Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

June 2015

Introduction

Average rents across Manhattan increased by 1.54% since the previous month, up from $3,924 in May to $3,985 in June.

A Quick Look

Rents in Manhattan grew by 1.54% this month, increasing from $3,924 in May 2015 to $3,985 in June 2015. From a year over year perspective, rents across Manhattan are up 4.4% since June 2014.
Listing inventory also increased this month, up 4.86% from 8,046 rental units in May to 8,437 rental units in June. The percentage of doorman units in all of Manhattan fell from 57.3% in May 2015 to 55.5% in June 2015.
This month’s report saw two major trends among new inventory coming to market. Most of the price growth occurred among larger, more expensive units. Many neighborhoods saw an increase in the proportion of inventory comprised by these units. In addition, many neighborhoods saw an influx of lower priced, smaller units aimed at the “share” or “flex” market.
Harlem was the neighborhood which saw the greatest increase in prices since the previous month’s report. For the neighborhood as a whole, average rents are up 6.7% since May. From a year-over-year perspective, Harlem and the East Village saw the greatest annual increases in rents, with prices up 18.5% in Harlem and 10.4% in East Village since June 2014.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman One-Bedroom -3.6%
Chelsea
Non-Doorman Studios -2.9% Doorman Two-Bedroom -2.9%
East Village
Non-Doorman Studios -1.1%
Financial District
Non-Doorman Studios -11.0% Doorman One-Bedroom -0.5% Non-Doorman One-Bedroom -2.3%
Gramercy
Doorman One-Bedroom -0.9%
Greenwich Village
Non-Doorman Two-Bedroom -0.7% Doorman Two-Bedroom -3.9%
Midtown East
Doorman Studios -3.0% Doorman Two-Bedroom -1.7%
Midtown West
Non-Doorman Studios -0.4% Non-Doorman One-Bedroom -3.1% Doorman One-Bedroom -1.5%
Murray Hill
Non-Doorman Studios -5.1% Non-Doorman One-Bedroom -0.3%
SoHo
Doorman Studios -32.0% Non-Doorman Two-Bedroom -0.5% Doorman Two-Bedroom -4.3%
Tribeca
Doorman Studios -0.7% Non-Doorman Two-Bedroom -3.0%
Upper East Side
Doorman Studios -1.6% Non-Doorman Studios -0.6% Doorman One-Bedroom -4.2%
Upper West Side
Doorman Studios -0.9% Non-Doorman Studios -0.3% Doorman One-Bedroom -1.0% Non-Doorman One-Bedroom -2.1% Doorman Two-Bedroom -2.8% Non-Doorman Two-Bedroom -3.2%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 0.7% Doorman Two-Bedroom 3.7%
Chelsea
Doorman Studios 4.2% Doorman One-Bedroom 2.6% Non-Doorman One-Bedroom 6.8% Non-Doorman Two-Bedroom 0.5%
East Village
Doorman Studios 3.3% Doorman One-Bedroom 7.5% Non-Doorman One-Bedroom 0.3% Doorman Two-Bedroom 5.5% Non-Doorman Two-Bedroom 3.8%
Financial District
Doorman Studios 0.8% Non-Doorman Two-Bedroom 1.0% Doorman Two-Bedroom 0.9%
Gramercy
Non-Doorman Studios 1.2% Doorman Studios 1.2% Non-Doorman One-Bedroom 18.2% Non-Doorman Two-Bedroom 0.7% Doorman Two-Bedroom 9.4%
Greenwich Village
Doorman Studios 5.6% Non-Doorman Studios 4.9% Non-Doorman One-Bedroom 4.0% Doorman One-Bedroom 3.2%
Harlem
Doorman Studios 20.1% Non-Doorman Studios 0.3% Non-Doorman One-Bedroom 2.1% Doorman One-Bedroom 7.4% Non-Doorman Two-Bedroom 2.6% Doorman Two-Bedroom 7.0%
Lower East Side
Non-Doorman Studios 2.5% Doorman Studios 5.4% Doorman One-Bedroom 3.3% Non-Doorman One-Bedroom 1.6% Doorman Two-Bedroom 6.5% Non-Doorman Two-Bedroom 4.5%
Midtown East
Non-Doorman Studios 2.8% Doorman One-Bedroom 2.2% Non-Doorman One-Bedroom 1.1% Non-Doorman Two-Bedroom 3.8%
Midtown West
Doorman Studios 3.0% Non-Doorman Two-Bedroom 5.0% Doorman Two-Bedroom 1.0%
Murray Hill
Doorman Studios 0.9% Doorman One-Bedroom 4.0% Non-Doorman Two-Bedroom 3.1% Doorman Two-Bedroom 2.3%
SoHo
Non-Doorman Studios 14.5% Non-Doorman One-Bedroom 4.2% Doorman One-Bedroom 5.1%
Tribeca
Non-Doorman Studios 16.8% Doorman One-Bedroom 7.6% Non-Doorman One-Bedroom 16.9% Doorman Two-Bedroom 2.6%
Upper East Side
Non-Doorman One-Bedroom 0.2% Doorman Two-Bedroom 1.3% Non-Doorman Two-Bedroom 4.4%
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: June 2014 vs. June 2015
Type June '14 June '15 Change
Non-Doorman Studios $2,449 $2,437 -0.5%
Non-Doorman One Bedrooms $3,141 $3,160 0.6%
Non-Doorman Two Bedrooms $4,186 $4,288 2.4%
Manhattan Doorman Rents: June 2014 vs. June 2015
Type June '14 June '15 Change
Doorman Studios $2,859 $3,048 6.6%
Doorman One Bedrooms $4,076 $4,353 6.8%
Doorman Two Bedrooms $5,970 $6,375 6.8%

