MANHATTAN
RENTAL MARKET REPORT

July 2019

Introduction

Over the last month, the average rent in Manhattan increased by 1.52%, from $4,109.26 to $4,171.53.

A Quick Look

Over the last month, the average rental price in Manhattan increased by 1.52%, from $4,109.26 to $4,171.53. The average rental price for a non-doorman studio unit fell by 0.88%, from $2,687 to $2,663. The average rental price for a non-doorman one-bedroom unit increased by 1.90%, from $3,284 to $3,347. The average rental price for a non-doorman two-bedroom unit increased by 3.33%, from $4,261 to $4,402. The average rental price for a doorman studio unit decreased by 0.48%, from $3,278 to $3,263. The average rental price for a doorman one-bedroom unit increased by 2.02%, from $4,485 to $4,576. The average rental price for a doorman two-bedroom unit increased by 1.60%, from $6,381 to $6,483. This past month, non-doorman units represented 50.6 % of the market, while doorman units comprised the remaining 49.4%.

Year-over-year, the average rental prices for non-doorman and doorman studio units both increased, by 5.18% and 4.47%, respectively. In that same span, the average price for a non-doorman one-bedroom unit increased by 3.10%, while doorman one-bedroom units saw their rents increase by 5.21%. The rental price for a non-doorman two-bedroom unit increased by 2.74%, while doorman two-bedroom units saw their rents increased by 3.97%. Overall, the average rental price for a unit in Manhattan is up 4.10% from this time last year.

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

• Following a stable June, the average rental price in Battery Park City increased by 2.97% through July.

battery park city apartment price trends

• Thanks to a handful of larger-than-normal units coming onto the market, the average rental price for a non-doorman unit in Chelsea increased by 4.76% through July.
• Over the last month, the average rental price for a doorman unit in Chelsea increased by 1.67%.

chelsea apartment

• The average rental price for a non-doorman unit in the East Village increased by 2.43% over the last month.
• After a significant correction during June, the average rental price for a doorman unit in the East Village rebounded by 3.06% through July.

east village apartment

• Due to a lack of inventory on the smaller side of the market, the average rental price for a non-doorman unit in the Financial District increased by 7.37% during July.
• Carrying over momentum from last month’s slight increase, the average rental price for a doorman unit in the Financial District increased by 3.38% through July.

financial district apartment

• This past month, the average rental price for a non-doorman unit in Gramercy decreased by 1.25%.
• Through July, the average rental price for a doorman unit in Gramercy Park increased by 0.44%.

gramercy apartment

• The average rental price for a non-doorman unit in Greenwich Village increased by 1.33% through July.
• Over this past month, the average rental price for a doorman unit in Greenwich Village increased by 1.39%.

greenwich village studio apartment prices

• Following a stable June, the average rental price for a non-doorman unit in Harlem increased by a solid 2.65% through July.
• In-line with rental market seasonality, the average rental price for a doorman unit in Harlem increased by 2.75% during July.

harlem apartment price trends

• Remaining relatively stable, the average rental price for a non-doorman unit in the Lower East Side increased by just 0.87%.
• The average rental price for a doorman unit the Lower East Side increased by 2.95% through July.

lower east side apartment

• Over the last month, the average rental price for a non-doorman unit in Midtown East experienced a correction of 0.21%.
• Following two months of drops, the average rental price for a doorman unit in Midtown East increased by 2.55% through July.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West increased by 2.65%.
• This past month, the average rental price for a doorman unit in Midtown West increased by 2.28%.

midtown west apartment price trends

• Following modest growth last month, the average rental price for a non-doorman unit Murray Hill increased by 1.48% through July.
• For the third month in a row, the average rental price for a doorman unit in Murray Hill has increased. This time, the average price increased by 3.10%.

murray hill apartment price trends

• Due to a drop in inventory at the higher-end of the market, which led to larger-thannormal price growth, the average overall rental price for a non-doorman unit in SoHo increased by 8.02%.
• Over the last month, the average rental price for a doorman unit experienced a price correction of 2.63%.

soho apartment prices

• Following a slight increase last month, the average rental price for a non-doorman unit in TriBeCa fell by 5.64% through July.
• This past month, the average rental price for a doorman unit in TriBeCa fell by 2.60%.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side increased by 0.47% through July.
• During July, the average rental price for a doorman unit in the Upper East Side fell by 0.36%.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 2.87% during July.
• This past month, the average rental price for a doorman unit in the Upper West Side increased by 0.45%.

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)

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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.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

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