Manhattan Rental Market Report | MNS is Real Impact Real Estate

MANHATTAN
RENTAL MARKET REPORT

April 2017

Introduction

Prices in Manhattan increased by 0.17% or $6.89, from $3,941.87 to $3,948.76.

A Quick Look

Prices in Manhattan increased by 0.17% or $6.89, from $3,941.87 to $3,948.76. Studio non doorman prices increased by 0.38% or $10, from $2,565 to $2,575. Studio doorman prices increased by 3.28% or $96, from $2,944 to $3,040. One bedroom non doorman prices decreased by 0.60% or $20, from $3,269 to $3,249. One bedroom doorman prices decreased by 0.56% or $23, from $4,206 to $4,182. Two bedroom non doorman prices decreased by 0.15% or $7, from $4,281 to $4,274. Two bedroom doorman prices increased by 2.29% or $137, from $5,990 to $6,127. Over the last year, studio non doorman and doorman prices have increased by 5.4% and decreased by 1.06%. One bedroom non doorman and doorman prices have decreased by 1.5% and 1.7%. Two bedroom non doorman and doorman prices have increased by 0.3% and decreased by 1.6%.
Inventory increased by 4.1% this month. In March, there were 9,971 units on the market. This month, there were 10,377 units. This is an increase of 406 units. 52.2% of these units are in buildings without doormen, and the remaining 47.8% of the units are in doormen buildings. Large inventory changes occurred in SoHo, where levels increased by 27 units or 20.9%, but this is mainly due to low inventory levels which cause high percentage swings. Inventory on the Lower East Side also increased- by 19.1% or 55 units. Last month, there were 288 units on the market and this month there were 343 units. Most of this increase came from the non doorman sector, which is much larger than the doorman sector of that neighborhood. High levels of activity at 155 Attorney Street, a new 37 unit development, increased inventory this month.
The largest change in studio prices occurred in Murray Hill, where studio non doorman prices increased by 7%, or $161.79. This is due to units at 150 East 37th Street. Despite a recent increase in common charges in the older, 78 unit building, studio prices as high as $4,400 were reached this month. Additionally, there were eleven total non doorman studio units here priced above $3,000 per month. Newer developments in Murray Hill include 237 East 34th Street, which contains 108 units and was built in 2016. HOUSE39, a 297 unit building at 225 East 39th Street, began renting out units earlier this year.
The largest change in one bedroom prices occurred in TriBeCa, where one bedroom non doorman prices dropped 7.7% or $391.81. This is mainly due to low inventory levels in TriBeCa. Last month, there were ten units in this particular sector of Tribeca’s market. This month, there were 16 units. These units ranged in price and reached luxury levels, but there were also several lower priced units at 111 Worth Street. This building, built in 2001, is 19 stories and contains 331 units.
The largest change in two bedroom prices occurred in Harlem, where two bedroom doorman prices increased by 6.5% or $256.28. This increase is due to higher priced rentals at 1214 Fifth Avenue, 455 Central Park West, and 380 Lenox Avenue. An additional factor to consider, however, is that the doorman sector in Harlem is very small. For instance, there were only 66 two bedroom doorman units last month and 75 this month. Additionally, 77% of inventory in Harlem is in non doorman buildings, so large changes in the two bedroom doorman market is not necessarily indicative of Harlem’s two bedroom market.
New developments like 155 Attorney Street on the Lower East Side, as well as older buildings like 310 Greenwich Street which was built in the 1970s, continue to have interesting effects on their respective neighborhoods. High levels of activity, transitions from rent protection to market rate rents, and conversions can swing average prices and lead to impactful rental developments in Manhattan.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -2.2% Doorman One-Bedroom -1.5%
Chelsea
Non-Doorman One-Bedroom -5.8% Non-Doorman Two-Bedroom -1.1% Doorman One-Bedroom -0.8% Doorman Two-Bedroom -3.1%
East Village
Non-Doorman Two-Bedroom -0.1% Doorman Studios -0.1% Doorman One-Bedroom -2.7%
Financial District
Non-Doorman Studios -0.7%
Gramercy
Non-Doorman One-Bedroom -3.9% Non-Doorman Two-Bedroom -0.1% Doorman Studios -1.6%
Greenwich Village
Non-Doorman Two-Bedroom -2.2% Doorman Studios -2.0%
Harlem
Non-Doorman Studios -0.6% Non-Doorman One-Bedroom -0.88% Non-Doorman Two-Bedroom -0.3% Doorman Studios -1.6%
Lower East Side
Doorman Studios -2.0% Doorman One-Bedroom -5.0% Doorman Two-Bedroom -2.7%
Midtown East
Non-Doorman One-Bedroom -0.4% Doorman Two-Bedroom -0.4%
Midtown West
Non-Doorman Studios -1.2% Non-Doorman Two-Bedroom -0.4% Doorman Two-Bedroom -1.0%
Murray Hill
Non-Doorman One-Bedroom -0.7% Non-Doorman Two-Bedroom -4.4%
SoHo
Non-Doorman Studios -5.5% Non-Doorman Two-Bedroom -5.0% Doorman One-Bedroom -4.8%
Tribeca
Non-Doorman Studios -0.6% Non-Doorman One-Bedroom -7.7% Doorman One-Bedroom -7.1%
Upper East Side
Non-Doorman One-Bedroom -0.4% Non-Doorman Two-Bedroom -0.1% Doorman Studios -0.2%