• The average rent for the neighborhood increased 0.8% this month.
• Large, over-sized units saw the most growth in average rents this month.
• Studio and two bedroom units saw rents increase and average of .7% and 3.73%, respectively, since last month.

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

• Among non-doorman units, prices increased for one and two bedroom units since May, while prices for studios fell by 2.9%.
• The large increase in price for one bedroom non-doorman units – up 6.8% since May -- was caused by the emergence of many over-sized, floorthrough units to the market.

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

• Average prices for doorman units increased for all unit types, as many units near Union Square came to market.
• Among non-doorman units, prices increased primarily for larger units, with two-bedroom units up 3.8% since last month.

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

• Among non-doorman units, the average studio rent fell by 11% since last month, caused primarily by a significantly smaller and more price sensitive inventory of marketing units compared to the previous month’s report.
• Studio inventory in doorman buildings climbed almost 30% since the previous month’s report.

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

• Among non-doorman units, prices increased for all unit types.
• Prices for two bedroom doorman units climbed nearly 10%, due to an influx of several luxury listings to the market.

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

• For doorman and non-doorman buildings, the average price for a two bedroom unit fell as many small units came to market.
• Inventory in non-doorman buildings was up 16% this month.

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

• In doorman buildings, prices increased for all unit types.
• In non-doorman buildings, prices increased for all unit types.
• From a year-over-year perspective, prices for the neighborhood as a whole are up 18.5% from June 2014.

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

• For doorman buildings, prices were up for all unit types, as the listing inventory was comprised almost exclusively of a handful of new, luxury buildings.
• From a year-over-year perspective, prices were up 6.4% since June 2014.

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

• Among doorman units, prices were dragged down due to the fact that a larger percentage of this month’s listings inventory was comprised of units in older co-op buildings.
• Among non-doorman units, prices were up for all unit types, caused primarily by fewer listings priced significantly below the mean.

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

• Among non-doorman units, only two bedrooms saw prices increase since last month, with rents up 5% since May.
• Among doorman units, prices increased for studio and two bedroom units. In addition, listing inventory for doorman units was up 8% overall, and almost 20% among one bedroom units.

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

• Among non-doorman units, studios saw prices fall by 5.1%, as several high priced listings came off the market.
• Among doorman units, prices increased for all unit types since the previous month’s report.

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

• Studio units in both doorman and non-doorman buildings saw large fluctuations in price this month – the average price for a non-doorman studio increased 14.5% since May, while the average price for doorman studio fell 32%. soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• Among non-doorman units, prices for studio and one bedroom units increased 16.8% and 16.9%, respectively, since last month. It should be noted that the inventory for non-doorman units, particularly studios, is relatively small compared to other neighborhoods, which can result in extreme price sensitivity.

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

• Among non-doorman units, two bedroom units saw prices increase the most --the average rent for a non-doorman two bedroom unit increased 4.4% since May.

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

• The average rent in the neighborhood fell by 2% since May, as prices dropped for all unit types.

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.

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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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