Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

June 2016

Introduction

Average rent across Manhattan remained stable this month, moving -0.26% from $4,057.67 in May 2016 to $4,047.04 in June 2016.

A Quick Look

Average rent across Manhattan remained stable this month, moving -0.26% from $4,057.67 in May 2016 to $4,047.04 in June 2016. Inventory levels, however, increased by 7.0% from 9,746 in May 2016 to 10,433. The ratio of Non-Doorman units to Doorman units in all of Manhattan changed from 42.7% (NDM) and 57.3% (DM) to 49.3% (NDM) and 50.7% (DM). From an annual perspective, rents increased by 1.6% since June 2015, from $3,985 to $4,047
It is important to note that the following neighborhoods consisted of a sample size of less than 20 units at the time the sample was taken: Studios – Battery Park City (DM), Financial District (NDM), Lower East Side (DM), SoHo (DM), TriBeCa (NDM); One Bedrooms – SoHo (DM), TriBeCa (NDM); Two Bedrooms –Lower East Side (DM), SoHo (DM). Smaller sample sizes often lead to heightened average price fluctuations.
Inventory in Manhattan is continuing to increase, with Battery Park City seeing the largest influx of apartments since last month, with an increase of 27.9%. Midtown West, however, saw the largest decrease in units on the market, moving from 1,415 units in May to 1,085 in June. From a pricing perspective, most areas prices fluctuated between -2.2% and 3.5%, with the exception of Harlem which decreased by 5.5%, the result of various doorman units exiting the market.
Since last year, while East Village, Midtown East, Midtown West and SoHo remained relatively unchanged, the other neighborhoods saw moderate increases in average rents, up to 4.5% (aside from TriBeCa which increased by 7%). The largest annual increase, after TriBeCa which consistently has rather small level of inventory on the market, was seen in Greenwich Village at 4.5%, followed by Battery Park City at 3.7% and the Financial District at 3.4%.

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -4.2% Doorman One-Bedroom -2.6%
Chelsea
Doorman Two-Bedroom -4.6%
East Village
Non-Doorman Studios -1.4% Non-Doorman Two-Bedroom -0.3% Doorman One-Bedroom -4.3% Doorman Two-Bedroom -5.0%
Financial District
Non-Doorman Studios -0.4%
Gramercy
Doorman Two-Bedroom -3.1% Non-Doorman Two-Bedroom -6.9%
Greenwich Village
Doorman One-Bedroom -0.4% Doorman Two-Bedroom -5.6%
Harlem
Non-Doorman One-Bedroom -1.1% Non-Doorman Two-Bedroom -0.6% Doorman Studios -14.2% Doorman One-Bedroom -7.2% Doorman Two-Bedroom -5.5%
Lower East Side
Non-Doorman Studios -2.3% Non-Doorman Two-Bedroom -2.5% Doorman Studios -2.8% Doorman One-Bedroom -0.3% Doorman Two-Bedroom -4.3%
Midtown East
Doorman Studios -3.6% Doorman One-Bedroom -2.8% Doorman Two-Bedroom -2.6%
Midtown West
Doorman One-Bedroom -1.2% Doorman Two-Bedroom -3.5%
Murray Hill
Non-Doorman Studios -0.9% Doorman Studios -3.8% Doorman One-Bedroom -1.3% Doorman Two-Bedroom -0.3%
SoHo
Non-Doorman One-Bedroom -9.5% Doorman One-Bedroom -1.4% Doorman Two-Bedroom -3.9%
Tribeca
Non-Doorman Studios -0.5%
Upper East Side
Doorman Studios -0.4% Doorman One-Bedroom -1.6% Non-Doorman Two-Bedroom-0.6%
Upper West Side
Doorman Studios -2.7% Doorman Two-Bedroom -3.1%

Where Prices Increased(monthly)

