MANHATTAN
RENTAL MARKET REPORT

JANUARY 2019

Introduction

Over the last month, the average rent in Manhattan decreased by 0.24%, from $3,943.46 to $3,933.95.

A Quick Look

Through January, the average rental price in Manhattan decreased by 0.24%, from $3,943.46 to $3,933.95. The average rental price for a non-doorman studio unit increased by 0.8%, from $2,599 to $2,619. The average rental price for a non-doorman one-bedroom unit also increased by 0.8%, from $3,169 to $3,195. The average rental price for a non-doorman two-bedroom unit decreased by 0.7%, from $4,115 to $4,087. The average rental price for a doorman studio unit decreased by 0.48%, from $3,068 to $3,053. The average rental price for a doorman one-bedroom unit increased by 0.1%, from $4,284 to $4,287. The average rental price for a doorman two-bedroom unit decreased by 1.1%, from $6,024 to $5,956. This past month, non-doorman units represented 44.5% of the rental market, while doorman units comprised the remaining 55.5%.

Year-over-year, non-doorman studio rental prices are up 7.11% while doorman studio rental prices are down 0.85%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 0.11%, while the average doorman one-bedroom unit saw its’ average rental price increase by 3.50%. Non-doorman two-bedroom rental prices are down 3.71% from this time last year while doorman two-bedroom prices are down 0.97%.

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

• For the third month in a row, the average rental price in Battery Park City has increased. This time improving by 1.72%.

battery park city apartment price trends

• The average non-doorman rental price in Chelsea increased by 0.44% during January.
• After last month’s increase, the average rental price for a doorman unit in Chelsea corrected by 2.78%.

chelsea apartment

• The average rental price for a non-doorman unit in the East Village increased by 2.02%.
• Breaking a three-month streak, the average rental price for a doorman unit in the East Village fell by 2.45%.

east village apartment

• For the second month in a row, the average rental price for a non-doorman unit in the Financial District fell, this time dropping by 2.62%.
• The average rental price for a doorman unit in the Financial District increased by 1.16% during December.

financial district apartment

• The average price for a doorman unit in Gramercy is down 3.64% since last month, while non-doorman units are up 3.21%.

gramercy apartment

• Since last month, non-doorman units are up 0.78%, while doorman units are down 1.18%.

greenwich village studio apartment prices

• Since last month, non-doorman rents remained relatively stable, increasing by just 0.15%, whereas doorman units decreased by 1.26%.

harlem apartment price trends

• After a slight drop last month, the average rental price for a non-doorman unit increased by 3.02%.
• Thanks to a number of a higher-end units becoming available this past month, the average rental price for a doorman unit in the Lower East Side increased by 6.77%.

lower east side apartment

• Through January, the average rental price for a non-doorman unit increased by 1.66%.
• The average rental price for a doorman unit in Midtown East increased by 0.41% this past month.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West fell by 0.41% this past month.
• This past month, the average rental price for a doorman unit in Midtown West increased by 0.97%.

midtown west apartment price trends

• The average rental price for a non-doorman unit in Murray Hill increased by 1.15% this past month.
• Following a slight drop last month, the average rental price for a doorman unit in Murray Hill increased by 0.44%.

murray hill apartment price trends

• After an increase last month, the average rental price for a non-doorman unit in SoHo experienced a correction of 1.02%.
• The average rental price for a doorman unit in SoHo fell by 4.38% this past month. Due to limited inventory, large swings in pricing within the doorman rental submarket in SoHo can be expected.

soho apartment prices

• The average rental price for a non-doorman unit in TriBeCa fell by 2.06% during January.
• Due to an influx of lower-priced inventory, the average rental price for a doorman unit in TriBeCa fell by 4.34% during January.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side remained stable, increasing by just 0.03% during January.
• This past month, the average rental price for a doorman unit in the Upper East Side increased by 0.96%.

upper east side apartment price trends

• Following a sizeable increase last month, the average rental price for a non-doorman unit in the Upper West Side fell by just 0.02%.
• The average rental price for a doorman unit increased by 0.50% during January.

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

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  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

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