MANHATTAN
RENTAL MARKET REPORT

JUNE 2018

Introduction

Over the last month, the average rent in Manhattan increased by 1.15%, from $3,944.35 to $3,989.64.

A Quick Look

During June, the average rental price in Manhattan increased by 1.15%, from $3,944.35 to $3,989.64. The average rental price for a non-doorman studio decreased by 0.3%, from $2,547 to $2,541. The average rental price for a non-doorman one-bedroom increased by 2.2%, from $3,264 to $3,335. The average rental price for a non-doorman two-bedroom increased by 1.4%, from $4,194 to $4,254. The average rental price for a doorman studio decreased by 1.5%, from $3,132 to $3,085. The average price for a doorman one-bedroom increased by 0.9%, from $4,253 to $4,292. The average price for a doorman two-bedroom increased by 0.7%, from $6,024 to $6,066. During June, non-doorman units represented 50.8% of the rental market, while doorman units comprised the remaining 49.2%.

Year-over-year, non-doorman and doorman studios rental price are down 0.91% and 0.40%, respectively. Non-doorman one-bedroom rental prices are down 0.21%, while doorman one- bedroom rental prices are up 2.09%. Non-doorman and doorman two-bedroom rental prices are down 0.99% and 1.28% from this time last year. Overall, rental prices in Manhattan are up 0.11% year-over-year.

Once again, the most impressive year-over-year price change was observed in Chelsea, where the average rent has increased by 4.6% from this time last year.

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

• Rental prices in Battery Park City corrected slightly this month, falling by 0.33%.

battery park city apartment price trends

• Rental prices in Chelsea remained relatively stable over the last month, with non-doorman prices increasing by 0.19%, while doorman prices increased by 0.57%.

chelsea apartment

• Continuing last month’s trend, the average rental price for a non- doorman unit in the East Village fell by 1.59%.
• The average rental price for a doorman unit in the East Village continued to improve, this time growing by 2.32%.

east village apartment

• Thanks to its low-inventory nature, which tends to dramatically affect price changes, non-doorman units in the Financial District saw their average rent increase by 14.03% during June.
• Carrying over some momentum from last month, the average rental price for a doorman rental unit in the Financial District increased by 0.86% during June.

financial district apartment

• The average rental price for a non-doorman rental unit in Gramercy remained stable this past month, increasing by just 0.37%.
• Thanks to a number of higher-priced units that came onto the market in the past month, the average rental price for a doorman rental unit in Gramercy increased by 4.07% during June.

gramercy apartment

• The average rental price for a non-doorman unit in Greenwich Village increased by 1.67% during June.
• The average rental price for a doorman unit in Greenwich Village fell by 2.82% over the last month.

greenwich village studio apartment prices

• After experiencing impressive growth last month, the average rental price for a non-doorman unit in Harlem remained stable during June, increasing by just 0.23%.
• The average rental price for a doorman unit in Harlem fell by 0.67% during the last month.

harlem apartment price trends

• The average rental price for a non-doorman unit in the Lower East Side increased by 0.91% during June.
• Rebounding from last month, the average rental price for a doorman unit in the Lower East Side increased by 3.02% during June.

lower east side apartment

• The average rental price for a non-doorman unit in Midtown East increased by 0.67% over the last month.
• The average rental price for a doorman unit in Midtown East increased by 2.10% over the last month.

midtown east apartment price trends

• The average rental price for doorman and non-doorman units in Midtown West increased by 1.15% and 1.18%, respectively.

midtown west apartment price trends

• June was a very stable month for non-doorman rental pricing in Murray Hill, with the average price increasing by just 0.01%.
• The average rental price for a doorman unit in Murray Hill increased by 1.12% this past month.

murray hill apartment price trends

• The average price for a non-doorman rental unit in SoHo decreased by 1.14% during June.
• Thanks to its low-inventory and high-volatility nature, the average rental price for a doorman unit in SoHo increased by 22.70% during June.

soho apartment prices

• The average price for a non-doorman rental unit in TriBeCa fell by 1.92% during June.
• After a slight price increase last month, the average rental price in TriBeCa experienced a correction of 4.92% during June.

tribeca apartment prices

• Carrying over some momentum from last month, the average rental price for a non-doorman unit in the Upper East Side increased by 0.61% during June.
• After experiencing some growth over the past two months, the average rental price for a doorman unit in the Upper East Side experienced a correction of 0.99% during June.

upper east side apartment price trends

• Rebounding from last month’s slight dip, the average rental price for a non-doorman unit in the Upper West Side increased by 2.42% during June.
• The average rental price for a doorman unit in the Upper West Side decreased by 0.59% over the last month.

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.

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

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