Where Prices Increased(monthly)

Battery Park City
Doorman Two-Bedroom 1.9%
Chelsea
Non-Doorman Studios 0.4% Doorman Studios 2.1%
East Village
Non-Doorman Studios 0.4% Non-Doorman One-Bedroom 1.0% Doorman Two-Bedroom 4.5%
Financial District
Non-Doorman One-Bedroom 2.2% Non-Doorman Two-Bedroom 3.1% Doorman Studios 0.4% Doorman One-Bedroom 1.3% Doorman Two-Bedroom 3.3%
Gramercy
Non-Doorman Studios 0.6% Doorman One-Bedroom 5.1% Doorman Two-Bedroom 4.0%
Greenwich Village
Non-Doorman Studios 1.6% Non-Doorman One-Bedroom 4.0% Doorman One-Bedroom 3.0% Doorman Two-Bedroom 4.8%
Harlem
Doorman One-Bedroom 2.7% Doorman Two-Bedroom 6.5%
Lower East Side
Non-Doorman Studios 0.1% Non-Doorman One-Bedroom 0.7% Non-Doorman Two-Bedroom 0.3%
Midtown East
Non-Doorman Studios 4.4% Non-Doorman Two-Bedroom 4.5% Doorman Studios 2.6% Doorman One-Bedroom 0.0%
Midtown West
Non-Doorman One-Bedroom 0.4% Doorman Studios 1.2% Doorman One-Bedroom 2.0%
Murray Hill
Non-Doorman Studios 7.0% Doorman Studios 2.8% Doorman One-Bedroom 1.2% Doorman Two-Bedroom 1.6%
SoHo
Non-Doorman One-Bedroom 3.71% Doorman Studios -% Doorman Two-Bedroom 1.2%
Tribeca
Non-Doorman Two-Bedroom 7.9% Doorman Studios 3.1% Doorman Two-Bedroom 6.2%
Upper East Side
Non-Doorman Studios 1.7% Doorman One-Bedroom 0.8% Doorman Two-Bedroom 2.9%
Upper West Side
Non-Doorman Studios 0.4% Non-Doorman One-Bedroom 2.7% Non-Doorman Two-Bedroom 1.0% Doorman Studios 1.1% Doorman One-Bedroom 2.0% Doorman Two-Bedroom 1.9%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year Over Year Price Change

Manhattan Rents: April 2016 vs. April 2017
Type April 2016 April 2017 Change
Non-Doorman Studios $2,442 $2,575 5.4%
Non-Doorman One Bedrooms $3,299 $3,249 1.5%
Non-Doorman Two Bedrooms $4,262 $4,274 0.3%
Type April 2016 April 2017 Change
Doorman Studios $3,008 $3,040 1.1%
Doorman One Bedrooms $4,254 $4,182 1.7%
Doorman Two Bedrooms $6,229 $6,127 1.6%

• Studio prices in Battery Park City decreased by 2.2%, one bedroom prices decreased by 1.5%, and two bedroom prices increased by 1.9%. This is an overall monthly change of 0.1%, indicating a month of stability in the neighborhood. Over the last year, prices in this neighborhood have decreased by 0.01%. These monthly and yearly changes equal +$2.31 and -$0.61. Inventory decreased by 13.8% or 20 units, from 145 units in March to 125 in April.

battery park city studio apartment price trends battery park one bedroom prices battery park city two bedroom apartment price trends

• Inventory in Chelsea has decreased by 7.6% or 56 units this month, from 737 units in March to 681 units in April. The neighborhood is split nearly in half between doorman and non doorman units, with 43% of units being in non doorman buildings and then remaining 57% being in doorman buildings. Prices in Chelsea remained relatively stable this month. Studio prices increased by 1.3%, one bedroom prices decreased by 3.3%, and two bedroom prices increased by 1.0%. This is an overall monthly change of -0.05%. Over the last year, prices have decreased by 4.5%.

