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MANHATTAN
RENTAL MARKET REPORT

March 2014

Introduction

Average rent prices in Manhattan remained the same compared to the previous month, increasing only 0.02% from $3,816 in February to $3,817 in March.

A Quick Look

Average rent prices in Manhattan remained the same compared to the previous month, increasing only 0.02% from $3,816 in February to $3,817 in March. Similarly, the overall Manhattan rents increased only 0.76% since this time last year from $3,788. Listing inventory increased moderately, up 2% compared to the previous month, from 6,814 units in February to 6,696 in March. An uptick in listing inventory can be expected in the coming months in anticipation for spring move-ins. Additionally, the ratio of Non-Doorman units to Doorman units rose slightly from the previous month as the percentage of Non-Doorman units increased from 37.7% to 41.2% and the percentage of Doorman units fell from 62.3% to 58.8%.

The largest upswing since the previous month was seen in the Upper East Side. Overall rents jumped 2.3% from $3,357 in February to $3,434 in March. All unit types, except Doorman Studios, increased in price this month. Most notably Doorman One-Bedrooms jumped 5.3% to $3,628, the third consecutive month prices rose for this unit type.

Several other neighborhoods throughout the borough showed positive returns compared to March of 2013. Harlem’s average rents rose by 13% from $2,199 to $2,486 in the last year. This upward price movement can be attributed to increased demand for larger, Non-Doorman units - Non-Doorman Two-Bedrooms rose to $2,624 in March, up 7.5% from this time last year. On a similar note, rents in the Upper West Side increased by 4.7% since this time last year from $3,430 to $3,593. Non-Doorman One-Bedrooms in the Upper West Side increased in price for the third consecutive month, rising to $3,821 in March.

A Quick Look

Non-Doorman Buildings (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased

East Village
Non-Doorman Studios -1.0%, Non-Doorman One-Bedroom -1.7%, Doorman One-Bedroom -1.5%, Doorman Two-Bedroom-1.9%
Financial District
Non-Doorman One-Bedroom -0.7%, Doorman Studios -0.7%, Doorman One-Bedroom -3.1%, Doorman Two-Bedroom -0.7%, Non-Doorman Two-Bedroom -1.3%
Gramercy
Non-Doorman Two-Bedroom -0.7%, Doorman Two-Bedroom-0.8%
Greenwich Village
Non-Doorman One-Bedroom -2.4%, Doorman Studios -3.1%, Doorman One-Bedroom -2.8%
Harlem
Non-Doorman Studios -3.4%, Non-Doorman One-Bedroom -3.7%
Lower East Side
Non-Doorman One-Bedroom -0.4%, Doorman Studios -1.0%, Doorman One-Bedroom -0.7%
Midtown East
Non-Doorman Studios -0.2%, Doorman Studios -0.5%, Doorman Two-Bedroom -1.8%
Midtown West
Non-Doorman One-Bedroom -1.9%, Non-Doorman Two-Bedroom -1.5%, Doorman Studios -3.0%
Murray Hill
Non-Doorman Studios -2.7%, Non-Doorman One-Bedroom -2.5%, Non-Doorman Two-Bedroom -0.3%, Doorman Two-Bedroom -1.4%
SoHo
Non-Doorman Studios -1.9%, Doorman Studios -0.9%, Doorman One-Bedroom -0.5%, Doorman Two-Bedroom -0.1%
TriBeCa
Non-Doorman Two-Bedroom -0.6%, Doorman Studios -2.7%
Upper East Side
Doorman Studio -3.0%
Upper West Side
Doorman Studios -3.1%

