MANHATTAN
RENTAL MARKET REPORT

December 2017

Introduction

Over the last month, average rents in Manhattan decreased by 0.10%, from $3,919.09 to $3,915.31.

A Quick Look

During December, the average rental price fell by just 0.10%, from $3,919.09 to $3,915.31. The average non-doorman studio rental price fell by 0.7%, from $2,518 to $2,501. The average doorman studio rental price fell by 1.6%, from $3,107 to $3,059. The average non-doorman one-bedroom rental price increased by 0.3%, from $3,145 to $3,153. The average doorman one-bedroom rental price increased by 0.6%, from $4,152 to $4,179. The average non-doorman twobedroom rental price increased by 0.5%, from $4,257 to $4,277. The average doorman rental price fell by 0.1%, from $6,070 to $6,061. During December, non-doorman units represented 44.6% of the rental market, while doorman units comprised 55.4% of the rental market.
Year-over-year, non-doorman studio rental prices decreased by 4.8%. In the same period, doorman studio rental prices increased by 3.6%. Non-doorman one-bedroom rental prices experienced a 2.58% year-over-year decrease. Doorman one-bedroom rental prices grew by 0.4% year-over-year. The average non-doorman two-bedroom rental price increased by 0.6% year-over-year. In the same span, the average doorman two-bedroom rental price increased by 2.7%.
Overall, rental prices in Manhattan decreased by 0.2% year-over-year. The largest price changes occurred in traditionally low inventory markets. For example, non-doorman studio rental prices in TriBeCa fell by 19.5% year-over-year. These price swings, however, are negligible since, historically, only about 20% of all units in TriBeCa are non-doorman.
Even though Harlem was down 3.3% month-over-month, it has proven to be one of the fastest growing rental markets in Manhattan. In the past twelve months alone, the average rental price in Harlem has grown by an impressive 8.71%. Most of this growth can be attributed to the increased new development activity in the neighborhood.
As we begin the winter season, prices can be expected to continue correcting slightly.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -0.6% Doorman Two-Bedroom -1.7%
Chelsea
Doorman Studios -2.4% Non-Doorman Studios -1.3% Non-Doorman One-Bedroom -3.7% Non-Doorman Two-Bedroom -0.1%
East Village
Doorman Studios -2.5% Doorman One-Bedroom -4.1% Non-Doorman Studios -2.1% Non-Doorman One-Bedroom -2.0%
Financial District
Doorman One-Bedroom -1.8% Non-Doorman One-Bedroom -5.7%
Gramercy
Doorman Two-Bedroom -6.5% Doorman One-Bedroom -6.0%
Greenwich Village
Doorman Studios -2.0% Doorman Two-Bedroom -5.2% Non-Doorman One-Bedroom -0.4%
Harlem
Doorman Studios -2.3% Doorman Two-Bedroom -9.1% Non-Doorman Studios -5.9% Non-Doorman One-Bedroom -1.9% Non-Doorman Two-Bedroom -0.7%
Lower East Side
Non-Doorman One-Bedroom -1.1%
Midtown East
Doorman Studios -8.0% Doorman One-Bedroom -3.4% Doorman Two-Bedroom -0.3% Non-Doorman Studios -2.1% Non-Doorman One-Bedroom -1.2% Non-Doorman Two-Bedroom -3.9%
Midtown West
Non-Doorman Studios -2.2% Non-Doorman Two-Bedroom -1.0%
Murray Hill
Doorman Studios -5.0% Doorman One-Bedroom -2.2% Doorman Two-Bedroom -3.4% Non-Doorman Studios -0.1% Non-Doorman One-Bedroom -0.6%
SoHo
Doorman Studios -8.6% Non-Doorman Two-Bedroom -4.3%
Tribeca
Non-Doorman Studios -12.1%
Upper East Side
Doorman One-Bedroom -1.0% Doorman Two-Bedroom -2.2% Non-Doorman One-Bedroom -3.9% Non-Doorman Two-Bedroom -2.7%
Upper West Side
Doorman Studios -0.1% Doorman One-Bedroom -0.6% Non-Doorman Studios -1.4% Non-Doorman One-Bedroom -0.1% Non-Doorman Two-Bedroom -1.3%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 2.4%
Chelsea
Doorman One-Bedroom 2.7% Doorman Two-Bedroom 3.0%
East Village
Doorman Two-Bedroom 1.6% Non-Doorman Two-Bedroom 2.5%
Financial District
Doorman Studios 0.4% Doorman Two-Bedroom 3.7% Non-Doorman Studios 12.4% Non-Doorman Two-Bedroom 0.6%
Gramercy
Doorman Studios 1.4% Non-Doorman Studios 2.8% Non-Doorman One-Bedroom 3.3% Non-Doorman Two-Bedroom 5.8%
Greenwich Village
Doorman One-Bedroom 2.4% Non-Doorman Studios 0.5% Non-Doorman Two-Bedroom 2.6%
Harlem
Doorman One-Bedroom 2.5%
Lower East Side
Doorman Studios 3.1% Doorman One-Bedroom 7.1% Doorman Two-Bedroom 3.3% Non-Doorman Studios 3.0% Non-Doorman Two-Bedroom 0.2%
Midtown East
Doorman Studios 0.3% Doorman One-Bedroom 1.9% Doorman Two-Bedroom 3.5% Non-Doorman One-Bedroom 7.0%
Murray Hill
Non-Doorman Two-Bedroom 2.9%
SoHo
Doorman One-Bedroom 3.3% Doorman Two-Bedroom 5.2% Non-Doorman Studios 2.0% Non-Doorman One-Bedroom 5.1%
Tribeca
Doorman Studios 2.1% Doorman One-Bedroom 5.0% Doorman Two-Bedroom 1.9% Non-Doorman One-Bedroom 6.1% Non-Doorman Two-Bedroom 3.7%
Upper East Side
Doorman Studios 1.9% Non-Doorman Studios 0.3%
Upper West Side
Doorman Two-Bedroom 1.4%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

