REPORTS

GUIDES

MANHATTAN
RENTAL MARKET REPORT

October 2014

Introduction

Average rents dropped compared to this time last year, decreasing 3.6% from $3,905 in October 2013 to $3,763 in October 2014.

A Quick Look

Rent prices in Manhattan increased by approximately 0.21% from $3,755 in September 2014 to $3,763 in October 2014. Rent Prices decreased 3.6% from $3,905 to $3,763 compared to October 2013. Listing inventory decreased 8% compared to September 2014 from 8,642 units to 7,976 units. The ratio of Non-Doorman units to Doorman units in all of Manhattan changed from 47.3% (NDM) and 52.7% (DM) in September 2014 to 44.7% (NDM) and 55.3% (DM) in October 2014.

The market appears to have picked up slightly compared to September 2014. The largest percentage increases in rent prices (among material sample sizes) were seen in Two Bedroom Doorman units in Gramercy and Two Bedroom Non-Doorman units in Greenwich Village. The largest percentage decreases were seen in Studio Non-Doorman units in Midtown East and One Bedroom Doorman units in SoHo. It should be noted that the sample set for TriBeCa Studio Non-Doorman, TriBeCa One Bedroom Non-Doorman, SoHo Studio Doorman, and SoHo Two Bedroom Doorman units were each less than 8 units, a relatively low sample size.

The largest annual shift in rent prices were seen in the Lower East Side and Midtown East. Rents increased 4.1% in the Lower East Side compared to October 2013 from $3,343 to $3,479. Rents decreased by 9.4% in Midtown East from $3,765 to $3,410.

The largest rate of increase in listing inventory was in Chelsea where 40 new units came to the market, a 7.2% increase in inventory from last month. The greatest rate of decrease in listing inventory was in the East Village where 113 units came off the market, an 18.6% decrease from last month.

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman One-Bedroom -2.6%
Chelsea
Non-Doorman Studios -4.1%, Non-Doorman One-Bedroom -4.3%, Non-Doorman Two-Bedroom -4.0%, Doorman Two-Bedroom -0.3%
East Village
Doorman One-Bedroom -2.9%, Doorman Two-Bedroom -2.0%
Financial District
Non-Doorman Studios -5.7%, Doorman Studios -1.2%, Doorman One-Bedroom -2.0%, Doorman Two-Bedroom -1.4%
Gramercy
Non-Doorman Studios -1.0%, Non-Doorman One-Bedroom -2.0%, Doorman One-Bedroom -1.3%
Greenwich Village
Non-Doorman Studios -1.2%, Non-Doorman One-Bedroom -2.9%, Doorman One-Bedroom -2.3%, Doorman Two-Bedroom -9.3% Harlem
Doorman Two-Bedroom -4.0%
Lower East Side
Non-Doorman Studios -0.2%, Doorman Studios -3.2%, Non-Doorman One-Bedroom -4.0%, Non-Doorman Two-Bedroom -3.2%
Midtown East
Non-Doorman Studios -20.6%, Non-Doorman One-Bedroom -7.4%, Doorman One-Bedroom -0.1%, Non-Doorman Two-Bedroom -12.9%, Doorman Two-Bedroom -1.5%
Midtown West
Non-Doorman Studios -3.6%, Doorman Studios -0.3%, Non-Doorman One-Bedroom -3.5%, Doorman One-Bedroom -0.3%
Murray Hill
Non-Doorman Studios -6.9%, Doorman Studios -1.9%, Non-Doorman One-Bedroom -4.0%, Doorman One-Bedroom -0.7%, Non-Doorman Two-Bedroom -13.7%
SoHo
Non-Doorman Studios -0.1%, Doorman Studios -8.1%, Doorman One-Bedroom -19.1%
Tribeca
Doorman One-Bedroom -3.5%
Upper East Side
Non-Doorman Studios -6.6%, Doorman Studios -3.3%, Non-Doorman Two-Bedroom -0.9%, Doorman Two-Bedroom -0.1%
Upper West Side
Non-Doorman Studios -1.6%, Doorman One-Bedroom -1.5%, Non-Doorman Two-Bedroom -0.7%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 2.8%, Doorman Two-Bedroom 0.7%
Chelsea
Doorman Studios 0.7%, Doorman One-Bedroom 1.2%
East Village
Non-Doorman Studios 2.4%, Doorman Studios 6.3%, Non-Doorman One-Bedroom 0.5%, Non-Doorman Two-Bedroom 3.5%
Financial District
Non-Doorman One-Bedroom 5.6%, Non-Doorman Two-Bedroom 9.0%
Gramercy
Doorman Studios 0.1%, Non-Doorman Two-Bedroom 0.2%, Doorman Two-Bedroom 17.33%
Greenwich Village
Doorman Studios 1.9%, Non-Doorman Two-Bedroom 11.8%
Harlem
Non-Doorman Studios 7.9%, Doorman Studios 7.3%, Non-Doorman One-Bedroom 2.5%, Doorman One-Bedroom 5.6%, Non-Doorman Two-Bedroom 3.6%
Lower East Side
Doorman One-Bedroom 0.9%, Doorman Two-Bedroom 7.7%
Midtown East
Doorman Studios 0.1%
Midtown West
Non-Doorman Two-Bedroom 1.7%, Doorman Two-Bedroom 2.0%
Murray Hill
Doorman Two-Bedroom 1.0%
SoHo
Non-Doorman One-Bedroom 3.1%, Non-Doorman Two-Bedroom 1.4%, Doorman Two-Bedroom 25.9%
Tribeca
Non-Doorman Studios 1.2%, Doorman Studios 2.6%, Non-Doorman One-Bedroom 23.1%, Non-Doorman Two-Bedroom 4.2%, Doorman Two-Bedroom 1.0%
Upper East Side
Non-Doorman One-Bedroom 0.8%, Doorman One-Bedroom 0.2%
Upper West Side
Doorman Studios 4.1%, Non-Doorman One-Bedroom 3.9%
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: October 2013 vs. October 2014
  October '13 October '14 Change
Studios $2,571 $2,277 -11.4%
One Bedroom $3,322 $3,026 -8.9%
Two Bedroom $4,301 $4,157 -3.4%
Manhattan Doorman Rents: October 2013 vs. October 2014
  October '13 October '14 Change
Studios $2,849 $2,946 3.4%
One-bedrooms $4,050 $4,043 -0.2%
Two-bedrooms $6,162 $5,900 -4.2%

