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MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 1.97%
    CHANGE
  • $3,985
    MAY 2020
  • $3,907
    JUNE 2020

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 1.97%, from $3,985 to $3,907. The average rental price for a non-doorman studio unit fell by 2.45%, from $2,427 to $2,368. The average rental price for a non-doorman one-bedroom unit fell by 3.20%, from $3,217 to $3,114. The average rental price for a non-doorman two-bedroom unit fell by 2.83%, from $4,282 to $4,160. The average rental price for a doorman studio unit fell by 2.45%, from $3,208 to $3,129. The average rental price for a doorman one-bedroom unit fell by 1.88%, from $4,361 to $4,279. The average rental price for a doorman two-bedroom unit fell by 0.48%, from $6,111 to $6,082. This past month, non-doorman units represented 52.2% of the rental market while doorman units comprised the remaining 47.8%.

Year-over-year, the average rental price for a non-doorman studio decreased by 11.87%, while the average rental price for a doorman studio unit fell by 4.56%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 5.19%, while doorman one-bedroom units saw their average rental price decrease by 4.60%. The average rental price for a non-doorman two-bedroom unit decreased by 2.35%. The average rental price for a doorman two-bedroom decreased by 4.69%. Overall, the average rental price in Manhattan is down 4.93% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $2,890 Harlem $1,883
Non-doorman one bedrooms Tribeca $4,434 Harlem $2,349
Non-doorman two bedrooms Tribeca $7,828 Harlem $2,872
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,512 Harlem $2,619
Doorman one bedrooms SoHo $6,383 Harlem $3,154
Doorman two bedrooms SoHo $8,304 Harlem $4,341

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Studios -6.0%

Doorman One-Bedroom -2.9%

CHELSEA

Doorman Studios -1.2%

Doorman One-Bedroom -3.1%

Doorman Two-Bedroom -1.1%

Non-Doorman Studios -1.3%

Non-Doorman One-Bedroom -1.2%

Non-Doorman Two-Bedroom -6.7%

EAST VILLAGE

Doorman Studios -2.9%

Doorman One-Bedroom -5.8%

Non-Doorman Studios -2.0%

Non-Doorman One-Bedroom -4.6%

Non-Doorman Two-Bedroom -3.1%

FINANCIAL DISTRICT

Doorman Studios -3.6%

Doorman One-Bedroom -3.6%

Doorman Two-Bedroom -5.3%

Non-Doorman Studios -1.4%

Non-Doorman One-Bedroom -17.9%

Non-Doorman Two-Bedroom -8.3%

GRAMERCY

Doorman Studios -2.4%

Doorman One-Bedroom -2.1%

Doorman Two-Bedroom -1.6%

Non-Doorman Studios -1.8%

Non-Doorman One-Bedroom -3.3%

Non-Doorman Two-Bedroom -5.4%

GREENWICH VILLAGE

Doorman Studios -5.3%

Doorman Two-Bedroom -0.2%

Doorman One-Bedroom -1.9%

Non-Doorman Studios -5.6%

Non-Doorman One-Bedroom -2.8%

Non-Doorman Two-Bedroom -2.4%

HARLEM

Doorman Two-Bedroom -0.3%

Non-Doorman Studios -1.4%

Non-Doorman One-Bedroom -1.3%

Non-Doorman Two-Bedroom -1.1%

LOWER EAST SIDE

Doorman Studios -1.8%

Doorman One-Bedroom -7.2%

Doorman Two-Bedroom -3.5%

Non-Doorman Studios -0.8%

Non-Doorman One-Bedroom -3.2%

Non-Doorman Two-Bedroom -4.0%

MIDTOWN EAST

Doorman Studios -4.5%

Doorman One-Bedroom -0.2%

Doorman Two-Bedroom -1.9%

Non-Doorman Studios -1.0%

Non-Doorman One-Bedroom -3.2%

Non-Doorman Two-Bedroom -1.4%

MIDTOWN WEST

Doorman Studios -3.0%

Doorman One-Bedroom -4.7%

Doorman Two-Bedroom -8.1%

Non-Doorman Studios -4.5%

Non-Doorman One-Bedroom -2.7%

Non-Doorman Two-Bedroom -0.2%

MURRAY HILL

Doorman Studios -2.9%

Doorman One-Bedroom -2.0%

Doorman Two-Bedroom -3.0%

Non-Doorman Studios -4.1%

Non-Doorman One-Bedroom -3.8%

Non-Doorman Two-Bedroom -2.4%

SOHO

Doorman Studio -1.9%

Non-Doorman Studios -14.0%

TRIBECA

Doorman One-Bedroom -0.6%

UPPER EAST SIDE

Doorman Studios -2.8%

Doorman One-Bedroom -0.4%

Doorman Two-Bedroom -3.4%

Non-Doorman Studios -2.3%

Non-Doorman One-Bedroom -3.5%

Non-Doorman Two-Bedroom -1.7%

UPPER WEST SIDE

Doorman Studios -3.4%

Doorman One-Bedroom -6.3%

Doorman Two-Bedroom -4.9%

Non-Doorman One-Bedroom -2.6%

Non-Doorman Two-Bedroom -5.3%

Non-Doorman Studios -2.7%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Two-Bedroom 1.0%

