MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 0.54%
    CHANGE
  • $4,169.14
    SEPTEMBER 2019
  • $4,146.67
    OCTOBER 2019

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 0.54%, from $4,169.14 to $4,146.673 The average rental price for a non-doorman studio unit fell by 3.60%, from $2,525 to $2,434. The average rental price for a non-doorman one-bedroom unit fell by 0.78%, from $3,364 to $3,338. The average rental price for non-doorman two-bedroom unit increased by 0.26%, from $4,403 to $4,415. The average rental price for doorman studio unit increased by 0.25%, from $3,334 to $3,343. The average rental price for doorman one-bedroom unit increased by 0.23%, from $4,587 to $4,597. The average rental price for doorman two-bedroom unit fell by 1.2%, from $6,540 to $6,462. This past month, non-doorman units represented 45.4% of the rental market, while doorman units comprised the remaining 54.6%.

Year-over-year, the average rental price for a non-doorman studio has fallen 7.03%, while the average price for a doorman studio unit increased by 8.33%. In that same span, the average price for a non-doorman one-bedroom unit increased by 3.44%, while doorman one-bedroom units saw their rents increase by 5.81%. The rental price for a non-doorman two-bedroom unit increased by 5.97%, while doorman two-bedroom units saw their rents increased by 6.40%. Overall, the average rental price for a unit in Manhattan is up 3.82% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,600 Harlem $1,903
Non-doorman one bedrooms Tribeca $5,886 Harlem $2,330
Non-doorman two bedrooms Tribeca $7,649 Harlem $2,883
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $5,081 Harlem $2,548
Doorman one bedrooms SoHo $7,253 Harlem $3,183
Doorman two bedrooms SoHo $8,439 Harlem $4,263

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Doorman Studios -4.1%

Doorman Two-Bedroom -0.3%

Non-Doorman Two-Bedroom -6.5%

EAST VILLAGE

Doorman Two-Bedroom -7.0%

FINANCIAL DISTRICT

Doorman Studios -0.6%

Doorman One-Bedroom -1.3%

Doorman Two-Bedroom -4.5%

Non-Doorman Studios -12.2%

Non-Doorman One-Bedroom -10.1%

GRAMERCY

Doorman One-Bedroom -0.5%

Doorman Two-Bedroom -9.0%

Non-Doorman Studios -0.7%

Non-Doorman One-Bedroom -5.5%

GREENWICH VILLAGE

Doorman One-Bedroom -2.8%

Non-Doorman Studios -0.4%

HARLEM

Doorman One-Bedroom -5.1%

Non-Doorman Studios -1.4%

Non-Doorman One-Bedroom -1.9%

LOWER EAST SIDE

Doorman One-Bedroom -0.6%

Non-Doorman One-Bedroom -2.4%

MIDTOWN EAST

Doorman Studios -1.3%

Doorman Two-Bedroom -3.6%

Non-Doorman Two-Bedroom -1.0%

MIDTOWN WEST

Doorman Studios -1.5%

Doorman One-Bedroom -0.3%

Non-Doorman Studios -0.9%

Non-Doorman One-Bedroom -0.1%

MURRAY HILL

Doorman Studios -3.8%

Doorman Two-Bedroom -6.4%

Non-Doorman Studios -0.2%

SOHO

Doorman Two-Bedroom -1.1%

Non-Doorman Studios -8.2%

Non-Doorman One-Bedroom -0.2%

TRIBECA

Doorman Studios -4.9%

Doorman One-Bedroom -0.6%

Non-Doorman Studios -17.2%

Non-Doorman Two-Bedroom -4.9%

UPPER EAST SIDE

Doorman One-Bedroom -0.9%

Non-Doorman Studios -0.3%

Non-Doorman One-Bedroom -0.6%

UPPER WEST SIDE

Doorman One-Bedroom -1.2%

Non-Doorman One-Bedroom -1.1%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 3.3%

