MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 1.19%
    CHANGE
  • $3,456
    DECEMBER 2020
  • $3,415
    JANUARY 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 1.19%, from $3,456 to $3,415. The average rental price for a non-doorman studio unit fell by 1.73%, from $2,098 to $2,062. The average rental price for a non-doorman one-bedroom unit fell by 0.90%, from $2,735 to $2,710. The average rental price for a non-doorman two-bedroom unit fell by 1.45%, from $3,547 to $3,495. The average rental price for a doorman studio unit fell by 2.53%, from $2,703 to $2,634. The average rental price for a one-bedroom doorman unit fell by 1.28%, from $3,766 to $3,718. The average rental price for a doorman two-bedroom unit fell by just 0.08%, from $5,592 to $5,588. This past month, non-doorman units represented 53.8% of the rental market while doorman units comprised the remaining 46.2%.

Year-over-year, the average rental price for a non-doorman studio decreased by 15.64%, while the average rental price for a doorman studio unit fell by 20.85%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 20.26%, while doorman one-bedroom units saw their average rental price decrease by 17.63%. The average rental price for a non-doorman two-bedroom unit decreased by 19.04%. The average rental price for a doorman two-bedroom decreased by 12.52%. Overall, the average rental price in Manhattan is down 17.74% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,452 Harlem $1,704
Non-doorman one bedrooms Tribeca $4,902 Harlem $2,093
Non-doorman two bedrooms Tribeca $6,685 Harlem $2,459
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $3,952 Harlem $2,067
Doorman one bedrooms SoHo $5,610 Harlem $2,713
Doorman two bedrooms SoHo $8,395 Harlem $3,558

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Studios -2.1%

Doorman Two-Bedroom -4.2%

CHELSEA

Doorman One-Bedroom -0.6%

Doorman Two-Bedroom -2.3%

Non-Doorman Studios -4.1%

Non-Doorman One-Bedroom -2.8%

EAST VILLAGE

Doorman Studios -2.7%

Non-Doorman Studios -0.9%

Non-Doorman Two-Bedroom -1.3%

FINANCIAL DISTRICT

Doorman One-Bedroom -3.0%

Non-Doorman Studios -5.9%

Non-Doorman One-Bedroom -2.8%

Non-Doorman Two-Bedroom -7.1%

GRAMERCY

Doorman Studios -0.5%

Doorman One-Bedroom -0.6%

Doorman Two-Bedroom -1.6%

Non-Doorman Studios -2.1%

Non-Doorman One-Bedroom -4.1%

Non-Doorman Two-Bedroom -4.9%

GREENWICH VILLAGE

Non-Doorman Studios -1.7%

HARLEM

Doorman Studios -6.2%

Doorman One-Bedroom -1.4%

Non-Doorman Studios -0.3%

Non-Doorman One-Bedroom -0.3%

Non-Doorman Two-Bedroom -1.0%

LOWER EAST SIDE

Doorman Studios -0.9%

Non-Doorman Studios -7.8%

Non-Doorman One-Bedroom -2.9%

MIDTOWN EAST

Doorman Studios -2.5%

Doorman One-Bedroom -3.8%

Non-Doorman Studios -0.5%

MIDTOWN WEST

Doorman Studios -2.7%

Doorman One-Bedroom -6.3%

Doorman Two-Bedroom -3.3%

Non-Doorman One-Bedroom -2.2%

Non-Doorman Two-Bedroom -1.1%

MURRAY HILL

Doorman Studios -0.5%

Doorman Two-Bedroom -3.2%

Non-Doorman Studios -3.5%

Non-Doorman One-Bedroom -1.7%

SOHO

Doorman Studio -9.8%

Doorman One-Bedroom -4.4%

Non-Doorman One-Bedroom -3.4%

TRIBECA

Doorman Studios -6.0%

Doorman One-Bedroom -2.7%

Doorman Two-Bedroom -1.7%

Non-Doorman Studios -0.3%

Non-Doorman Two-Bedroom -7.0%

UPPER EAST SIDE

Doorman Studios -2.1%

Doorman One-Bedroom -1.4%

Doorman Two-Bedroom -0.6%

Non-Doorman One-Bedroom -1.4%

Non-Doorman Two-Bedroom -0.1%

UPPER WEST SIDE

Doorman Studios -0.9%

Doorman One-Bedroom -0.2%

Non-Doorman One-Bedroom -0.7%

Non-Doorman Two-Bedroom -4.1%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman One-Bedroom 0.03%

