MANHATTAN
RENTAL MARKET REPORT

MARCH 2019

Introduction

Over the last month, the average rent in Manhattan increased by 0.31%, from $3,950.62 to $3,962.86.

A Quick Look

Through March, the average rental price in Manhattan increased by 0.31%, from $3,950.62 to $3,962.86. Thanks to some neighborhoods posting higher-than-normal growth within studio pricing, the average rental price for a non-doorman studio unit increased by 4.61%, from $2,557 to $2,675. The average rental price for a non-doorman one-bedroom unit increased by 0.76%, from $3,161 to $3,185. The average rental price for a non-doorman two-bedroom unit decreased by 1.20%, from $4,174 to $4,124. The average rental price for a doorman studio unit decreased by 0.27%, from $3,139 to $3,131. The average rental price for a doorman one-bedroom unit increased by 1.80%, from $4,193 to $4,268. The average price for a doorman two-bedroom unit decreased by 1.46%, from $6,195 to $6,104. This past month, non-doorman units represented 47.2% of the rental market, while doorman units comprised the remaining 52.8%.

Year-over-year, the average rental prices for non-doorman and doorman studio units increased by 3.45% and 0.66%, respectively. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 0.25%, while doorman one-bedroom units saw their average rental price increase 3.30%. The average rental price for a non-doorman two-bedroom unit fell by 3.05% from last year, while the average doorman two-bedroom rental price fell by 2.02%. Overall, the average rental price for a unit in Manhattan is up 0.17% from this time last year.

manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

• This past month, the average rental price in Battery Park City increased by 1.15%.

battery park city apartment price trends

• Over the last month, the average rental price for a non-doorman unit in Chelsea increased by 1.47%.
• Driven by the addition of units to the market from newer developments in Hudson Yards, the average rental price for a doorman unit in Chelsea increased by 3.11%.

chelsea apartment

• During March, the average rental price for a non-doorman unit in the East Village increased by 1.94%.
• Continuing the momentum from last month’s price increase, the average rental price for a doorman unit in the East Village increased by 3.62% during March.

east village apartment

• This past month, the average rental price for a non-doorman unit in the Financial District increased by 3.55%. The majority of this growth came from the 15.73% price increase seen in non-doorman studio pricing, which was a direct result of low inventory numbers.
• Remaining relatively stable, the average rental price for a non-doorman unit in the Financial District increased by just 0.30% during March.

financial district apartment

• Following last month’s increase, the average rental price for a non-doorman unit in Gramercy Park experienced a correction of 5.28% during March.
• Over the last month, the average rental price for a doorman unit in Gramercy Park increased by 0.57%.

gramercy apartment

• The average rental price for a non-doorman unit in Greenwich Village fell by 0.17% over the last month.
• Following an increase last month, the average rental price for a doorman unit in Greenwich Village fell by 0.62% during March.

greenwich village studio apartment prices

• After a slight correction last month, the average rental price for a non-doorman unit increased by 1.37% during March.
• The average rental price for a doorman unit in Harlem remained stable during March, falling by just 0.33%.

harlem apartment price trends

• Over the last month, the average rental price for a non-doorman unit in the Lower East Side increased by 0.50%.
• The average rental price for a doorman unit in the Lower East Side increased by 1.15% during March.

lower east side apartment

• Through March, the average rental price for a non-doorman unit in Midtown East increased by 1.96%.
• Over the last month, the average rental price for a doorman unit in Midtown East increased by 0.91%.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West increased by 0.87%.
• In line with typical rental market seasonality, the average rental price for a non-doorman unit increased by 1.09%.

midtown west apartment price trends

• Carrying over some momentum from last month, the average rental price for a non-doorman unit decreased by 0.24% during March.
• Following last month’s increase, the average rental price for a doorman unit in Murray Hill experienced a correction of 0.30% during March.

murray hill apartment price trends

• The average rental price for a non-doorman unit in SoHo experienced a correction of 2.60% during March.
• Due to a limited amount of inventory, which can lead to large price swings, the average rental price for a doorman unit in SoHo fell by 9.94%.

soho apartment prices

• Through March, the average rental price for a non-doorman unit in TriBeCa increased by 5.58%.
• Over the last month, the average rental price for a doorman unit in TriBeCa fell by 0.61%.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side increased by 1.10% during March.
• Through March, the average rental price for a doorman unit remained stable, falling by just 0.03%.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 0.66%.
• Over the last month, the average rental price for a doorman unit in the Upper West Side increased by 1.30%.

upper west side apartment price trends

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 crosssectioned from over 10,000 currently available listings located below 135th 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 specifi c mid-month point to record current rental rates off ered 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 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: 718.222.0211

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 “Manhattan Rental Market Report” with a link back to its original location (http://www.mns.com/manhattan_rental_market_report)

Manhattan rental
market report archive

Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

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  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

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  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.