New Showing Features: See Apartments (virtually) with video and 3d tours or View in-person with (social distancing friendly) Contactless Access.

MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 1.57%
    CHANGE
  • $4,174
    MARCH 2020
  • $4,108
    APRIL 2020

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 1.57%, from $4,174 to $4,109. The average rental price for a non-doorman studio unit decreased by 3.33%, from $2,667 to $2,579. The average rental price for a non-doorman one-bedroom unit decreased by 1.95%, from $3,404 to $3,338. The average rental price for a non-doorman two-bedroom unit decreased by 1.49%, from $4,394 to $4,329. The average rental price for a doorman studio unit increased by 3.02% from $3,203 to $3,300. The average rental price for a doorman one-bedroom unit decreased by 1.24%, from $4,556 to $4,499. The average rental price for a doorman two-bedroom unit decreased by 1.50%, from $6,430 to $6,334. This past month, non-doorman units represented 43.8% of the rental market while doorman units comprised the remaining 56.2%.

Year-over-year, the average rental price for a non-doorman studio decreased by 5.10%, while the average rental price for a doorman studio unit increased by 3.39%. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 4.12%, while doorman one-bedroom units saw their average rental price increase by 0.03%. The average rental price for a non-doorman two-bedroom unit increased by 2.90%. The average rental price for a doorman two-bedroom increased by 1.98%. Overall, the average rental price in Manhattan is up 1.48% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,510 Harlem $1,922
Non-doorman one bedrooms SoHo $4,494 Harlem $2,461
Non-doorman two bedrooms Tribeca $7,488 Harlem $2,916
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,715 Harlem $2,563
Doorman one bedrooms SoHo $6,036 Harlem $3,266
Doorman two bedrooms SoHo $8,919 Harlem $4,230

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Two-Bedroom -1.1%

CHELSEA

Doorman Studios -0.8%

Doorman One-Bedroom -3.1%

Doorman Two-Bedroom -6.2%

Non-Doorman Studios -0.6%

Non-Doorman One-Bedroom -2.0%

Non-Doorman Two-Bedroom -0.6%

EAST VILLAGE

Doorman One-Bedroom -4.9%

Doorman Two-Bedroom -6.0%

Non-Doorman Studios -4.8%

Non-Doorman One-Bedroom -1.4%

Non-Doorman Two-Bedroom -2.9%

FINANCIAL DISTRICT

Doorman Studios -1.6%

Doorman One-Bedroom -0.7%

Doorman Two-Bedroom -1.3%

Non-Doorman Studios -9.2%

Non-Doorman One-Bedroom -0.9%

GRAMERCY

Doorman Studios -4.3%

Doorman One-Bedroom -2.2%

Doorman Two-Bedroom -1.1%

Non-Doorman One-Bedroom -1.1%

GREENWICH VILLAGE

Non-Doorman Studios -3.2%

Non-Doorman One-Bedroom -2.8%

Non-Doorman Two-Bedroom -2.2%

HARLEM

Doorman Two-Bedroom -1.7%

Non-Doorman Studios -2.5%

Non-Doorman Two-Bedroom -1.2%

LOWER EAST SIDE

Doorman Two-Bedroom -6.0%

Non-Doorman Studios -5.9%

Non-Doorman One-Bedroom -6.0%

Non-Doorman Two-Bedroom -2.5%

MIDTOWN EAST

Doorman Studios -0.7%

Doorman One-Bedroom -0.1%

Doorman Two-Bedroom -0.7%

Non-Doorman Two-Bedroom -1.2%

MIDTOWN WEST

Doorman One-Bedroom -3.3%

Doorman Two-Bedroom -2.2%

Non-Doorman One-Bedroom -1.1%

MURRAY HILL

Doorman Studios -6.0%

Doorman One-Bedroom -7.0%

Doorman Two-Bedroom -10.5%

Non-Doorman Two-Bedroom -2.4%

SOHO

Non-Doorman Studios -7.6%

Non-Doorman Two-Bedroom -10.6%

TRIBECA

Doorman Studios -7.7%

Doorman One-Bedroom -6.0%

Doorman Two-Bedroom -2.4%

Non-Doorman Studios -13.2%

Non-Doorman One-Bedroom -11.8%

Non-Doorman Two-Bedroom -1.2%

UPPER EAST SIDE

Doorman Studios -1.5%

Doorman Two-Bedroom -1.1%

Non-Doorman Studios -0.2%

Non-Doorman One-Bedroom -0.7%

Non-Doorman Two-Bedroom -1.7%

UPPER WEST SIDE

Doorman Studios -1.0%

Doorman One-Bedroom -0.8%

Doorman Two-Bedroom -0.8%

Non-Doorman One-Bedroom -2.1%

Non-Doorman Two-Bedroom -0.9%

Non-Doorman Studios -0.1%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 8.6%

