Manhattan Rental Market Report | MNS is Real Impact Real Estate

MANHATTAN
RENTAL MARKET REPORT

March 2017

Introduction

Prices in Mahattan increased by 0.5% this month, or $19.74, from $3,920.93 to $3,940.67.

A Quick Look

Prices in Mahattan increased by 0.5% this month, or $19.74, from $3,920.93 to $3,940.67. Studio non doorman prices decreased by 2.84% or $75, from $2,639 to $2,564. Studio doorman prices decreased by 0.87% or $26, from $2,965 to $2,939. One bedroom non doorman prices increased by 3.26% or $103, from $3,164 to $3,267. One bedroom doorman prices increased by 0.39% or $17, from $4,189 to $4,206. Two bedroom non doorman prices increased by 1.99% or $83, from $4,196 to $4,279. Two bedroom doorman prices increased by 0.37% or $22, from $5,969 to $5,991. Over the last year, prices have increased by 2.35% or $90.41 overall. Studio non doorman prices have increased by 7.5%, studio doorman prices have increased by 0.03%, one bedroom non doorman prices have increased by 6.0%, one bedroom doorman prices have increased by 2.5%, two bedroom non doorman prices have increased by 1.4%, and two bedroom doorman prices have decreased by 1.8%.
Inventory in Manhattan had remained very stable this month, increasing by 0.2% or only 20 units overall. In February, there were 9,944 units on the market and this month, there were 9,964 units on the market. 5,052 or 50.7% of those units were non doorman units, and the remaining 4,912 or 49.3% of those units were doorman units. The largest inventory decrease over the last month occured in Battery Park City, where total units dropped from 164 units to 145 units. Even though this is only a 19 unit difference, these 19 units constituted 11.6% of total inventory.
The largest increase in inventory over the last month occured in the Lower East Side, where inventory increased by 7.5%, from 268 units to 288 units. Interestingly, it was in this neighborhood last month that large inventory increases also occured- by 33.3%, from 201 units to 268 units. Most of the new inventory came from the non doorman market, which increased from 216 units to 240 units (the doorman market actually decreased from 52 units to 48 units). While studio and two bedroom non doorman inventory levels increased the most of all, there was no single building most responsible for this. The only building where the levels of activity were exceptionally higher was at 94 Rivington Street, a 20 unit prewar building. All other inventory increases were under 4%.
One noteable development this month was in Midtown East. Midtown East is such a large neighborhood that inventory levels and average prices usually remain very stable, as they did this month, increasing by 3.6% and 0.6%, respectively. However, there was one particular sector of the market that increased more than the others, and this was the price of one bedroom non doorman units. Prices increased by 7.3%, from $2,902 to $3,114. This was due mainly to shifts in inventory: more high prices units and less low prices units, as opposed to a new development or particular event. These subtle shifts can be very transformative, however, and should be noted. For instance, in February there were three units above $5,000 a month and 44 units below $2,500. In March, there were five above that price and only 27 below that price. New developments in Midtown East include The Sutton at 959 First Avenue, a 113 unit building built in 2016, and 235 East 44th Street, a 67 unit building also built in 2016. Currently in preconstruction is a 50 story, 138 unit tower at 131 East 47th Street.