Battery Park City
Doorman Two-Bedroom 0.8%
Chelsea
Non-Doorman Studios 3.6% Non-Doorman One-Bedroom 1.4% Non-Doorman Two-Bedroom 4.7% Doorman Studios 5.8% Doorman One-Bedroom 2.4%
East Village
Non-Doorman One-Bedroom 0.7% Doorman Studios 0.8%
Financial District
Non-Doorman One-Bedroom 2.8% Non-Doorman Two-Bedroom 1.6% Doorman Studios 0.2% Doorman One-Bedroom 3.9% Doorman Two-Bedroom 2.1%
Gramercy
Non-Doorman Studios 9.6% Doorman Studios -0.0% Doorman One-Bedroom 0.2% Non-Doorman Two-Bedroom 7.3%
Greenwich Village
Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 1.5% Non-Doorman Two-Bedroom 1.7% Doorman Studios 0.4%
Harlem
Non-Doorman Studios 2.1%
Lower East Side
Non-Doorman One-Bedroom 8.0%
Midtown East
Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 1.6% Non-Doorman Two-Bedroom 6.5%
Midtown West
Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 2.8% Doorman Studios 0.4% Non-Doorman Two-Bedroom 1.8%
Murray Hill
Non-Doorman One-Bedroom 1.4% Non-Doorman Two-Bedroom 0.5%
SoHo
Doorman Studios 1.4% Non-Doorman Studios 18.1% Doorman One-Bedroom 0.1%
Tribeca
Doorman Studios 2.2% Doorman One-Bedroom 2.6% Non-Doorman One-Bedroom 4.4% Doorman Two-Bedroom 3.2% Non-Doorman Two-Bedroom 6.3%
Upper East Side
Non-Doorman Studios 0.9% Non-Doorman One-Bedroom 1.5% Doorman Two-Bedroom 0.2%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year Over Year Price Change

Manhattan Rents: June 2015 vs. June 2016
Type June 2015 June 2016 Change
Non-Doorman Studios $2,437 $2,527 3.7%
Non-Doorman One Bedrooms $3,160 $3,359 6.3%
Non-Doorman Two Bedrooms $4,288 $4,332 1.0%
Type May 2015 May 2016 Change
Doorman Studios $3,048 $3,138 2.9%
Doorman One Bedrooms $4,353 $4,330 0.5%
Doorman Two Bedrooms $6,375 $6,339 0.6%

• The monthly average rent decreased slightly by 1.3%, as the annual average rent increased by 3.7%.

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

• All unit classes increased this month between 1.4% and 5.8%, with the exception of Doorman Two-Bedroom Units which decreased by 4.6% as higher priced units left the market.
• Overall, the average rent increased by 1.2% since last month.

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

• While One and Two Bedroom Doorman Units decreased by 4.3 and 5.0%, respectively this month, as higher priced units exited the market and lower priced units entered, all other unit classes remained relatively unchanged.

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

• The Financial District saw movements between -0.4% and 3.9% this month, with an overall average increase of 1.9%.
• Since last year, average rents have increased by 3.4%.

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

• Non Doorman Studios and One Bedroom Units increased by 9.6% and 7.3%, respectively this month, as several units centered on Gramercy Park itself, entered the market.

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

• Average rents this month remained stable, moving by only -0.8%, while the annual average rent increased by 4.5%.

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

• The doorman sector took a hit this month, as all unit classes decreased corresponding to last month’s higher priced doorman units exiting the market. These decreases led the overall average rental decrease of 5.0%.

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

• The One Bedroom Non Doorman sector saw a substantial increase this month, at 8.0%, as a large sun-drenched loft apartment from 147 Bowery entered the market. All other unit classes saw decreased due to standard changes in inventory.

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

• Midtown East remained stable this month, moving by only -0.2%.

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

• Like Midtown East, Midtown West remained stable, moving by only -0.4% since last month.

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

• Average rent remained stable this month, with an overall movement of -0.6%.

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

• With Studio Doorman units increasing by 18.1% as several high end units entered the market, and One Bedroom Non Doorman units decreasing by 9.5%, the overall average rent balanced out with an average movement of -0.6%.

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

• TriBeCa saw a stable increase this month, at 3.5%, as the annual average rent increased by 7.0%.

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

• Although the monthly average rent remained stable at -0.1%, the annual average rent increased by 2.9%.

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

• Similar to the UES, the monthly average rent remained stable at -0.4%, as the annual average rent increased by 2.3%.

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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