.5%
SOHO
Non-Doorman Studios 1.1%
Non-Doorman One-Bedroom 5.9%
Non-Doorman Two-Bedroom 4.2%
Doorman Studio 4.2%
Doorman One-Bedroom 1.2%
Doorman Two-Bedroom 8.7%
TRIBECA
Non-Doorman One-Bedroom -
Non-Doorman Two-Bedroom 2.2%
Doorman One-Bedroom 2.6%
Doorman Two-Bedroom 0.2%
UPPER EAST SIDE
Non-Doorman Studios 1.3%
Doorman Studios 1.1%
Doorman One-Bedroom 2.0%
Doorman Two-Bedroom 1.3%
UPPER WEST SIDE
Non-Doorman One-Bedroom 0.3%
Non-Doorman Two-Bedroom 3.3%
Doorman Studios 2.6%
Doorman One-Bedroom 0.1%
Doorman Two-Bedroom 2.5%
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
MANHATTAN RENTS: FEBRUARY 2023 VS. FEBRUARY 2024
TYPE | FEBRUARY 2023 | FEBRUARY 2024 | CHANGE |
---|---|---|---|
Non-doorman studios | $2,918 | $2,907 | 0.39% |
Non-doorman one bedrooms | $3,804 | $3,451 | 9.29% |
Non-doorman two bedrooms | $4,902 | $4,761 | 2.89% |
TYPE | FEBRUARY 2023 | FEBRUARY 2024 | CHANGE |
---|---|---|---|
Doorman studios | $3,707 | $3,823 | 3.13% |
Doorman one bedrooms | $5,097 | $5,267 | 3.33% |
Doorman two bedrooms | $7,302 | $7,208 | 1.29% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY DECREASED BY JUST 1.63%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 3.71%, AND NON-DOORMAN RENTS INCREASED BY 4.57%.
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS DECREASED THIS PAST MONTH BY 4.55%, WHILE NON-DOORMAN RENTS INCREASED BY 4.36%.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL DOORMAN PRICE DECREASED THIS PAST MONTH BY 2.70%, AND NON-DOORMAN RENTS DECREASED BY 2.06%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 1.66%, AND NON-DOORMAN RENTS DECREASED BY 1.02%.
GREENWICH VILLAGE PRICE TRENDS
NON-DOORMAN RENTS DECREASED BY 2.29% THIS PAST MONTH, WHILE DOORMAN RENTS INCREASED BY 1.49%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN RENTS INCREASED BY 1.78%, AND DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.30%.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.96% SINCE LAST MONTH, WHILE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.42%.
MIDTOWN EAST PRICE TRENDS
FOR THE MONTH OF FEBRUARY, DOORMAN RENTS INCREASED BY 2.17%, AND NON-DOORMAN RENTS INCREASED BY 2.59%.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS INCREASED BY 2.73%, AND NON-DOORMAN RENTS INCREASED BY 2.26%.
MURRAY HILL PRICE TRENDS
FOR THE MONTH OF FEBRUARY, AVERAGE RENTAL PRICES FOR DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.52%, AND NON-DOORMAN RENTS DECREASED BY 1.81%.
SOHO PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 5.30%, AND NON-DOORMAN RENTS INCREASED BY 3.90%.
TRIBECA PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT SLIGHTLY INCREASED BY JUST 0.31%, WHILE NON-DOORMAN RENTS DECREASED BY 1.28%.
UPPER EAST SIDE PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 1.49%, WHILE NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.07%.
UPPER WEST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE INCREASED BY 1.77%, AND NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.55%.
THE REPORT EXPLAINED
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 125th 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 & 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.
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