New developments continue to transform the borough of Manhattan. Preselling units is 1 West End, a 42 story 246 unit tower in Lincoln Square, as well as 111 Murray Street, a 64 story 157 unit Tribeca building. The trading of air rights opens doors for opportunity in the borough as well, as hundreds of thousands of square feet are being saught by developers. Ascend Group, for instance, is reportedly in needs of over $45 million dollars of air rights for their Lower East Side portfolio. The utilization of older properties’ unused rights will pave the way for interesting developments to come.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -2.9%
Chelsea
Doorman Studios -1.5%
East Village
Non-Doorman Studios -4.2% Non-Doorman One-Bedroom -1.2% Doorman Two-Bedroom -2.3%
Financial District
Non-Doorman Studios -6.0% Non-Doorman Two-Bedroom -0.5% Doorman Studios -1.1% Doorman Two-Bedroom -0.4%
Gramercy
Doorman Studios -1.4% Doorman One-Bedroom -1.4% Doorman Two-Bedroom -2.1%
Greenwich Village
Non-Doorman Studios -2.2% Non-Doorman One-Bedroom -1.2%
Harlem
Non-Doorman One-Bedroom -0.02% Doorman Studios -0.3% Doorman Two-Bedroom -2.0%
Midtown East
Non-Doorman Two-Bedroom -0.3% Doorman Studios -2.2% Doorman One-Bedroom -1.2%
Midtown West
Doorman Studios -0.7%
Murray Hill
Doorman Studios -3.8% Doorman One-Bedroom -2.3%
SoHo
Non-Doorman Studios -14.0% Non-Doorman Two-Bedroom -0.74% Doorman One-Bedroom -6.2%
Tribeca
Non-Doorman Studios -8.1% Doorman Studios -5.5% Doorman One-Bedroom -3.6% Doorman Two-Bedroom -5.2%
Upper East Side
Non-Doorman Studios -1.2% Non-Doorman One-Bedroom -1.4% Non-Doorman Two-Bedroom -3.9% Doorman Two-Bedroom -1.2%
Upper West Side
Non-Doorman Studios -0.7% Doorman Studios -1.0% Doorman One-Bedroom -0.8% Doorman Two-Bedroom -4.2%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 2.3% Doorman Two-Bedroom 0.7%
Chelsea
Non-Doorman Studios 2.7% Non-Doorman One-Bedroom 0.8% Non-Doorman Two-Bedroom 4.8% Doorman One-Bedroom 3.8% Doorman Two-Bedroom 0.8%
East Village
Non-Doorman Two-Bedroom 4.7% Doorman Studios 1.3% Doorman One-Bedroom 0.4%
Financial District
Non-Doorman One-Bedroom 3.3% Doorman One-Bedroom 3.4%
Gramercy
Non-Doorman Studios 1.7% Non-Doorman One-Bedroom 2.6% Non-Doorman Two-Bedroom 2.8%
Greenwich Village
Non-Doorman Two-Bedroom 0.8% Doorman Studios 2.2% Doorman One-Bedroom 1.4% Doorman Two-Bedroom 15.0%
Harlem
Non-Doorman Studios 1.2% Non-Doorman Two-Bedroom 0.2% Doorman One-Bedroom 6.1%
Lower East Side
Non-Doorman Studios 0.3% Non-Doorman One-Bedroom 1.0% Non-Doorman Two-Bedroom 2.5% Doorman Studios 2.7% Doorman One-Bedroom 6.8% Doorman Two-Bedroom 0.3%
Midtown East
Non-Doorman Studios 0.7% Non-Doorman One-Bedroom 7.3 Doorman Two-Bedroom 0.1%
Midtown West
Non-Doorman Studios 1.1% Non-Doorman One-Bedroom 0.7% Non-Doorman Two-Bedroom 3.7% Doorman One-Bedroom 2.6% Doorman Two-Bedroom 2.3%
Murray Hill
Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 1.1% Non-Doorman Two-Bedroom 0.3% Doorman Two-Bedroom 1.2%
SoHo
Non-Doorman One-Bedroom 11.78% Doorman Studios -% Doorman Two-Bedroom 3.0%
Tribeca
Non-Doorman One-Bedroom 13.4% Non-Doorman Two-Bedroom 7.6%
Upper East Side
Doorman Studios 2.4% Doorman One-Bedroom 1.0%
Upper West Side
Non-Doorman One-Bedroom 0.2% Non-Doorman Two-Bedroom 1.6%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year Over Year Price Change

