MANHATTAN
RENTAL MARKET REPORT

NOVEMBER 2018

Introduction

Over the last month, the average rent in Manhattan decreased by 1.14%, from $3,993.91 to $3,948.46.

A Quick Look

During November, the average rental price in Manhattan decreased by 1.14%, from $3,993.91 to $3,948.46. The average rental price for a non-doorman studio unit decreased by 1.6%, from $2,618 to $2,576. The average rental price for a non-doorman one-bedroom unit also decreased by 1.6%, from $3,227 to $3,177. The average rental price for a non-doorman two-bedroom unit remained virtually the same, increasing by just 0.03%, from $4,166 to $4,167. The average rental price for a doorman studio decreased by 1.5%, from $3,086 to $3,039. The average rental price for a doorman one-bedroom decreased by 0.9%, from $4,345 to $4,306. The average rental price for a doorman two-bedroom decreased by 1.2%, from $6,073 to $5,999. During November, non-doorman units represented 45.3% while doorman units comprised the remaining 54.7%.

Year-over-year, non-doorman studio rental prices are up 2.30% while doorman studio rental prices are down 2.18%. Non-doorman one-bedroom unit rental prices are up 1.01% year-over- year while doorman one-bedroom rental units are up 3.72% in that same span. Non-doorman and doorman two-bedroom unit rental prices are down 2.11% and 1.17%, respectively. Overall, the average rental price in Manhattan is up 0.75% from this time last year.

Rental prices fell month-over-month in most analyzed neighborhoods. This decline in pricing can be directly attributed to the overall market slowdown that is typical for this time of the year.

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

• After a slight increase last month, the average rental price in Battery Park City experienced a correction of 1.36% during November.

battery park city apartment price trends

• Non-doorman and doorman rental prices in Chelsea experienced price drops of 1.87% and 2.51%, respectively.

chelsea apartment

• For the third month in a row, the average rental price for a non-doorman unit in the East Village fell, this time by 1.41%.
• Carrying over some of the momentum from last month’s gain, the average rental price for a doorman unit in the East Village increased by 2.14%.

east village apartment

• During November, the average rental price for non-doorman unit in the Financial District increased by 0.46%.
• After two months of price stability, the average rental price for a doorman unit in the Financial District fell by 1.78%.

financial district apartment

• Following last month’s small drop, the average rental price for a non-doorman unit in Gramercy Park increased by 1.63%.
• This past month, the average rental price for a doorman unit in Gramercy Park increased by 0.36%.

gramercy apartment

• The average rental price in Greenwich Village increased by 1.65% during November.
• Reversing the emerging trend seen over the last two months, the average rental price for a doorman unit in Greenwich Village increased by 3.00% during November.

greenwich village studio apartment prices

• During November, the average rental prices for non-doorman and doorman units in Harlem fell by 0.33% and 1.50%, respectively.

harlem apartment price trends

• Carrying some momentum from last month’s correction, the average rental price for a doorman unit in the Lower East Side fell by 5.10% during November.
• After a relatively large increase last month, the average rental price for a doorman unit in the Lower East Side fell by 3.10% during November.

lower east side apartment

• The average rental prices for non-doorman and doorman units in Midtown East fell by 0.49% and 2.86%, respectively.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West fell by 0.62% this past month.
• Following a correction last month, the average rental price for a doorman unit in Midtown West increased by 0.52%.

midtown west apartment price trends

• During November, the average rental price for a non-doorman unit in Murray Hill fell by 5.10%.
• This past month, the average rental price for a doorman unit in Murray Hill increased by 0.14%.

murray hill apartment price trends

• During November, the average rental price for a non-doorman unit in SoHo decreased by 0.80%.
• The average rental price for a doorman unit in SoHo decreased by 8.43%. This large decrease is the direct result of the extremely low inventory nature of the SoHo doorman rental market.

soho apartment prices

• Following an increase last month, the average rental price for a non-doorman unit in TriBeCa fell by 1.50% during November.
• The average rental price for a doorman unit in TriBeCa fell by 0.76% this past month.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side increased by 0.12% during November.
• This past month, the average rental price for a doorman unit in the Upper East Side fell by 0.62%.

upper east side apartment price trends

• Stabilizing after last month’s large decreases, the average rental price for a non-doorman unit in the Upper West Side increased by 0.50%, while the average rental price for a doorman unit fell by just 0.48%.

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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market report archive

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.

  • A list of maps and transit options available in New York City and beyond.

  • 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.