MANHATTAN
RENTAL MARKET REPORT

January 2018

Introduction

Over the last month, average rents in Manhattan decreased by 0.54%, from $3,915.31 to $3,894.34.

A Quick Look

During January, the average rental price in Manhattan fell by 0.54%, from $3,915.31 to $3,894.34. The average nondoorman studio rental price fell by 2.2%, from $2,501 to $2,445. The average rental price for a non-doorman onebedroom increased by 1.5%, from $3,153 to $3,199. The average rental price for a non-doorman two-bedroom fell by 0.8%, from $4,277 to $4,244. The average rental price for a doorman studio increased by 0.7%, from $3,059 to $3,079. The average rental price for a doorman one-bedroom fell by 0.9%, from $4,179 to $4,142. The average rental price for a doorman two-bedroom fell by 0.8%, from $6,061 to $6,014. During January, non-doorman units represented 44.9% of the rental market, while doorman units comprised the remaining 55.1%.
Comparing January 2017 to January 2018, non-doorman studio pricing fell by 2.7%, while doorman studios experienced a 4.2% increase. Non-doorman one-bedroom rental units saw their average price increase by 0.52% year-over-year, while, in the same period, doorman one-bedroom rentals had their average price fall by 3.0%. Both non-doorman and doorman two-bedroom rental units had their prices increase by 0.4% and 0.1%, respectively. Overall, the average price from a rental in Manhattan fell by 0.95% since last year.
Aside from traditionally low inventory markets like SoHo, large year-over-year changes were seen in the Lower East Side and Harlem which increased by 5.71% and 3.81% respectively, largely the result of an influx of new construction doorman inventory in both sub-markets.
As we continue to trudge through a slowdown in the rental market, prices can be expected to continue adjusting to the seasonal demand.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased (monthly)

Battery Park City
Doorman Studios -1.3% Doorman Two-Bedroom -5.2%
Chelsea
Doorman One-Bedroom -1.2% Doorman Two-Bedroom -1.2% Non-Doorman Studios -0.6% Non-Doorman Two-Bedroom -0.3%
East Village
Doorman Studios -3.5% Doorman Two-Bedroom -4.8% Non-Doorman One-Bedroom -0.5% Non-Doorman Two-Bedroom -0.7%
Financial District
Doorman Studios -0.3% Doorman Two-Bedroom -5.5% Non-Doorman Studios -8.1% Non-Doorman Two-Bedroom -1.7%
Gramercy
Doorman Studios -1.0% Non-Doorman Two-Bedroom -3.8%
Greenwich Village
Doorman One-Bedroom -4.4% Doorman Two-Bedroom -1.0% Non-Doorman Studios -0.1%
Harlem
Doorman Studios -2.8% Doorman One-Bedroom -8.3% Doorman Two-Bedroom -3.7% Non-Doorman Studios -2.2% Non-Doorman Two-Bedroom -1.9%
Lower East Side
Doorman One-Bedroom -0.5% Non-Doorman Studios -8.9% Non-Doorman One-Bedroom -0.5% Non-Doorman Two-Bedroom -5.6%
Midtown East
Doorman Studios -0.6% Doorman One-Bedroom -2.2% Doorman Two-Bedroom -0.1% Non-Doorman Studios -0.6% Non-Doorman Two-Bedroom -1.7%
Midtown West
Doorman Studios -0.9% Doorman One-Bedroom -0.5% Non-Doorman Studios -1.8% Non-Doorman One-Bedroom -0.4%
Murray Hill
Non-Doorman One-Bedroom -1.2% Non-Doorman Two-Bedroom -2.4%
SoHo
Doorman One-Bedroom -10.4% Doorman Two-Bedroom -5.6%
Tribeca
Doorman Studios -4.6% Non-Doorman Studios -13.4% Non-Doorman Two-Bedroom -0.7%
Upper East Side
Doorman Studios -0.7% Doorman One-Bedroom -0.8% Doorman Two-Bedroom -1.1% Non-Doorman One-Bedroom -0.6%
Upper West Side
Doorman Studios -1.5% Doorman One-Bedroom -1.1% Non-Doorman One-Bedroom -0.9% Non-Doorman Two-Bedroom -1.3%

Where Prices Increased (monthly)