Manhattan Doorman Rents: March 2016 vs. March 2017
Type March 2016 March 2017 Change
Non-Doorman Studios $2,384 $2,564 7.5%
Non-Doorman One Bedrooms $3,081 $3,267 6.0%
Non-Doorman Two Bedrooms $4,218 $4,279 1.4%
Type March 2016 March 2017 Change
Doorman Studios $2,938 $2,939 0.0%
Doorman One Bedrooms $4,104 $4,206 2.5%
Doorman Two Bedrooms $6,101 $5,991 1.8%

• Studio prices in Battery Park City decreased by 2.9%, one bedroom prices increased by 2.3%, and two bedroom prices increased by 0.7%. This is an average price increased of 0.3% or $14.40. Over the last year, prices have have decreased by 0.25%. Inventory decreased by 19 units or 11.6% this month, from 164 units to 145 units. This inventory increase was largely due to a decrease in one bedroom units, which dropped from 100 units to 89 units. Though buildings like 300 Albany Street and 200 Rector Place continued to have high levels of activity in both February and March, overall rental activity did decrease. 355 South End Avenue and 99 Battery Place, for instance, had higher levels of activity in February.

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

• Inventory in Chelsea remained very stable this month, decreasing by 6 units or 0.8%, from 743 units to 737 units. Last month, inventory incresased by 26 units or 3.6%. Chelsea is split nearly in half between doorman and non doorman units; this month, 44% of units were non doorman and the remaining 56% were doorman units. Over the last month, prices in Chelsea increased by 2.0%. Studio non doorman prices increased by 2.7%, studio doorman prices decreased by 1.5%, one bedroom non doorman prices increased by 0.8%, one bedroom doorman prices increased by 3.8%, two bedroom non doorman prices increased by 4.8%, and two bedroom doorman prices increased by 0.8%. Over the last year, prices in Chelsea have decreased by 3.3%.

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

• Prices in the East Village decreased on average by 0.2% this month. The largest increase was 4.7%, in the price of two bedroom non doorman units, and the largest decrease was 4.2%, in the price of studio non doorman units. In February, there were 92 studio non doorman units on the market and in March there were 78 units. In February, there were five units on the market priced above $4,000 and in March, there were only two units. On the other hand, the two bedroom non doorman market had 25 units above $5,000 a month in March, while there were only 12 units on the market at this price in February. Over the last year, prices increased by 1.9% or $71.68.

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

• Over the last year, prices in the Financial District decreased by $18.05 or 0.4%. Over the last month, prices in the Financial District increased by 0.01%. Studio prices decreased by 3.5%, one bedroom prices increased by 3.4%, and two bedroom prices decreased by 0.5%. Inventory in the Financial District also remained relatively stable, decreasing by 3.4% or 17 units. 89% of Financial District units are doorman units and 11% of units are non doorman units.

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

• Inventory in Gramercy increased by 5 units or 2.4%, from 208 units to 213 units. 53% of the units were non doorman units and 47% of the units were doorman units. Prices in Gramercy were stable. Studio non doorman and doorman prices increased by 1.7% and decreased by 1.4%. One bedroom non doorman and doorman unit prices increased by 2.6% and decreased by 1.4%. Two bedroom non doorman and doorman units increased by 2.8% and decreased by 2.1%. This is an average increase of 0.1%, or $2.15. Over the last year, prices decreased by 1.4% or $53.31.

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

• Prices increased by 3.7% this month in Greenwich Village. Most of the price changes were stable: studio non doorman prices decreased by 2.2% and doorman prices increased by the same amount. One bedroom non doorman prices decreased by 1.2% and one bedroom doorman prices increased by 1.4%. Two bedroom non doorman prices increased by 0.8%. It was two bedroom doorman prices that increased by a large amount. 15%, that brought up the average monthly change. 1 Morton Square, a 14 story 142 unit building built in 2002, had high priced activity this month and it did not last month. Additionally, in February there were lower priced units on the market last month at 160 Bleeker Street, an older building with 190 units. Over the last year, prices have increased by 3.4%. Additionally, inventory decreased by 0.5% or 3 units, from 638 units to 635 units.

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

• Inventory in Harlem decreased by 65 units or 7.3%, from 896 units to 831 units. Prices remained stable this month, as they did last month. Studio prices increased by 0.5%, one bedroom prices increased by 3.0%, and two bedroom prices decreased by 0.9%. Over the last year, prices in Harlem have increased by 6.7%. Circa Central Park at 285 West 110th Street and 1399 Park Avenue are examples of new buildings that are transforming the real estate market in this interesting neighborhood.

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

• Prices on the Lower East Side increased by 2.3% this month. Studio non doorman units increased by 0.3%, studio doorman units increased by 2.7%, one bedroom non doorman units increased by 1.0%, one bedroom doorman units increased by 6.8%, two bedroom doorman units increased by 2.5%, and two bedroom doorman units increased by 0.3%. This is a dollar increase of $78.80. 229 Chrystie Street is responsible for the highest priced one bedroom doorman prices this month, at $5,500 and $5,600 a month. This building was built in 2003, and has 361 units. Over the last year, prices have increased $181.76, or 5.6%. Inventory was strong this month, increasing by 20 units from 268 units to 288 units. 83% of units in this neighborhood are non doorman units.

