MANHATTAN
RENTAL MARKET REPORT

OCTOBER 2018

Introduction

Over the last month, the average rent in Manhattan decreased by 0.30%, from $4,006.09 to $3,993.91.

A Quick Look

During October, the average rental price in Manhattan decreased by 0.30%, from $4,006.09 to $3,993.91. The average rental price for a non-doorman studio unit increased by 1.1%, from $2,589 to $2,618. The average rental price for a non-doorman one-bedroom unit decreased by 1.0%, from $3,259 to $3,227. The average rental price for a non-doorman two-bedroom unit decreased by 1.3%, from $4,221 to $4,166. The average rental price for a doorman studio unit decreased by 1.0%, from $3,118 to $3,086. The average rental price for a doorman one- bedroom unit increased by 0.4%, from $4,327 to $4,345. The average rental price for a doorman two-bedroom unit decreased by 0.6%, from $6,111 to $6,073. During October, non-doorman units represented 47.6% of the rental market while doorman units comprised the remaining 52.4%.

Year-over-year, non-doorman studio rental prices are up 3.55% while doorman studio rental prices are down 1.07%. Non-doorman one-bedroom unit rental prices are down 0.36% year-over- year, doorman one-bedroom rental units are up 3.92% in that same span. Non-doorman and doorman two-bedroom unit rental prices are down 0.91% and 1.12%, respectively. Overall, the average rental price in Manhattan is up 1.27% from this time last year.

As expected, rental prices are down in most of the neighborhoods analyzed in this report. The majority of this decline in rental prices can be explained by the rental market experiencing an overall slowdown during the fourth quarter of the year.

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

• Following last month’s correction, the average rental price in Battery Park City increased by 1.37% during October.

battery park city apartment price trends

• Non-doorman and doorman rental prices in Chelsea experienced corrections of 1.27% and 1.13%, respectively.

chelsea apartment

• Continuing the trend seen over the past two months, the average rental price for a non-doorman unit in the East Village fell by 1.71% during October.
• This past month, the average rental price for a doorman unit in the East Village increased by 1.0%.

east village apartment

• The average rental price for a non-doorman unit in the Financial District fell by 4.49%. This large price drop is the direct result of the low-inventory nature of the non-doorman rental market in the Financial District, which often leads to dramatic month-over-month price swings.
• Experiencing another stable month, the average rental price for a doorman unit in the Financial District fell by just 0.15% during October.

financial district apartment

• While non-doorman one-bedroom and two-bedroom units in Gramercy Park experienced strong price gains of 6.30% and 6.43%, respectively, the average non-doorman rental price in Gramercy still fell by 0.63%. This drop was caused by the 10.31% drop seen in non-doorman two-bedrooms unit pricing. This drop within non-doorman two-bedroom pricing was the direct result of higher-priced and over-sized units exiting the market, which left pricing in the area to adjust.
• The average rental price for a doorman unit in Gramercy Park fell by 2.26% during October.

gramercy apartment

• Following last month’s sizeable drop, the average rental price for a non-doorman unit in Greenwich Village stabilized during October, increasing by 0.33%.
• Carrying over momentum from last month’s drop, the average rental price for a doorman unit in Greenwich Village fell by an additional 3.80% during October.

greenwich village studio apartment prices

• This past month, the average rental price for a non-doorman unit in Harlem fell by 2.37%.
• During October, the average rental price for a doorman unit in Harlem fell by 1.33%.

harlem apartment price trends

• Correcting slightly after last month’s large gain, the average rental price for a non-doorman unit in the Lower East Side fell by 0.52%.
• Thanks to it’s low-inventory nature, the average rental price for a doorman unit in the Lower East Side increased by 4.77% during October.

lower east side apartment

• The average rental prices for non-doorman and doorman units in Midtown East fell by 1.67% and 1.63%, respectively.

midtown east apartment price trends

• Continuing the momentum from last month, the average rental price for a non-doorman and doorman unit in Midtown West fell by 1.71% and 1.58%, respectively.

midtown west apartment price trends

• Following a slight increase last month, the average rental price for a non-doorman unit in Murray Hill corrected by 0.52% during October.
• The average rental price for a doorman unit in Murray Hill fell by 1.14% this past month.

murray hill apartment price trends

• During October, the average rental price for a non-doorman unit in SoHo increased by 3.01%.
• The average rental price for a doorman unit in SoHo increased by 7.66%. This large increase is the direct result of the extremely low inventory nature of the SoHo doorman rental market.

soho apartment prices

• Due to a decrease in available inventory, the average rental price for a non-doorman unit in TriBeCa increased by 4.99%.
• Following last month’s increase, the average rental price for a doorman unit in TriBeCa experienced a correction of 1.08% during October.

tribeca apartment prices

• The average rental price for a non-doorman and doorman unit in the Upper East Side fell by 1.16% and 1.89%, respectively.

upper east side apartment price trends

• After remaining stable last month, the average rental prices for non-doorman and doorman units the Upper West Side succumbed to rental market seasonality, falling by 5.45% and 3.93%, respectively.

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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Tools

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