chelsea studio apartment price trends chelsea one bedroom apartment price trends chelsea two bedroom apartment price trends

• Over the last month, prices in the East Village have remained relatively stable. Studio non doorman and doorman prices have increased by 0.4% and decreased by 0.1%, respectively. One bedroom non doorman and doorman prices haved increased by 1.0% and decreased by 2.7%, respectively. Two bedroom non doorman and doorman prices have decreased by 0.1% and increased by 4.5%, respectively. This is an overall average change of 0.7%. Over the last year, prices have decreased by 0.5%. These are monthly and yearly dollar changes of +$27.14 and -$18.89. Inventory in the East Village increased by 14.8% or 86 units, from 581 units to 667 units.

east village studio apartment price trends east village one bedroom apartment prices east village two bedroom apartment price trends

• Prices in the Financial District were strong over the last month. Studio non doorman and doorman prices decreased by 0.7% and increased by 0.4%. One bedroom non doorman and doorman prices increased by 2.2% and by 1.3%. Two bedroom non doorman and doorman prices increased by 3.1% and 3.3%. This is a monthly change of 1.92%. Over the last year, prices have increased by 0.8%. Inventory in the Financial District increased by 0.6% or 3 units, from 488 units to 491 units.

financial district nyc studio apartment prices financial district one bedroom apartments financial district two bedroom apartment price trends

• Inventory in Gramercy increased by 7.5% or 16 units, from 213 units to 229 units. Units in this neighborhood are 52% non doorman units and 48% doorman units. Studio non doorman prices have increased by 0.6% and doorman prices have decreased by 1.6%. One bedroom non doorman prices have decreased by 3.9% and doorman prices have increased by 5.1%. Two bedroom non doorman prices have decreased by 0.1% and doorman prices have increased by 4.0%. The reason for the strong one and two bedroom doorman prices this month were high levels of activity at the Zeckendorf Towers at 1 Irving Place, a 27 story, 645 unit building, as well as at 210-220 East 22nd Street. Over the last year, prices in Gramercy have decreased by 0.21%.

gramercy studio apartment trends gramercy one bedroom apartment price trends gramercy two bedroom apartment price trends

• Prices were strong in Greenwich Village this month. Studio non doorman and doorman prices increased by 1.6% and decreased by 2.0%, one bedroom non doorman and doorman prices increased by 4.0% and 3.0%, and two bedroom non doorman and doorman prices decreased by 2.2% and increased by 4.8%. This is an average overall change of +1.8%. Over the last year, prices have increased by 2.4%. Inventory in Greenwich Village remained very consistent over the last month. In March, there were 635 units on the market and in April, there were 633 units. This is a 2 unit or 0.3% decrease in total units. 70% of inventory in this neighborhood is non doorman and the remaining inventory is in doorman buildings.

greenwich village studio apartment prices greenwich village one bedroom apartment prices greenwich village two bedroom apartment prices

• Inventory in Harlem increased by 1.8% or 15 units, from 831 units to 846 units. 77% of inventory is in non doorman buildings and the remaining 23% is in doorman buildings. Over the last month, studio non doorman and doorman prices decreased by 0.6% and 1.6%. One bedroom non doorman and doorman prices decreased by 0.9% and increased by 2.7%. Two bedroom non doorman and doorman prices decreased by 0.3% and increased by 6.5%. The reason for this large increase in two bedroom doorman prices is due to higher priced rentals at 1214 Fifth Avenue, 380 Lenox Avenue, and 455 Central Park West. There were nine units priced at or above $6,000 per month. Over the last year, prices have increased by 2.8%.

harlem studio apartment price trends harlem one bedroom prices harlem two bedroom apartment price trends

• Studio prices on the Lower East Side have decreased by 0.9%, one bedroom prices have decreased by 2.2%, and two bedroom prices have decreased by 1.2%. This is an average overall decrease of 1.7% or $60.32. Over the last year, prices have decreased by $4.38 or 0.13%. Inventory on the Lower East Side increased by 55 units or 19.1% from 288 units to 343 units. Almost all of this increase came from the non doorman sector, mainly the one bedroom sector. There were high levels of activity at 155 Attorney Street, a 2017 development that contains 37 units over 7 stories. 67 Pitt Street is an older 20 unit building that also had high levels of activity this month.

lower east side studio apartment prices lower east side one bedroom apartment price trends lower east side two bedroom apartment price trends

