Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

January 2015

Introduction

Average rent across Manhattan increased by 2.41% compared to this time last year, from $3,836 in January 2014 to $3,928 in January 2015.

A Quick Look

Rent prices in Manhattan increased by approximately 2.41% from $3,836 in December 2014 to $3,928 in January 2015, with listing inventory decreasing 2% from 7,538 rental units to 7,372 units. The ratio of Non-Doorman Units to Doorman units in all of Manhattan changed from 42.1 %( NDM) and 57.9 %( DM) in December 2014 to 41.3% (NDM) and 58.7 %( DM) in January 2015.

All neighborhoods saw increases or remained unchanged since the previous month. The largest monthly percentage increases in rent prices were seen in Studio Non Doorman Units in Soho and in Two Bedroom Doorman Units in Greenwich Village. The largest percentage decreases were seen in Studio Non Doorman Units in Greenwich Village and Two Bedroom Doorman units in Soho. It should be noted that the following neighborhoods had a sample size of less than 10 units at the time the sample was taken; Studios – Financial District (NDM), Tribeca (NDM), Lower East Side (DM); One Bedrooms – Financial District (NDM), Tribeca (NDM), Soho (NDM); Two Bedrooms – Tribeca (NDM), Soho (DM), Lower East Side (DM)

The largest annual shifts in rent prices were seen in the Financial District and Soho. Rent increased 13.9% in Financial District compared to January 2014 from $3,795 to $4,322 in January 2015. Rent decreased 11.7% in Soho compared to January 2014 from $5,588 to $4,935 in January 2015.

The largest increases and decreases in inventory since last month were seen in TriBeca and the Financial District where inventory levels moved 13.8% and -15.6%, respectively.

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman One-Bedroom -2.6%
Chelsea
Non-Doorman Studios -5.1%
East Village
Doorman Studios -1.2%, Non-Doorman One-Bedroom -2.2%, Non-Doorman Two-Bedroom -2.1%
Gramercy
Doorman Studios -5.9%, Non-Doorman One-Bedroom -2.2%
Greenwich Village
Non-Doorman Studios -11.7%, Doorman One-Bedroom -1.6%, Non-Doorman One-Bedroom -1.4%, Non-Doorman Two-Bedroom -5.4%
Harlem
Non-Doorman Studios -0.7%, Non-Doorman One-Bedroom -1.2%, Doorman One-Bedroom -0.7%, Non-Doorman Two-Bedroom -1.1%
Lower East Side
Doorman Studios -7.8%, Non-Doorman One-Bedroom 0.0%
Midtown East
Non-Doorman One-Bedroom -7.2%
Midtown West
Doorman Studios -2.5%
Murray Hill
Non-Doorman Studios -2.6%, Doorman One-Bedroom -0.5%
SoHo
Non-Doorman Two-Bedroom -5.7%, Doorman Two-Bedroom -11.8%
Tribeca
Non-Doorman Studios -3.6%, Doorman Two-Bedroom -10.8%
Upper East Side
Doorman One-Bedroom -0.9%, Doorman Two-Bedroom -0.5%
Upper West Side
Non-Doorman Studios -1.6%, Doorman Studios -0.2%, Doorman One-Bedroom -0.7%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 5.7%, Doorman Two-Bedroom 2.0%
Chelsea
Doorman Studios 1.6%, Non-Doorman One-Bedroom 3.9%, Doorman One-Bedroom 1.0%, Doorman Two-Bedroom 5.1%, Non-Doorman Two-Bedroom 2.9%
East Village
Non-Doorman Studios 4.4%, Doorman One-Bedroom 6.3%, Doorman Two-Bedroom 4.2%
Financial District
Non-Doorman Studios 4.0%, Doorman Studios 3.2%, Non-Doorman One-Bedroom 16.1%, Doorman One-Bedroom 2.4%, Doorman Two-Bedroom 7.7%, Non-Doorman Two-Bedroom 15.5%
Gramercy
Non-Doorman Studios 0.1%, Doorman One-Bedroom 9.0%, Non-Doorman Two-Bedroom 10.0%, Doorman Two-Bedroom 15.59%
Greenwich Village
Doorman Studios 2.8%, Doorman Two-Bedroom 17.0%
Harlem
Doorman Studios 0.1%, Doorman Two-Bedroom 7.1%
Lower East Side
Non-Doorman Studios 2.5%, Doorman One-Bedroom 1.3%, Non-Doorman Two-Bedroom 1.4%, Doorman Two-Bedroom 15.9%
Midtown East
Doorman Studios 2.9%, Non-Doorman Studios 2.2%, Doorman One-Bedroom 1.1%, Doorman Two-Bedroom 0.6%, Non-Doorman Two-Bedroom 6.8%
Midtown West
Non-Doorman Studios 3.1%, Doorman One-Bedroom 0.7%, Non-Doorman One-Bedroom 3.1%, Doorman Two-Bedroom 2.9%, Non-Doorman Two-Bedroom 4.1%
Murray Hill
Doorman Studios 6.7%, Non-Doorman One-Bedroom 6.8%, Non-Doorman Two-Bedroom 16.5%, Doorman Two-Bedroom 1.2%
SoHo
Non-Doorman Studios 19.6%, Doorman One-Bedroom -0.0%, Non-Doorman One-Bedroom 1.5%
Tribeca
Doorman Studios 6.6%, Doorman One-Bedroom 0.6%, Non-Doorman One-Bedroom 2.9%, Non-Doorman Two-Bedroom 8.9%
Upper East Side
Non-Doorman Studios 2.4%, Doorman Studios 4.7%, Non-Doorman One-Bedroom 5.1%, Non-Doorman Two-Bedroom 5.0%
Upper West Side
Non-Doorman One-Bedroom 0.8%, Non-Doorman Two-Bedroom 0.1%, 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 Changes

