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Introduction

MNS is proud to present the January 2012 edition, and the start of the 6th year of our Manhattan Rental Market Report ™, the only research on the city’s rental rates published on a monthly basis.

To start off 2012, and inching slowly, rents in Manhattan are down 0.4% from last month overall. Our curve now has really flattened, and rents this month on par with those of September and October, where usually January is the lowest point in the rental cycle. However, as typical for January, we are seeing some cooling in rents. Studios and one bedroom apartments on average had the largest decrease of 0.4%, while two bedrooms are down 0.3%.

What do these miniscule percentages translate to? Oh, only about $12. Compared to last January, numbers are up 7.2% and the average Manhattan renter will now see an extra $200 increase in their annual leaserenewals in non-doorman buildings and close to $300 in doorman buildings.

Many renters are taking the time to hunt now for deals, but those steals are not going to be there. Popular areas for first time renters like Murray Hill and the Lower East Side will see studio prices have increased an average of $45 from listings in December, and on an annual basis have jumped $150 for non-doorman and $450 for doorman buildings.

A Quick Look

• Renewal Roulette: Compared to last January, numbers are up 7.2% and the average Manhattan renter will now see an extra $200 increase in their annual lease-renewals in non-doorman buildings and close to $300 in doorman buildings.
• Biggest overall drop: Harlem had the largest overall decrease in rents this month, down 2.3% ($37) from December. Other areas of some relief include Chelsea and the Upper West Side at a 1.3% and 1.1% decrease respectively.
• Still on the Rise: Popular areas for first time renters like Murray Hill and the Lower East Side will see studio prices have increased an average of $45 from listings in December.

Greatest Changes Since December:

Non-doorman studios – Harlem – Down 6.7% ($101)

Non-doorman one-bedrooms – Gramercy – Down 2.9% ($84)

Non-doorman two–bedrooms – East Village – Down 3.7% ($128)

Doorman studios – Harlem – Down 9.4% ($149)

Doorman one-bedrooms – Battery Park City – Down 2.4% ($79)

Doorman two-bedrooms - Chelsea – Down 1.9% ($122)

Year-over-year Changes:

Notable Trends:

Where Prices Decreased

Harlem—Non-doorman studios (-6.7%), doorman studios (-9.4%), non-doorman two-bedrooms (-1.3%)

Upper West Side—Non-doorman studios (-1.3%), doorman studios (-1.4%), non-doorman one-bedrooms (-2.9%), doorman one-bedrooms (-1.6%)

Upper East Side—Non-doorman studios (-5.6%), doorman studios (-0.6%), doorman one-bedrooms (-0.7%), non-doorman two-bedrooms (-0.3%)

Midtown West—Non-doorman one-bedrooms (-1.9%), doorman one-bedrooms (-1.8%), non-doorman two-bedrooms (-0.7%), doorman two-bedrooms (-0.2%)

Midtown East—Doorman studios (-3.2%), doorman one-bedrooms (-1.5%), non-doorman two-bedrooms (-0.8%)

Murray Hill—Doorman one-bedrooms (-0.4%), non-doorman two-bedrooms (-0.5%), doorman two-bedrooms (-1.4%)

Chelsea—Non-doorman studios (-3.56%), non-doorman one-bedrooms (-1.7%), doorman one-bedrooms (-0.5%), non-doorman two-bedrooms (-1.43%), doorman two-bedrooms (-1.91%)

Gramercy Park—Non-doorman studios (-0.3%), doorman studios (-1.1%), non-doorman one-bedrooms (-3.0%), non-doorman two-bedrooms (-0.2%)

Greenwich Village—Non-doorman studios (-1.6%), doorman one-bedrooms (-2.4 %), non-doorman two-bedrooms (-1.4%), doorman two-bedrooms (-0.8%)

East Village—Doorman studios (-1.0%), non-doorman two-bedrooms (-3.7%)

SoHo—Doorman studios (-0.8%), non-doorman one-bedrooms (-1.9%), doorman one-bedrooms (-0.4%)

Lower East Side—Non-doorman one-bedrooms (-1.9%), doorman two-bedrooms (-0.7%)

TriBeCa—Non-doorman studios (-2.4%), doorman studios (-1.3%), doorman one-bedrooms (-0.5%), non-doorman two-bedrooms (-0.1%)

Financial District—Non-doorman studios (-3.3%), non-doorman two-bedrooms (-1.6%), doorman two-bedrooms (-1.1%)

Battery Park City— Doorman one-bedrooms (-2.4%), doorman two-bedrooms (-0.6%)

Where Prices Increased

Harlem— Non-doorman one-bedrooms (3.4%)

Upper West Side—Non-doorman two-bedrooms (0.4%), doorman two-bedrooms (0.3%)

Upper East Side—Non-doorman one-bedrooms (0.7%), doorman two-bedrooms (0.4%)

Midtown West—Non-doorman studios (3.5%), doorman studios (0.4%)

Midtown East—Non-doorman studios (1.1%), non-doorman one-bedrooms (2.0%), doorman two-bedrooms (0.2%)

Murray Hill—Non-doorman studios (5.7%), doorman studios (1.0%), non- doorman one-bedrooms (1.5%)

Chelsea— Doorman studios (1.5%)

Gramercy— Doorman one-bedrooms (0.6%), non-doorman two-bedrooms (0.7%)

Greenwich Village—Doorman studios (1.2%), non-doorman one-bedrooms (1.1%)

East Village—Non-doorman studios (0.9%), non-doorman one-bedrooms (0.3%), doorman one-bedrooms (1.3%), doorman two-bedrooms (0.9%)

SoHo—Non-doorman studios (0.2%), non-doorman two-bedrooms (1.9%), doorman two-bedrooms (0.3%)

Lower East Side—Non-doorman studios (4.1%), doorman studios (1.5%), doorman one-bedrooms (2.6%), non-doorman two-bedrooms (3.8%)

TriBeCa—Non-doorman one-bedrooms (1.8 %), doorman two-bedrooms (0.9%)

Financial District—Doorman studios (0.4%), non-doorman one-bedrooms (1.1%), doorman one-bedrooms (2.0%)

Battery Park City—Doorman studios (3.4%)

Tips for Renters

Where to renew: Year-over-year rents in the Upper East Side, have jumped only a third of what the rest of Manhattan has, so if you already rent here, then stay put. Prices here have only increased about 3% from last January (an $80 increase).

The Most Options: One-bedroom apartments in doorman buildings in Midtown West will give renters the most choices. Beware of the rents here at an average price of $3,668, which have surpassed the October 2007 peak of $3,593.

Best Deal: Non-doorman studios will give renters the biggest price relief this month where Harlem, Upper East Side and Tribeca all had price decreases of over $100 from December.

Mean Manhattan Rental Prices

The Mean Rental Price graphs illustrate average monthly rents for studios, one-bedrooms and two-bedrooms in doorman and non-doorman buildings for the month of January 2012. Graphs tracking citywide and neighborhood price changes over a rolling 13-month period follow.

The Report Explained

The Manhattan Rental Market Report™ is the only report that 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
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: 212.475.9000

Note: All market data is collected and compiled by MNS NY’s marketing department. The information presented here are 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).