Doorman One-Bedroom 1.6%

EAST VILLAGE

Doorman Studios 0.6%

FINANCIAL DISTRICT

Non-Doorman Two-Bedroom 5.0%

GRAMERCY

Non-Doorman Studios 8.6%

Non-Doorman Two-Bedroom 2.5%

GREENWICH VILLAGE

Doorman Studios 6.4%

Doorman Two-Bedroom 6.9%

Doorman One-Bedroom 4.0%

HARLEM

Doorman Studios 1.4%

Doorman One-Bedroom 3.4%

Non-Doorman One-Bedroom 3.1%

LOWER EAST SIDE

Doorman Studios 4.1%

Doorman One-Bedroom 0.2%

MIDTOWN EAST

Non-Doorman Studios 2.6%

Non-Doorman One-Bedroom 2.0%

MIDTOWN WEST

Doorman Studios 1.3%

Non-Doorman Studios 0.2%

Non-Doorman Two-Bedroom 0.6%

MURRAY HILL

Non-Doorman Studios 0.5%

Non-Doorman One-Bedroom 1.2%

SOHO

Doorman One-Bedroom 1.2%

Doorman Two-Bedroom 7.6%

Non-Doorman One-Bedroom 1.8%

UPPER EAST SIDE

Doorman One-Bedroom 0.2%

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
2.0%
1.4%
2.0%
2.0%
4.8%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
4.5%
6.9%
6.2%
0.7%
1.1%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
1.2%
4.4%
11.2%
4.6%
4.1%

YEAR OVER YEAR Price change

MANHATTAN RENTS: APRIL 2019 VS. APRIL 2020

price changes
TYPE APRIL 2019 APRIL 2020 CHANGE
Non-doorman studios $2,717 $2,579 5.1%
Non-doorman one bedrooms $3,206 $3,338 4.1%
Non-doorman two bedrooms $4,207 $4,329 2.9%
TYPE APRIL 2019 APRIL 2020 CHANGE
Doorman studios $3,192 $3,300 3.4%
Doorman one bedrooms $4,498 $4,499 0.0%
Doorman two bedrooms $6,211 $6,334 2.O%
MANHATTAN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 1.76%.

BATTERY PARK CITY

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN CHELSEA FELL BY 1.05%.

FOLLOWING LAST MONTH’S SLIGHT INCREASE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA EXPERIENCED A CORRECTION OF 3.96%.

CHELSEA

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY 2.89%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE FELL BY 4.07%.

EAST VILLAGE

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY 0.99%.

FOLLOWING LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN FINANCIAL DISTRICT EXPERIENCED A CORRECTION OF 1.21% THROUGH APRIL.

FINANCIAL DISTRICT

THANKS TO A NOTICEABLE INCREASE IN RENTAL INVENTORY WITHIN PRIVATELY-OWNED HOMES IN THE AREA, GRAMERCY PARK SAW THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT INCREASED BY 2.78% THROUGH APRIL.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY 2.22%.

GRAMERCY PARK

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 2.61% THROUGH APRIL.

DUE TO AN INCREASE IN INVENTORY AT THE HIGHER-END OF THE MARKET, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 5.80% OVER THE LAST MONTH.

GREENWICH VILLAGE

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY JUST 0.15% THROUGH APRIL.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 0.73%.

HARLEM

FOLLOWING A LARGE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE EXPERIENCED A DROP OF 4.56% THROUGH APRIL.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 1.65%.

LOWER EAST SIDE

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY JUST 0.85%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST FELL BY JUST 0.49%.

MIDTOWN EAST

IN THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST REMAINED RELATIVELY UNCHANGED, FALLING BY JUST 0.05%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 1.74%.

MIDTOWN WEST

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL FELL BY 0.49%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL FELL BY 8.32%.

MURRAY HILL

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY 5.57%.

THANKS TO THE REINTRODUCTION OF STUDIO INVENTORY INTO THE MARKET, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT SOHO FELL BY 7.99% THROUGH APRIL.

SOHO

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN TRIBECA FELL BY 7.23%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA EXPERIENCED A DROP OF 4.90%.

TRIBECA

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE UPPER EAST SIDE FELL BY 0.99%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER EAST SIDE FELL BY 0.80%.

UPPER EAST SIDE

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE DECREASED BY 1.09%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT ON THE UPPER WEST SIDE DECREASED BY 0.85%.

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

thank you