REPORTS
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MANHATTAN
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BROOKLYN
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QUEENS
BROCHURES
Introduction
Average rent across Manhattan increased by 1.25% compared to this time last month, from $3,896 in October 2015 to $3,945 in November 2015.
A Quick Look
Average rent across Manhattan increased by 1.25% - from $3,896 in October 2015 to $3,945 in November 2015. Listing
inventory increased by 1.83% from 8,707 rental units in October 2015 to 8,866 rental units in November 2015. The ratio on
Non-Doorman units to Doorman units in all of Manhattan changed from 42.1% (NDM) and 57.9% (DM) to 42.3% (NDM)
and 57.7% (DM).
As we continue to see the effects of seasonality, most of Manhattan neighborhoods remained stable this month with
minimal changes in the overall average rent. Of those that did experience moderate movements - One Bedroom Non
Doorman units in Murray Hill saw the highest increase in average rent at 5.8%, as a couple lower priced rental units
departed the market and inventory levels decreased. The largest decline in average rent price was seen in One Bedroom
Doorman units in SoHo as rents decreased by 6.9% since the previous month, triggered by a sample size consisting of 7
rental units coupled with a luxury rental unit departing the market.
It is important to note that the following neighborhoods consisted of a sample size of less than 16 units at the time the
sample was taken: Studios – Murray Hill (NDM), SoHo (NDM), Financial District (NDM), TriBeCa (NDM), TriBeCa (DM),
Battery Park City (DM), Lower East Side (DM) and SoHo (DM), One Bedrooms – Financial District (NDM), TriBeCa (NDM)
and SoHo (DM), Two Bedrooms – Gramercy (NDM), TriBeCa (NDM), Murray Hill (NDM), Gramercy (DM), Lower East Side
(DM) and SoHo (DM). In this report, SoHo saw the highest percentage increases in monthly and annual average rents,
increasing by 19.3% and 19.7%, respectively, however this was primarily the result of an extremely small sample size
influencing the drastic price shift.
From year-to-year perspective, Manhattan average rent increased by 4.83% since November 2014. Harlem held the spot
of top performer showing a strong growth in average rent, increasing by 10.9%, from $2,423 in November 2014 to $2,688
in November 2015. Battery Park City wasn’t far behind, increasing 7.9% in average price from in $4,296 November 2014 to
$4,636 in 2015.
A Quick Look
| Type | Most Expensive | Least Expensive |
|---|---|---|
| Non-Doorman Studios | TriBeCa $4,000 | Harlem $1,691 |
| Non-Doorman One Bedrooms | TriBeCa $5,184 | Harlem $2,155 |
| Non-Doorman Two Bedrooms | TriBeCa $8,294 | Harlem $2,664 |
| Type | Most Expensive | Least Expensive |
|---|---|---|
| Doorman Studios | SoHo $5,295 | Harlem $2,621 |
| Doorman One Bedrooms | SoHo $5,510 | Harlem $3,01 |
| Doorman Two Bedrooms | SoHo $8,123 | Harlem $3,975 |
Where Prices Decreased(monthly)
- Battery Park City
- Doorman One-Bedroom -0.5%
- Chelsea
- Doorman Studios -1.8% Non-Doorman One-Bedroom -0.3% Non-Doorman Two-Bedroom -4.0%
- East Village
- Doorman Studios -3.6% Non-Doorman One-Bedroom -1.2% Non-Doorman Two-Bedroom -0.2%
- Financial District
- Doorman Studios -1.4% Doorman One-Bedroom -1.8% Doorman Two-Bedroom -1.3%
- Gramercy
- Non-Doorman Studios -0.5% Non-Doorman One-Bedroom -0.4% Doorman One-Bedroom -1.3% Doorman Two-Bedroom -1.8%
- Greenwich Village
- Doorman Studios -0.9% Non-Doorman Studios -0.1% Non-Doorman One-Bedroom -0.9% Doorman Two-Bedroom -0.8%
- Harlem
- Non-Doorman Studios -2.5% Non-Doorman One-Bedroom -0.9% Doorman Two-Bedroom -3.8%
- Lower East Side
- Non-Doorman Studios -0.4% Doorman One-Bedroom -1.5% Non-Doorman One-Bedroom -0.5% Doorman Two-Bedroom -2.7% Non-Doorman Two-Bedroom -0.6%
- Midtown East
- Doorman Studios -2.0% Doorman One-Bedroom -1.2% Non-Doorman Two-Bedroom -0.5%
- Midtown West
- Doorman Studios -1.6% Non-Doorman Studios -0.1% Doorman One-Bedroom -1.6% Non-Doorman Two-Bedroom -2.7% Doorman Two-Bedroom -2.9%
- Murray Hill
- Non-Doorman Studios -6.5% Doorman One-Bedroom -0.9%
- SoHo
- Non-Doorman Studios -1.3% Doorman Studios 0.0% Doorman One-Bedroom -6.9%
- Tribeca
- Doorman Studios -1.7% Doorman Two-Bedroom -5.2%
- Upper East Side
- Doorman Studios -1.2% Non-Doorman One-Bedroom -1.7% Doorman Two-Bedroom -0.3% Non-Doorman Two-Bedroom -0.8%
- Upper West Side
- Doorman Studios -1.4% Non-Doorman Studios -2.5% Doorman One-Bedroom -0.6% Non-Doorman Two-Bedroom -3.4% Doorman Two-Bedroom -1.6%
Where Prices Increased(monthly)
- Battery Park City
- Doorman Studios 0.2% Doorman Two-Bedroom 4.1%
- Chelsea