CHELSEA

Doorman Studios 1.6%

Non-Doorman Two-Bedroom 2.5%

EAST VILLAGE

Doorman One-Bedroom 0.7%

Doorman Two-Bedroom 5.7%

Non-Doorman One-Bedroom 2.2%

FINANCIAL DISTRICT

Doorman Studios 0.8%

Doorman Two-Bedroom 0.7%

GREENWICH VILLAGE

Doorman Studios 1.6%

Doorman One-Bedroom 3.9%

Doorman Two-Bedroom 0.6%

Non-Doorman One-Bedroom 2.8%

Non-Doorman Two-Bedroom 3.8%

HARLEM

Doorman Two-Bedroom 0.1%

LOWER EAST SIDE

Doorman One-Bedroom 1.0%

Doorman Two-Bedroom 4.0%

Non-Doorman Two-Bedroom 1.2%

MIDTOWN EAST

Doorman Two-Bedroom 0.1%

Non-Doorman One-Bedroom 0.9%

Non-Doorman Two-Bedroom 1.6%

MIDTOWN WEST

Non-Doorman Studios 0.3%

MURRAY HILL

Doorman One-Bedroom 0.13%

Non-Doorman Two-Bedroom 0.08%

SOHO

Doorman Two-Bedroom 2.2%

Non-Doorman Studios 2.0%

Non-Doorman Two-Bedroom 2.9%

TRIBECA

Non-Doorman One-Bedroom 2.0%

UPPER EAST SIDE

Non-Doorman Studios 0.1%

UPPER WEST SIDE

Doorman Two-Bedroom 2.9%

Non-Doorman Studios 1.1%

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
12.4%
18.0%
22.5%
17.8%
19.2%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
14.7%
15.2%
19.9%
18.3%
20.2%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
21.9%
9.3%
21.9%
19.8%
17.2%

YEAR OVER YEAR Price change

MANHATTAN RENTS: JANUARY 2020 VS. JANUARY 2021

price changes
TYPE JANUARY 2020 JANUARY 2021 CHANGE
Non-doorman studios $2,445 $2,062 15.6%
Non-doorman one bedrooms $3,398 $2,710 20.3%
Non-doorman two bedrooms $4,317 $3,495 19.0%
TYPE JANUARY 2020 JANUARY 2021 CHANGE
Doorman studios $3,328 $2,634 20.9%
Doorman one bedrooms $4,514 $3,718 17.6%
Doorman two bedrooms $6,388 $5,588 12.5%
MANHATTAN

THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY FELL BY 2.54%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA FELL BY 0.83% THIS PAST MONTH.

CORRECTING FROM LAST MONTH’S SLIGHT INCREASE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA FELL BY 0.97%.

CHELSEA

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY JUST 0.02%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE HAS INCREASED BY 1.89%.

EAST VILLAGE

CONTINUING THE TREND SEEN OVER THE PAST FEW MONTHS, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY AN ADDITIONAL 5.36% THROUGH JANUARY.

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY JUST 0.45% OVER THE PAST MONTH.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 3.89%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY 1.04% THROUGH JANUARY.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN GREENWICH VILLAGE IMPROVED BY 2.11%.

FOLLOWING A SLIGHT DROP IN DECEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE REBOUNDED BY 1.84% THROUGH JANUARY.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY JUST 0.59%.

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 2.02%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 2.74%.

THANKS TO A SIGNIFICANT INCREASE IN THE PROPORTION OF LARGER-SIZED UNITS, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 1.86% THROUGH JANUARY.

LOWER EAST SIDE

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 0.81%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST FELL BY 1.64%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 1.09%.

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST FELL BY 4.07%.

MIDTOWN WEST

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL FELL BY 1.45%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL FELL BY 1.52%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO INCREASED BY 0.68% THROUGH JANUARY.

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO FELL BY 2.75%.

SOHO

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA FELL BY 2.68%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 2.98%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE FELL BY 0.46% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 1.14%.

UPPER EAST SIDE

THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE DECREASED BY 1.78% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.16% IN THAT SAME SPAN.

UPPER WEST SIDE

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 cross-sectioned from over 10,000 currently available listings located below 125th 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 & 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: 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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