REPORTS

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MANHATTAN
RENTAL MARKET REPORT

November 2014

Introduction

Average rents increased compared to this time last year, increasing 0.7% from $3,797 in November 2013 to $3,824 in November 2014.

A Quick Look

Rent prices in Manhattan increased by approximately 1.63% from $3,763 in October 2014 to $3,824 in November 2014. Rent prices increased by 0.7% from $3,797 in November 2013 to $3,824 in November 2014. Listing inventory decreased 5% compared to October 2014 from 7976 units to 7576 units in November 2014. The ratio of Non-Doorman units to Doorman units in all of Manhattan changed from 44.7% (NDM) and 55.3% (DM) in October 2014 to 40.5% (NDM) and 59.5% (DM) in November 2014.

The market appears to have picked up slightly compared to October 2014. The largest percentage increases in rent prices (among material sample sizes) were seen in Studios in the Lower East Side and Two Bedroom Doorman units in Harlem. The largest percentage decreases were seen in Studio Doorman units and 2 Bedroom Doorman units in East Village. It should be noted that the sample set for TriBeCa Studio Non-Doorman, TriBeCa One Bedroom Non-Doorman, No inventory SoHo Studio Doorman, SoHo One and Two Bedroom Doorman units were each less than 8 units, a relatively low sample size.

The largest annual shift in rent prices were seen in the Harlem and East Village. Rents increased 23.6% in Harlem compared to November 2013 from $2,249 to $2,780. Rent decreased by 10.7% in East Village from $3,591 to $3,207.

The largest rate of increase in listing inventory was in Midtown East where 344 new units came to the market, a 92.2% increase in inventory from last month. The greatest rate of decrease in listing inventory was in the Murray Hill where 258 units came off the market, a 42.9% decrease from previous month.

A Quick Look

Non-Doorman Buildings (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -1.6%, Doorman Two-Bedroom -4.1%
Chelsea
Doorman Studios -3.9%, Doorman One-Bedroom -7.5%, Doorman Two-Bedroom -2.4%
East Village
Doorman Studios -26.9%, Doorman One-Bedroom -24.3%, Doorman Two-Bedroom -29.8%
Financial District
Doorman Studios -0.7%, Doorman One-Bedroom -2.9%, Doorman Two-Bedroom -6.0%, Non-Doorman Two-Bedroom -6.1%
Gramercy
Doorman Studios -1.8%
Greenwich Village
Doorman Studios -4.8%, Doorman One-Bedroom -3.7%, Doorman Two-Bedroom -3.4%, Non-Doorman Two-Bedroom -4.8%
Lower East Side
Doorman One-Bedroom -17.2%, Doorman Two-Bedroom -0.4%
Midtown East
Non-Doorman One-Bedroom -1.7%, Doorman One-Bedroom -8.3%, Doorman Two-Bedroom -7.7%
Murray Hill
Non-Doorman One-Bedroom -0.5%, Doorman One-Bedroom -1.3%, Doorman Two-Bedroom -0.1%
Tribeca
Non-Doorman Two-Bedroom -6.1%
Upper East Side
Doorman One-Bedroom -4.5%, Non-Doorman Two-Bedroom -1.4%, Doorman Two-Bedroom -0.8%
Upper West Side
Doorman Studios -3.4%, Non-Doorman One-Bedroom -1.1%, Doorman One-Bedroom -2.2%, Doorman Two-Bedroom -5.0%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 0.3%
Chelsea
Non-Doorman Studios 2.3%, Non-Doorman One-Bedroom 5.7%, Non-Doorman Two-Bedroom 0.7%
East Village
Non-Doorman Studios 5.7%, Non-Doorman One-Bedroom 6.7%, Non-Doorman Two-Bedroom 4.4%
Financial District
Non-Doorman Studios 18.1%, Non-Doorman One-Bedroom 7.9%
Gramercy
Non-Doorman Studios 1.6%, Non-Doorman One-Bedroom 8.7%, Doorman One-Bedroom 1.7%, Non-Doorman Two-Bedroom 8.8%, Doorman Two-Bedroom 2.54%
Greenwich Village
Non-Doorman Studios 9.8%, Non-Doorman One-Bedroom 7.5%
Harlem
Non-Doorman Studios 2.9%, Doorman Studios 11.8%, Non-Doorman One-Bedroom 6.5%, Doorman One-Bedroom 19.7%, Non-Doorman Two-Bedroom 6.9%, Doorman Two-Bedroom 29.6%
Lower East Side
Non-Doorman Studios 26.1%, Doorman Studios 4.2%, Non-Doorman One-Bedroom 9.2%, Non-Doorman Two-Bedroom 4.4%
Midtown East
Doorman Studios 8.6%, Non-Doorman Studios 15.8%, Non-Doorman Two-Bedroom 4.3%
Midtown West
Non-Doorman Studios 4.1%, Doorman Studios 1.6%, Doorman One-Bedroom 0.1%, Non-Doorman One-Bedroom 6.0%, Non-Doorman Two-Bedroom 0.0%, Doorman Two-Bedroom 2.4%
Murray Hill
Non-Doorman Studios 8.8%, Doorman Studios 2.4%, Non-Doorman Two-Bedroom 18.7%
SoHo
Non-Doorman Studios 5.6%, Doorman One-Bedroom 27.3%, Non-Doorman One-Bedroom 15.0%, Doorman Two-Bedroom 7.6%, Non-Doorman Two-Bedroom19.8%
Tribeca
Non-Doorman Studios 19.8%, Doorman Studios 1.3%, Non-Doorman One-Bedroom 28.9%, Doorman One-Bedroom 4.7%, Doorman Two-Bedroom 8.0%
Upper East Side
Non-Doorman Studios 5.6%, Doorman Studios 2.3%, Non-Doorman One-Bedroom 2.4%
Upper West Side
Non-Doorman Studios 5.4%, Non-Doorman Two-Bedroom 3.6%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year-Over-Year Changes