Where Prices Increased

Battery Park City
Doorman Studios 0.7%, Doorman One-Bedroom 1.3%, Doorman Two-Bedroom -0.02%
Chelsea
Non-Doorman Studios 3.3%, Doorman One-Bedroom 0.8%, Doorman Studios 3.3%, Doorman Two-Bedroom0.3%
East Village
Non-Doorman Two-Bedroom0.5%, Doorman Studios 1.2%
Financial District
Non-Doorman Studios 2.5%
Gramercy
Non-Doorman Studios 5.8%, Non-Doorman One-Bedroom 0.9%, Doorman Studios 4.7%, Doorman One-Bedroom2.5%
Greenwich Village
Non-Doorman Studios 2.5%, Non-Doorman Two-Bedroom 1.2%, Doorman Two-Bedroom 1.6%
Harlem
Non-Doorman Two-Bedroom 7.5%, Doorman Studios 6.3%, Doorman One-Bedroom 0.2%, Doorman Two-Bedroom 1.0%
Lower East Side
Non-Doorman Studios 4.6%, Non-Doorman Two-Bedroom 1.9%, Doorman Two-Bedroom 1.0%
Midtown East
Non-Doorman One-Bedroom 1.1%, Non-Doorman Two-Bedroom2.2%, Doorman One-Bedroom 1.9%
Midtown West
Non-Doorman Studios 3.0%, Doorman One-Bedroom 4.4%, Doorman Two-Bedroom 3.4%
Murray Hill
Doorman Studios 3.5%, Doorman One-Bedroom 0.4%
SoHo
Non-Doorman One-Bedroom 2.8%, Non-Doorman Two-Bedroom 0.2%
TriBeCa
Non-Doorman Studios 1.2%, Non-Doorman One-Bedroom 2.5%, Doorman One-Bedroom 2.9%, Doorman Two-Bedroom 2.4%
Upper East Side
Non-Doorman Studios 3.8%, Non-Doorman One-Bedroom 2.2%, Non-Doorman Two-Bedroom 4.7%, Doorman One-Bedroom 2.9%, Doorman Two-Bedroom 2.5%
Upper West Side
Non-Doorman Studios 4.3%, Non-Doorman One-Bedroom 1.2%, Non-Doorman Two-Bedroom 4.6%, Doorman One-Bedroom 5.3%, Doorman Two-Bedroom 0.04%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year-Over-Year Changes

Manhattan Non-Doorman Rents: March 2013 vs. March 2014
  March '13 March '14 Change
Studios $2,406 $2,462 2.3%
One Bedroom $3,120 $3,226 3.4%
Two Bedroom $4,338 $4,224 -2.6%
Manhattan Doorman Rents: March 2013 vs. March 2014
  March '13 March '14 Change
Studios $2,770 $2,886 4.2%
One-bedrooms $3,924 $3,985 1.6%
Two-bedrooms $6,033 $5,932 -1.7%

• Doorman Two-Bedroom rent prices increased 9.6% compared to March 2013 from $5,735 to $6,284.

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

• Non-Doorman Studio rent prices increased 12.8% compared to March 2013 from $2,348 to $2,649.

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

• Doorman Studio rent prices increased 16.4% compared to March 2013 from $2,842 to $3,307

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

• After peaking in September 2013, Doorman Studio rent prices remained relatively stable around $2,900.

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

• Rents for Non-Doorman One-Bedrooms increased 18.3% compared to March 2013 from $2,830 to $3,348 while rent prices for Doorman One-Bedrooms decreased 5.6% compared to March 2013 from $4,045 to $3,817.

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

• Listing inventory increased 48% from 356 units to 527 units. This jump can be attributed to anticipation for Spring 2014 move-ins.
• Rent prices for Studios and One-Bedrooms fell 3.1% and 2.8% respectively compared to the previous month.

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

• Non-Doorman Two-Bedroom rents increased 7.5% compared to the previous month from $2,440 to $2,624.

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

• Rent prices remained relatively similar compared to March 2013, increasing only 1.5% from $3,295 to $3,345.

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

• Midtown East offered the second highest number of Doorman One-Bedrooms at 330 units behind Midtown West, which offered 373 units.

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

• Doorman One-Bedroom pricing increased 4.4% compared to the previous month from $3,877 to $4,058.
• Doorman Two-Bedroom pricing increased 3.4% compared to the previous month from $5,943 to $6,078.

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

• Rent prices for Doorman Studios rose 13% compared to March 2013 from $2,444 to $2,761.

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

• Non-Doorman One-Bedroom rents increased 8.3% compared to March 2013 from $3,593 to $3,890.

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

• Doorman One-Bedroom pricing decreased 7.6% compared to the previous month from $4,900 to $4,525.
• Doorman Two-Bedroom pricing increased 10.9% compared to the previous month from $7,361 to $6,560.

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

• Upper East Side offered the most Non-Doorman Studios in Manhattan

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

• Overall pricing for Upper West Side units increased 4.7% compared to March 2013 from $3,430 to $3,593.

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)

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