Doorman One-Bedroom 2.0%

Doorman Two-Bedroom 2.4%

CHELSEA

Doorman One-Bedroom 0.4%

Non-Doorman Studios 0.3%

Non-Doorman One-Bedroom 0.2%

EAST VILLAGE

Doorman Studios 2.6%

Doorman One-Bedroom 5.2%

Non-Doorman Studios 0.3%

Non-Doorman One-Bedroom 0.2%

Non-Doorman Two-Bedroom 4.6%

FINANCIAL DISTRICT

Non-Doorman Two-Bedroom 1.1%

GRAMERCY

Doorman Studios 1.7%

Non-Doorman Two-Bedroom 8.8%

GREENWICH VILLAGE

Doorman Studios 1.9%

Doorman Two-Bedroom 0.7%

Non-Doorman One-Bedroom 1.0%

HARLEM

Doorman Studios 1.0%

Doorman Two-Bedroom 0.6%

Non-Doorman Two-Bedroom 0.8%

LOWER EAST SIDE

Doorman Studios 1.1%

Doorman Two-Bedroom 1.7%

Non-Doorman Studios 1.4%

Non-Doorman Two-Bedroom 2.2%

MIDTOWN EAST

Doorman One-Bedroom 1.6%

Non-Doorman Studios 2.7%

Non-Doorman One-Bedroom 0.5%

MIDTOWN WEST

Doorman Two-Bedroom 1.8%

Non-Doorman Two-Bedroom 0.2%

MURRAY HILL

Doorman One-Bedroom 0.4%

Non-Doorman One-Bedroom 0.2%

Non-Doorman Two-Bedroom 1.0%

SOHO

Doorman Studio 6.6%

Doorman One-Bedroom 4.2%

Non-Doorman Two-Bedroom 0.7%

TRIBECA

Doorman Two-Bedroom 5.1%

Non-Doorman One-Bedroom 5.8%

UPPER EAST SIDE

Doorman Studios 0.4%

Doorman Two-Bedroom 1.5%

Non-Doorman Two-Bedroom 2.9%

UPPER WEST SIDE

Doorman Studios 0.3%

Doorman Two-Bedroom 1.0%

Non-Doorman Studios 0.8%

Non-Doorman Two-Bedroom 1.3%

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
1.0%
4.5%
13.2%
7.7%
7.3%
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
5.4%
7.3%
8.5%
5.9%
5.3%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
2.9%
1.3%
2.9%
5.2%
9.2%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side

YEAR OVER YEAR Price change

MANHATTAN RENTS: OCTOBER 2018 VS. OCTOBER 2019

price changes
TYPE OCTOBER 2018 OCTOBER 2019 CHANGE
Non-doorman studios $2,618 $2,434 7.0%
Non-doorman one bedroom $3,227 $3,338 3.4%
Non-doorman two bedroom $4,166 $4,415 6.0%
TYPE OCTOBER 2018 OCTOBER 2019 CHANGE
Doorman studios $3,086 $3,343 8.3%
Doorman one bedroom $4,345 $4,597 5.8%
Doorman two bedroom $6,073 $6,462 6.4%
MANHATTAN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 2.47%.

BATTERY PARK CITY

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN CHELSEA FELL BY 2.88%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA FELL BY 0.98%.

CHELSEA

BUILDING UPON MOMENTUM FROM LAST MONTH’S GAIN, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN THE EAST VILLAGE INCREASED BY AN ADDITIONAL 2.05% THIS PAST MONTH.

STABILIZING AFTER A LARGE DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE FELL BY A SUBDUED 1.26% THROUGH OCTOBER.

EAST VILLAGE

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY 6.10%. THIS DROP WAS CAUSED BY A LACK OF INVENTORY WITH THE NON-DOORMAN RENTAL SUBMARKET, WHICH CAN OFTEN LEAD TO PRICE JUMPS.

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY 2.50%.

FINANCIAL DISTRICT

MARKING THE THIRD MONTH OF INCREASES, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY AN ADDITIONAL 1.50% THROUGH OCTOBER.

FOLLOWING A LARGE INCREASED LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK EXPERIENCED A CORRECTION OF 3.97% THROUGH OCTOBER.

GRAMERCY PARK

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 0.38% THROUGH OCTOBER.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 0.16%.

GREENWICH VILLAGE

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT FELL BY 0.68%.

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 1.20%.

HARLEM

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 0.46%.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN LOWER EAST SIDE INCREASED BY 0.84%.

LOWER EAST SIDE

FOLLOWING A DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST REBOUNDED BY 0.43% THROUGH OCTOBER.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST EXPERIENCED A CORRECTION OF 1.52%.

MIDTOWN EAST

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST REMAINED STABLE, DECREASING BY JUST 0.17%.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.33%.

MIDTOWN WEST

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL INCREASED BY 0.45%.

FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL EXPERIENCED A CORRECTION OF 3.68%.

MURRAY HILL

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY 1.56%.

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 2.53%.

SOHO

THANKS, IN PART, TO ITS LOW-INVENTORY NATURE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT TRIBECA EXPERIENCED A DECREASE OF 4.55% OVER THE LAST MONTH.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 0.51%.

TRIBECA

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE UPPER EAST SIDE INCREASED BY 0.90% THROUGH OCTOBER.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER EAST SIDE INCREASED BY 0.52%.

UPPER EAST SIDE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE UPPER WEST SIDE REMAINED STABLE, INCREASING BY JUST 0.39% THROUGH OCTOBER.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER WEST SIDE REMAINED RELATIVELY STABLE, INCREASING BY JUST 0.14%.

UPPER WEST SIDE

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 cross-sectioned 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 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 & 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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