Manhattan Non-Doorman Rents: November 2013 vs. November 2014
  November '13 November '14 Change
Studios $2,478 $2,331 -5.9%
One Bedroom $3,238 $3,287 1.5%
Two Bedroom $4,172 $4,269 2.3%
Manhattan Doorman Rents: November 2013 vs. November 2014
  November '13 November '14 Change
Studios $2,752 $2,937 6.7%
One-bedrooms $3,954 $3,978 0.6%
Two-bedrooms $6,010 $5,827 -3.1%

• Overall average monthly rents experienced a slight decrease at 2.3%; however, this decrease had minimal impact on the annual change which increased by 0.6%.

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

• Despite a notable 7.5% decrease in 1 Bedroom Doorman Units monthly, overall average monthly and annual rents decreased at 1.4% and 1.9% respectively

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

• Substantial decreases in Studio Doorman Units at 26.9%, 1 Bedroom Doorman Units at 24.3% and 2 Bedroom Doorman Units at 29.3%, led to decreases in average monthly and annual rents at 14.5% and 10.7%, respectively. This was due to higher priced units exiting the market and lower priced units entering.

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

• Significant 18.1% and 7.9% increases in Studio and One Bedroom Non Doorman Units, together with a 6.1% decrease in Two Bedroom Non Doorman Units and 6% decrease in Two Bedroom Doorman Units, balanced the overall annual change with an increase of 3.8%.

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

• Monthly average rents rose to 3.6% due at notable 8.7% increase in One Bedroom Non Doorman and 8.8% Two Bedroom Non Doorman units.

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

• Average monthly and annual rents decreased at 1.2% and 1.1% respectively; regardless of a spurring 9.8% increase in Studio Non Doorman Units.

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

• Average monthly and annual rents increased a staggering 14.7% and 23.3% which derived from an influx of higher priced units at 1 Morningside Drive and 1214 Fifth Avenue.

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

• A substantial monthly rental price increase of 26.1% in Studio Non Doorman Units and 9.2% increase in 1 Bedroom Non Doorman Units offset a noticeable 17.2% decrease in 1 Bedroom Doorman Unit prices. Although the average monthly price grew at a slow rate of 1.4%, the annual change increased by 8.6% from previous year.

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

• Average monthly rental prices decreased at a negligible 0.6% as annual change fell 3.8%. However, the overall inventory amount doubled from the previous month of October.

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

• This neighborhood remained stable without any drastic rent fluctuations, with monthly changes averaging at an increase 2.1%.

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

• A monthly overall average increase of 4.2% was led by an 18.8% increase in Two Bedroom Non-Doorman Units.

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

• Drastic unit type fluctuations resulted in a 14.2% monthly increase in prices; however it should be noted that the One Bedroom and Two Bedroom Doorman sample size is comprised of only 5 units and 7 units respectively.

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

• Although Studio and One Bedroom Non-Doorman Unit types increased by 19.8% and 28.9% respectively, the sample sizes are relatively small and misleading toward an overall monthly average 8.0%.

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

• Both monthly and annual rent prices remained stable with monthly prices falling by only 0.2% and annual prices increasing by 1%.

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

• This neighborhood remained stable this month with a small 1.3% decrease in monthly average prices and a slight increase of 0.6% in annual prices.

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.

CONTACT US NOW: 212.475.9000

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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