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

• Inventory on Midtown East remained relatively stable this month, increasing by 3.6% or 35 units, from 983 units to 1,018 units. Most of the neighborhood is composed of doorman units (74%) versus non doorman units (26%). Over the last month, prices increased by 0.6%. The largest change was in the price of one bedroom non doorman units which increased by 7.3%, due to changes in inventory. For instance, last month there were only three units above $5,000 a month and this month there were five. Last month there were 44 units below $2,500 a month and this month there were only 27. Over the last year, prices have increased by 3.0%. These are monthly and yearly dollar changes of $20.51 and $104.41.

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

• Prices in Midtown West were stable this month as they were last month. Studio non doorman units increased by 1.1% (versus a 2.1% increase in February), studio doorman units decreased by 0.7% (versus a 0.3% increase in February), one bedroom non doorman units increased by 0.7% (versus a 0.3% decrease in February), one bedroom doorman units increased by 2.6% (versus a 1.5% decrease last month), two bedroom non doorman units increased by 3.7% (versus a 1.0% decrease last month), and two bedroom doorman units increased by 2.3% (versus a 0.3% decrease last month). This is an average increase of 1.8% this month versus -0.3% last month. Over the last year, prices have decreased by 2.2%. Inventory in Midtown West remained very stable, increasing by 8 units or 0.9%, from 932 units to 940 units.

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

• Inventory in Murray Hill was very stable this month after increasing by 25 units or 3.5% last month. Inventory this month decreased by 6 units or 0.8%, from 735 units to 729 units. Prices were also stable, decreasing by 0.2% or $8.62 over the last month and increasing by 0.7% or $23.81 over the last year. Changes this month ranged from -3.8% (studio doorman prices) to +1.2% (two bedroom doorman prices), again indicating relative stability even among unit sizes.

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

• SoHo is the smallest neighborhood, by measure of total units, in Manhattan. This month, inventory decreased by 5 units or 3.7%, after increasing by 32 units last month. Prices in SoHo ranged greatly as prices in small neighborhood tend to do: from -14% (studio non doorman units) to +11.8% (one bedroom non doorman units). However, the monthly change averaged out at -0.8%. The yearly price change overall is +14.4%, which can be explained largely by low inventory.

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

• Inventory in TriBeCa remains low this month, increasing by 5 units or 3.3%, from 151 units in February to 156 units in March. These low inventory levels lead to fluctuations in prices, that ranged from -8.1% (studio non doorman units) to +13.4% (one bedroom non doorman units), but averaged -0.1%, or -$4.36. Over the last year, prices have increased by 7.6%. This is an increase of $387.53.

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

• Last month, inventory on the Upper East Side decreased by 1.2%, from 1,709 units to 1,688 units. This month, inventory increased by 1.9%, from 1,688 units to 1,720 units, exceeding it’s January unit count of 1,709. Thus, the Upper East Side remains the largest neighborhood by unit count. 61% of units this month are in non doorman buildings and the remaining 39% of units are in buildings with a doorman. Prices decreased by 0.8% this month, with studio prices increasing 0.6%, one bedroom prices decreasing 0.2%, and two bedroom prices decreasing 2.5%. This is an overall dollar decrease of $27.30. Over the last year, prices hace decreased by $41.74 or 1.2%.

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

• Prices on the Upper West Side decreased by 1.2% over the last month and by 1.3% over the last year, or by $45.58 and $49.13, respectively. Studio non doorman prices decreased by 0.7%, studio doorman prices dedcreased by 1.0%, one bedroom non doorman prices increased by 0.2%, one bedroom doorman prices decreased by 0.8%, two bedroom non doorman prices increased by 1.6%, and two bedroom doorman prices decreased by 4.2%. Inventory on the Upper West Side remained stable as it normally does due to its large size. Last month, there were 1,311 units on the market and this month there were 1,354 units on the market. This is a 43 unit or 3.3% increased. The neighborhood, like a few others in Manhattan, is split nearly in half between non doorman (47%) and doorman (53%) units.

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)

Manhattan rental
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.