Manhattan Non-Doorman Rents: January 2014 vs. January 2015
  January '14 January '15 Change
Studios $2,431 $2,557 -5.2%
One Bedroom $3,156 $3,115 -1.3%
Two Bedroom $4,141 $4,313 4.1%
Manhattan Doorman Rents: January 2014 vs. January 2015
  January '14 January '15 Change
Studios $2,879 $3,005 4.4%
One-bedrooms $3,949 $4,088 3.5%
Two-bedrooms $5,879 $6,210 5.7%

• Overall monthly and annual rents increased 1.5% and 5.2%, respectively, with inventory increasing 13.7% since December 2014.

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

• This neighborhood grew moderately at a rate of 2.2% since last month and 1.4% since the previous year

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

• One Bedroom doorman units led the greatest increase this month at 6.3%, with prices increasing from $4,289 in December 2014 to $4,561 in January 2015.

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

• Overall monthly and annual average rents increased an immense 8.8% and 13.9%, respectively, led by a 16.1% increase in One Bedroom Non-Doorman Units and a 15.5% increase Two Bedroom Non-Doorman Units.

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

• With Two Bedroom and One Bedroom Doorman Units increasing by 15.6% and 9.0%, respectively, the overall 6.2% increase in monthly rents was offset by a 5.9% decrease in Studio Doorman prices.

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

• The noticeable drop of 11.7% in Non-Doorman Studio units and increase of 17.0% in Two Bedroom Doorman units resulted in a relatively stable monthly average growth of 1.4%.

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

• Although overall monthly averages increased only 1.4%, annual prices jumped an astonishing 13.6%, led by the various luxury listings hitting the market in 2014.

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

• Two Bedroom Doorman Units in this neighborhood experienced a solid 15.9% increase as the annual changes went up 9.5%. The monthly increase was the result of few units in the sample with rents ranging from $4,300 to $9,000 per month.

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

• Overall monthly average and annual prices increased by 2.6% and 2.4% respectively.

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

• This neighborhood remained stable without any drastic rent fluctuations, with monthly rental prices averaging at an increase of 2.0%.

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

• A monthly overall average increase of 4.6% was caused by a massive 16.5% increase in Two Bedroom Non-Doorman units, where a single highly priced luxury unit entered the market

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

• Drastic rent fluctuations occurred in Studio Non-Doorman Units where several highly priced units entered the market, pushing up rents a significant 19.6%. Conversely, Two Bedroom Doorman Units decreased 11.8%, where the sample comprised of a mere 4 units.

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

• Although Two Bedroom Doorman Units decreased by a substantial 10.8%, the effect was insignificant toward a monthly average rent increase of 0.2%, which was offset by a 6.6% increase in Studio Doorman Units and 8.9% in 2 Bedroom Non- Doorman Units

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

• Both monthly and annual rent prices remained stable with monthly prices growing by 2.0% and annual prices increasing by 1.8%.

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

• This neighborhood remained stable this month with a small 0.3% increase in monthly average prices and a slight decrease of 0.6% in annual prices.

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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