• Inventory in Midtown East increased by 8% or 81 units this month, from 1,018 units to 1,099 units. 27% of this inventory is in buildings with no doormen, and the remaining 73% of inventory is in doorman buildings. Prices were strong in the neighborhood this month. Studio non doorman prices increased by 4.4%, and doorman prices increased by 2.6%. One bedroom non doorman prices decreased by 0.4% and doorman prices increased by 0.01%. Two bedroom non doorman prices increased by 4.5% and doorman prices decreased by 0.4%. This is an overall price increase of 1.4%. Over the last year, prices have increased by 4.2%. These are monthly and yearly dollar increases of $50.50 and $144.11.

midtown east studio apartment price trends midtown east one bedroom price trends midtown east two bedroom price trends

• Inventory in Midtown West has remained very stable over the last month. There were 940 units on the market in March versus 938 units in April, so inventory only decreased by 2 units or 0.2%. Studio non doorman and doorman unit prices decreased by 1.2% and increased by 1.2%. One bedroom non doorman and doorman unit prices increased by 0.4% and increased by 2.0%. Two bedroom non doorman and doorman unit prices decreased by 0.4% and 1.0%. This is an average overall change of +0.11%. Over the last year, prices decreased by 2.1%.

midtown west studio apartment price trends midtown west one bedroom price trends midtown west two bedroom apartment price trends

• Over the last month, studio non doorman prices in Murray Hill increased by 7%. This is due to higher priced units at 150 East 37th Street, despite a recent increase in common charges in the older, 78 unit building. Additionally, studio doorman prices increased by 2.8%, one bedroom non doorman prices decreased by 0.7%, one bedroom doorman prices increased by 1.2%, two bedroom non doorman prices decreased by 4.4%, and two bedroom doorman prices increased by 1.6%. This is an average overall change of +0.7%. Over the last year, prices have decreased by 0.8%. These are monthly and yearly dollar changes of +$25.60 and -$29.68. Inventory in Murray Hill increased by 4.3% or 31 units.

murray hill studio apartment price trends murray hill one bedroom apartment price trends murray hill two bedroom apartment price trends

• Studio prices in SoHo decreased by 5.5% (there were no doorman units on the market). One bedroom prices decreased by an average of 0.6%. Two bedroom prices decreased by 3.1% on average. Overall, prices have changed by -5.1% over the last month and by -0.31% over the last year, or by $268.90 over the last month and by $15.52 over the last year. Inventory in SoHo is usually very low, but it increased by 27 units or 20.9%, from 129 units to 156 units. Most of this increase occured in the two bedroom non doorman sector, in buildings like 213 6th Avenue and 81 Sullivan Street.

soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• Over the last month, prices in TriBeCa have decreased by 0.3%. Studio non doorman prices decreased by 0.6%, studio doorman prices increased by 3.1%, one bedroom non doorman prices decreased by 7.7%, one bedroom doorman prices decreased by 7.1%, two bedroom doorman prices increased by 2.4%, and two bedroom non doorman prices increased by 6.2%. Larger percentage shifts are often times seen in low inventory neighborhoods. TriBeCa only has 154 units on the market this month, down 1.3% or 2 units from last month, making it one of the smaller neighborhoods in Manhattan. High levels of activity at 310 Greenwich Street also contributed to the increase in the two bedroom non doorman price increases. Over the last year, prices have decreased by 1.3%.

tribeca studio apartment prices tribeca one bedroom apartment price trends tribeca two bedroom apartment prices

• Prices on the Upper East Side remained relatively stable this month. Studio non doorman prices increased by 1.7% and doorman prices decreased by 0.2%. One bedroom non doorman prices decreased by 0.4% and doorman prices increased by 0.8%. Two bedroom non doorman prices decreased by 0.1% and doorman prices increased by 2.9%. This is an overall monthly increase of 1.1% or $37.49. Over the last year, prices have decreased by 0.8% or $28.61. Inventory increased by 100 units or 5.8%, from 1,727 to 1,827 total units.

upper east side studio apartment price trends upper east side one bedroom price trends upper east side two bedroom price trends

• Over the last month, inventory on the Upper West Side have increased by 5.5% or 74 units, from 1,354 to 1,428 units. Studio non doorman unit prices have increased by 0.4% and doorman unit prices have increased by 1.1%. One bedroom non doorman unit prices have increased by 2.7% and doorman unit prices have increased by 2.0%. Two bedroom non doorman unit prices have increased by 1.0% and doorman unit prices have increased by 1.9%. This is an overall monthly increase of 1.6% or $57.34. Over the last year, prices have decreased by 1.2% or $43.27.

upper west side studio apartment price trends upper west side one bedroom price trends upper west side two bedroom 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 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.

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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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