• Overall average monthly and yearly rents experienced minimal increases at 0.2% and 0.5% respectively.

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

• All Non-Doorman unit types fell by at least 4.0% leading to an overall monthly decrease of 1.5%.

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

• Despite the notable 6.3% increase in Studio Doorman units monthly overall average rents increased by only 0.7%. at a 0.01% decrease.

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

• As unit types all increased and decreased by similar amounts this neighborhood saw virtually no change in yearly overall average rents at a 0.2% decrease.

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

• Triggered by a significant 17.3% increase in Two Bedroom Doorman units this neighborhood accounted for the greatest increase (among material sample sizes) in overall average rents in Manhattan this month at 3.7%. The increase was due to several brand new high-end units at 160 East 22nd Street entering the market.

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

• In general, this neighborhood experienced a downward trend among unit types resulting in a 1.0% decrease in monthly overall rents.

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

• All unit types, with the exception of Two Bedroom Doorman units, increased by at least 2.5% spurring a 3.0% increase in both monthly and yearly overall average rent prices.

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

• While monthly prices remained relatively stable by rising only 0.3%, yearly average rents increased by 4.1%.

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

• With Studio Non-Doorman units falling by 20.6%, the greatest among unit types, this neighborhood accounts for the greatest monthly decrease in Manhattan at 6.2%. This is the result of several higher priced units at 305 East 44th Street no longer a part of the sample set.

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

• Overall monthly average rent prices decreased a negligible 0.1% with no significant trend among unit types.

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

• This neighborhood saw a significant yearly drop in overall rents at 9.2% as all unit types, with the exception of Two Bedroom Doorman units, decreased in price.

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

• Drastic unit type fluctuations resulted in a 9.2% yearly decrease in prices, however it should be noted that the Studio Doorman and Two Bedroom Doorman sample size is comprised of only 2 units and 7 units respectively.

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

• Although nearly all unit types increased by at least 1.0%, the lack of a material sample size for Studio and One Bedroom Non- Doorman units renders a misleading overall monthly average increase of 4.4%.

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

• Led by a 6.6% decrease in Studio Non-Doorman units, overall monthly average rents fell by 1.1%.

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

• This neighborhood remained stable this month increasing by a steady 1.6%.

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.

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)

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