- Non-Doorman Studios 1.1% Doorman One-Bedroom 1.8% Doorman Two-Bedroom 1.9%
- East Village
- Non-Doorman Studios 2.2% Doorman One-Bedroom 3.5% Doorman Two-Bedroom 3.9%
- Financial District
- Non-Doorman Studios 0.7% Non-Doorman One-Bedroom 1.7% Non-Doorman Two-Bedroom 0.8%
- Gramercy
- Doorman Studios 0.8% Non-Doorman Two-Bedroom 1.8%
- Greenwich Village
- Doorman One-Bedroom 0.9% Non-Doorman Two-Bedroom 1.0%
- Harlem
- Doorman Studios 0.5% Doorman One-Bedroom 0.2% Non-Doorman Two-Bedroom 0.1%
- Lower East Side
- Doorman Studios 0.3%
- Midtown East
- Non-Doorman Studios 0.6% Non-Doorman One-Bedroom 2.3% Doorman Two-Bedroom 1.3%
- Midtown West
- Non-Doorman One-Bedroom 2.5%
- Murray Hill
- Doorman Studios 0.7% Non-Doorman One-Bedroom 5.8% Non-Doorman Two-Bedroom 2.2% Doorman Two-Bedroom 0.8%
- SoHo
- Non-Doorman One-Bedroom 0.2% Doorman Two-Bedroom 0.5% Non-Doorman Two-Bedroom 0.5%
- Tribeca
- Non-Doorman Studios 5.4% Non-Doorman One-Bedroom 0.7% Doorman One-Bedroom 0.3% Non-Doorman Two-Bedroom 1.0%
- Upper East Side
- Non-Doorman Studios 3.6% Doorman One-Bedroom 1.0%
- Upper West Side
- Non-Doorman One-Bedroom 0.2%
Year-Over-Year Changes
| Type | November '14 | November '15 | Change |
|---|---|---|---|
| Non-Doorman Studios | $2,277 | $2,418 | 6.2% |
| Non-Doorman One Bedrooms | $3,026 | $3,140 | 3.8% |
| Non-Doorman Two Bedrooms | $4,157 | $4,302 | 3.5% |
| Type | November '14 | November '15 | Change |
|---|---|---|---|
| Doorman Studios | $2,946 | $2,960 | 0.5% |
| Doorman One Bedrooms | $4,043 | $4,176 | 3.3% |
| Doorman Two Bedrooms | $5,900 | $6,246 | 5.9% |
• Two Bedroom Doorman average rent increased by 4.1%, as Studios and One Bedrooms moved by 0.2% and -0.5%, respectively,
since October 2015.
• The overall monthly average grew by 1.8% as the annual average rent increased by 7.9%.
• Two Bedroom Non Doorman unit average rents fell by 4%, caused by higher priced luxury units departing the market.
• All other unit classes remained stable, with an overall movement of -0.1% since last month.
• On an annual basis, Chelsea saw a solid growth of 6.1% since November 2014.
• Studio Doorman average rent fell by 3.6%, as the One Bedroom Doorman average rent rose by 3.5% and Two Bedroom Doorman
by 3.9%, since last month.
• Overall, the monthly and annual average rent increased by 1.3% and 1.6%, respectively.
• The monthly average rent remained relatively unchanged, moving -0.3% since October 2015.
• The monthly average rent remained relatively unchanged, moving -0.5% since October 2015.
• The monthly average rent remained relatively unchanged, moving -0.1% since October 2015.
• Although the monthly average rent decreased by 1.3% since the previous month, the annual average rent increased by 10.9%, as we saw a surge of new construction listings over the course of the year.
• Two Bedroom Doorman average rents decreased by 2.7% since the previous month, as a highly priced penthouse unit from 63
Ludlow Street departed the market.
• Overall, we saw a slight monthly decrease of 1.2% and annual increase of 2.6%.
• The monthly average rent remained relatively unchanged, moving 0.1% since October 2015.
• As the One Bedroom Non Doorman average rent rose by 2.5%, all other unit classes dropped between -0.1% to -2.9%.
• Although the overall monthly average fell slightly at 1.5% as a result of these downward movements, the annual average rent
increased by 1.6% since November 2014.
• Noticeable price fluctuations occurred in Studio Non Doorman and One Bedroom Doorman units, at -6.5% and +5.8%,
respectively, due to a mixture of seasonal changes and several higher/lower units entering/leaving the market.
• Overall, average rent in Murray Hill moved by 0.6% as the annual average rent rose by 4.2% since November 2014.
• SoHo saw the highest growth in the monthly and annual average rent at 19.3% and 19.7%, respectively. However, this growth
can be considered as artificial due to an extremely low sample size causing substantial price movements as listings enter and
leave the market.
• Although we saw studio Non Doorman and Two Bedroom Doorman unit rents move by +5.4% and -5.2%, respectively, due to a low sample size, the monthly average rent balanced out, moving only -0.2% since last month.
• The monthly average rent remained stable this month, while the annual average rent grew moderately at 4.8%.
• Non Doorman Studio and Two Bedroom average rents experienced decreases at 2.5% and 3.4%, respectively.
• Overall, the monthly average rent fell by 1.6% as the annual average rent grew by 1.4% since November 2014.
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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