Year Over Year Price Change

Manhattan Rents: December 2016 vs. December 2017
Type December 2016 December 2017 Change
Non-Doorman Studios $2,626 $2,501 -4.8%
Non-Doorman One Bedrooms $3,237 $3,153 -2.6%
Non-Doorman Two Bedrooms $4,249 $4,277 0.6%
Type December 2016 December 2017 Change
Doorman Studios $2,953 $3,059 3.6%
Doorman One Bedrooms $4,162 $4,179 0.4%
Doorman Two Bedrooms $5,901 $6,061 2.7%

• December was a stable month for rental pricing in Battery Park City. The average rental price fell by just 0.33%.

battery park city apartment price trends

• Non-doorman rental prices in Chelsea experienced a slight correction during December, falling by 1.54%.
• After a stable November, doorman rental pricing in Chelsea increased by 1.67% during December.

chelsea apartment

• Non-doorman rentals had a relatively stable December, prices fell by just 0.13%.
• Following a slight increase in November, the average doorman rental price fell by 1.16%.

east village apartment

• Traditionally a low-inventory market, non-doorman rental units experienced average growth of 1.65% during December.
• After a slight price contraction, doorman rental units in the Financial District experienced a 1.04% growth during December.

financial district apartment

• The non-doorman rental market in Gramercy experienced impressive growth of 4.21% during December.
• Off-setting the gains seen in non-doorman pricing, the average doorman unit rental price in Gramercy fell by 4.56% during December.

gramercy apartment

• After experiencing a correction last month, the average non-doorman rental unit price in Greenwich Village increased by 1.1% during December.
• Continuing the seasonal downtrend, the average doorman rental unit price in Greenwich Village fell by 2.06% during December.

greenwich village studio apartment prices

• After a slight increase in November, the average non-doorman rental unit price in Harlem fell by 2.54% during December.
• The average doorman rental unit in Harlem saw prices fall by 3.91%. This drop can be explained by an increase in concessions and seasonality, both of which exert downward pressure on rental prices.

harlem apartment price trends

• Non-doorman rental unit pricing in the Lower East Side had a relatively stable December, increasing by 0.58%.
• After a price correction in November, doorman rental units experienced a 4.39% price increase during December.

lower east side apartment

• Succumbing to seasonality trends, the average non-doorman rental unit in Midtown East saw prices fall by 2.56% during December.
• Continuing the downward trend seen in November, doorman rental unit pricing in Midtown East experienced a 3.04% decrease in December.

midtown east apartment price trends

• After experienced slight price corrections in November, non-doorman and doorman rental units in Midtown West saw price increases of 1.14% and 2.27%, respectively.

midtown west apartment price trends

• After a slight correction in November, non-doorman rental units in Murray Hill saw prices increase by 0.99% during December.
• After a stable November, the average doorman rental unit price in Murray Hill experienced a correction of 3.41% during December.

murray hill apartment price trends

• The average price for a non-doorman rental unit in SoHo remained stable during December, falling by just 0.01%.
• Doorman rental units in SoHo saw prices increase by 1.59% during December.

soho apartment prices

• The average non-doorman rental unit experienced a stable December, with prices increasing by just 0.31%.
• After a price correction in November, doorman rental units in TriBeCa saw prices increase by 2.96% during December.

tribeca apartment prices

• After a stable November, non-doorman rental pricing experienced a correction during December, falling by 2.36%.
• The average doorman rental unit price in the Upper East Side remained stable during December, falling by just 0.95%.

upper east side apartment price trends

• December was a stable month for non-doorman rental unit pricing in the Upper West Side. The average price fell by just 0.91%.
• The average doorman rental unit price in the Upper West Side increased by 0.48% during December.

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: 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 “Manhattan Rental Market Report” with a link back to its original location (http://www.mns.com/manhattan_rental_market_report)

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