EAST VILLAGE

Doorman Two-Bedroom 7.0%

HARLEM

Doorman Studios 0.4%

Doorman One-Bedroom 2.7%

SOHO

Doorman One-Bedroom 7.3%

Doorman Two-Bedroom 11.7%

Non-Doorman One-Bedroom 1.0%

Non-Doorman Two-Bedroom 0.7%

TRIBECA

Doorman Studios 4.5%

Doorman Two-Bedroom 2.4%

Non-Doorman Studios 11.4%

Non-Doorman One-Bedroom 5.2%

Non-Doorman Two-Bedroom 0.8%

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
1.0%
8.4%
5.0%
10.7%
5.3%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
4.2%
2.1%
4.1%
5.6%
6.7%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
5.0%
1.0%
9.7%
2.8%
3.7%

YEAR OVER YEAR Price change

MANHATTAN RENTS: JUNE 2019 VS. JUNE 2020

price changes
TYPE JUNE 2019 JUNE 2020 CHANGE
Non-doorman studios $2,687 $2,368 11.9%
Non-doorman one bedrooms $3,284 $3,114 5.2%
Non-doorman two bedrooms $4,261 $4,160 2.4%
TYPE JUNE 2019 JUNE 2020 CHANGE
Doorman studios $3,278 $3,129 4.6%
Doorman one bedrooms $4,485 $4,279 4.6%
Doorman two bedrooms $6,381 $6,082 4.7%
MANHATTAN

FOLLOWING TWO MONTHS OF PRICE INCREASES, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY FINALLY EXPERIENCED A PRICE CORRECTION, FALLING BY 1.74% THROUGH JUNE.

BATTERY PARK CITY

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN CHELSEA FELL BY 3.70%.

AFTER A LARGE DROP IN MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT CHELSEA FELL BY A SUBDUED 1.75% THROUGH JUNE.

CHELSEA

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY 3.32% OVER THE PAST MONTH.

SIMILAR TO LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED DUE TO A HIGHER NUMBER OF LUXURY AVAILABILITIES, THIS TIME GROWING BY 0.35%.

EAST VILLAGE

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT EXPERIENCED A DROP OF 10.03%. THANKS TO RELATIVELY LOW INVENTORY AND ABNORMAL UNIT MIX, LARGE PRICE CHANGES CAN BE EXPECTED IN THIS SUBMARKET.

THANKS TO AN INCREASE IN OVERALL INVENTORY COINCIDING WITH AN UPTREND IN OFFERED CONCESSIONS, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY 4.32% OVER THE LAST MONTH.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 3.82%.

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY 1.94%.

GRAMERCY PARK

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 3.36%.

FOLLOWING A LARGE DROP IN MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY AN ADDITIONAL 1.95% THROUGH JUNE.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY 1.22%.

SIMILAR TO LAST MONTH, THERE WAS A SIGNIFICANT INCREASE IN THE NUMBER OF HIGHER-END AVAILABILITIES IN THE AREA. AS A RESULT, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 0.81%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 2.91%.

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 4.32%.

LOWER EAST SIDE

REACTING TO MARKET TRENDS, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST FELL BY 1.89% THROUGH JUNE.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST FELL BY 1.91%.

MIDTOWN EAST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 2.09%.

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST FELL BY 5.83%.

MIDTOWN WEST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL FELL BY 3.30%.

FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL EXPERIENCED A CORRECTION OF 2.69% THROUGH JUNE.

MURRAY HILL

AFTER A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY AN ADDITIONAL 3.00% THROUGH JUNE.

THANKS TO ITS LOW INVENTORY NUMBERS AND UNIQUE UNIT MIX, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 6.75% OVER THE PAST MONTH.

SOHO

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN TRIBECA INCREASED BY 3.94%. THE MAJORITY OF THIS GROWTH WAS FOCUSED WITHIN THE STUDIO SUBMARKET, WHERE, THANKS TO AN INCREASE IN HIGHER-END INVENTORY, PRICING INCREASED BY 11.37%.

THANKS TO A SIGNIFICANT INCREASE IN THE RATIO OF AVAILABLE LUXURY INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 1.81%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN AND DOORMAN UNIT IN THE UPPER EAST SIDE FELL BY 2.43% AND 2.34%, RESPECTIVELY.

UPPER EAST SIDE

SIMILAR TO THE MAJORITY OF THE MANHATTAN RENTAL MARKET, THE UPPER WEST SIDE SAW OVERALL PRICING FALL THROUGH JUNE. NON-DOORMAN AND DOORMAN PRICES FELL BY 3.91% AND 5.00%, RESPECTIVELY.

UPPER WEST SIDE

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.

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

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