Battery Park City
Doorman One-Bedroom 1.9%
Chelsea
Doorman Studios 2.7% Non-Doorman One-Bedroom 1.6%
East Village
Doorman One-Bedroom 11.6% Non-Doorman Studios 1.3%
Financial District
Doorman One-Bedroom 0.7% Non-Doorman One-Bedroom 3.8%
Gramercy
Doorman One-Bedroom 4.8% Doorman Two-Bedroom 2.0% Non-Doorman Studios 0.0% Non-Doorman One-Bedroom 6.2%
Greenwich Village
Doorman Studios 1.0% Non-Doorman One-Bedroom 2.3% Non-Doorman Two-Bedroom 1.7%
Harlem
Non-Doorman One-Bedroom 1.1%
Lower East Side
Doorman Studios 1.3% Doorman Two-Bedroom 3.3%
Midtown East
Non-Doorman One-Bedroom 3.2%
Midtown West
Doorman Two-Bedroom 0.5% Non-Doorman Two-Bedroom 0.2%
Murray Hill
Doorman Studios 0.0% Doorman One-Bedroom 0.4% Doorman Two-Bedroom 2.8% Non-Doorman Studios 1.0%
SoHo
Doorman Studios 18.5% Non-Doorman Studios 9.2% Non-Doorman One-Bedroom 3.2% Non-Doorman Two-Bedroom 4.4%
Tribeca
Doorman One-Bedroom 1.5% Doorman Two-Bedroom 10.5% Non-Doorman One-Bedroom 0.8%
Upper East Side
Non-Doorman Studios 0.6% Non-Doorman Two-Bedroom 0.1%
Upper West Side
Doorman Two-Bedroom 0.3% Non-Doorman Studios 0.4%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

Year Over Year Price Change

Manhattan Rents: January 2017 vs. January 2018
Type January 2017 January 2018 Change
Non-Doorman Studios $2,514 $2,445 -2.7%
Non-Doorman One Bedrooms $3,183 $3,199 0.5%
Non-Doorman Two Bedrooms $4,226 $4,244 0.4%
Type January 2017 January 2018 Change
Doorman Studios $2,955 $3,079 4.2%
Doorman One Bedrooms $4,269 $4,142 -3.0%
Doorman Two Bedrooms $6,007 $6,014 0.1%

• After a relatively stable December, the average rental price in Battery Park City fell by 2.37% over the month of January.

battery park city apartment price trends

• Following a slight correction in December, the average rental price for a non-doorman unit in Chelsea increased by 0.20% during January.
• Over the month of January, the average rental price for a doorman unit in Chelsea fell by 0.34%.

chelsea apartment

• Non-doorman rentals, once again, remained relatively stable. The average price fell by just 0.12% during January.
• Doorman rental units also remained stable month-over-month, increasing by just 0.40%. It is worth noting, however, that the average price for a one-bedroom doorman unit increased by a whopping 11.64%. This large increase is thanks, in large part, to an influx of over-sized units near Union Square that came onto the market in the past month.

east village apartment

• After a slight increase in December, the average price for a non-doorman rental unit in the Financial District fell by 1.94% during January. The majority of this drop can be attributed to the low-inventory, high-volatility nature of the non-doorman rental market in the Financial District.
• The average price for a doorman unit in the Financial District experienced a correction over January, falling by 2.20%.

financial district apartment

• After experiencing impressive growth over December, non-doorman units continued some of that momentum into January, with the average price growing by 0.54%.
• Over the month of January, the average price for a doorman unit in Gramercy increased by 2.18%.

gramercy apartment

• The average price for a non-doorman rental unit in Greenwich village increased by 1.45% during January.
• Offsetting the price increase observed in non-doorman units, the average price for a doorman unit in Greenwich Village fell by 1.71% over the month of January.

greenwich village studio apartment prices

• The average price for a non-doorman unit in Harlem fell by 1.01% during January.
• Adhering to seasonality, the average price for a doorman unit in Harlem fell by 4.93% over the month of January. In addition to seasonality, increased concessions also attributed to this drop.

harlem apartment price trends

• After a stable December, the average price for a non-doorman unit in the Lower East Side slid by 4.91% during January.
• Continuing the momentum from December, the average price for a doorman unit in the Lower East Side increased by 1.61% over the month of January.

lower east side apartment

• After a drop in December, prices remained stable over January, increasing by just 0.21%.
• The average price for a doorman rental unit in Midtown East fell by 0.89% over the month of January.

midtown east apartment price trends

• The average price for a non-doorman rental unit in Midtown West fell by 0.53% over the month of January.
• During January, the average price for a doorman rental unit in Midtown West fell by 0.13%.

midtown west apartment price trends

• Over the month of January, the average price for a non-doorman rental unit in Murray Hill decreased by 1.12%.
• The average price for a doorman rental unit in Murray Hill increased by 1.41%.

murray hill apartment price trends

• Thanks to the addition of a handful of over-sized units, the average non-doorman rental price in SoHo increased by 5.09% over the month of January.
• After a slight increase in December, the low-inventory doorman rental unit market in SoHo experienced a price drop of 2.41% over the month of January.

soho apartment prices

• The average price for a non-doorman rental unit in TriBeCa fell by 3.41% over the month of January. The majority of this decrease occurred within non-doorman studios, where prices decreased by 13.41%. This price decrease can be attributed to the extremely low nondoorman inventory in TriBeCa, which often leads to price swings.
• The average price for a doorman rental in TriBeCa increased by 3.52% over the month of January.

tribeca apartment prices

• The average price for a non-doorman unit in the Upper East Side remained stable month-over-month, falling by just 0.01% over January.
• Over the month of January, the average price for a doorman rental unit in the Upper East Side fell by 0.92%.

upper east side apartment price trends

• Rental unit pricing remained stable in the Upper West Side during January. The average price for a doorman and non-doorman unit fell by 0.79% and 0.51%, respectively.

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

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