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MANHATTAN
RENTAL MARKET REPORT

August 2014

Introduction

Average rents remained relatively similar to this time last year, decreasing only 0.8% from $3,874 in August 2013 to $3,843 in August 2014.

A Quick Look

Rent prices in Manhattan decreased by approximately 0.76% from $3,873 in July 2014 to $3,843 in August 2014. Rent Prices also decreased 0.8% from $3,874 to $3,843 compared to August 2013. Listing inventory decreased 9% compared to July 2014 from 8,905 units to 8,134 units. The ratio of Non- Doorman units to Doorman units in all of Manhattan changed from 48% (NDM) and 52% (DM) in July 2014 to 47% (NDM) and 53% (DM) in August 2014.

The market appears to have slowed down compared to July 2014. The largest percentage increases in rent prices were seen in Studio Doorman and One Bedroom Doorman units in the Lower East Side. The largest percentage decreases (among material sample sizes) were seen in Two Bedroom Doorman units in SoHo and Two Bedroom Non-Doorman units in Murray Hill. It should be noted that the sample size for Studio Non-Doorman units in TriBeCa consists of only two sample units for the month.

The largest annual shift in rent prices were seen in the Lower East Side and SoHo. Rents increased 12.2% in the East Village compared to August 2013 from $3,111 to $3,490. Rents decreased by 9.9% in SoHo from $4,668 to $4,207.

The largest rate of increase in listing inventory was in Murray Hill where 128 new units came to the market, a 24.4% increase in inventory from last month. The greatest decrease in listing inventory was in the Upper West Side where 268 units came off the market, a 16.6% decrease from last month.

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -3.0%
Chelsea
Non-Doorman Studios -2.9%, Non-Doorman One-Bedroom -2.8%
East Village
Non-Doorman Studios -8.3%, Doorman Two-Bedroom -6.6%
Financial District
Non-Doorman Two-Bedroom -6.5%, Doorman Studios -0.6%, Non-Doorman One-Bedroom -2.3%, Doorman One-Bedroom -0.3%
Gramercy
Non-Doorman Studios -7.4%, Non-Doorman Two-Bedroom -2.2%, Doorman Two-Bedroom -8.5%
Greenwich Village
Non-Doorman Studios -10.0%, Non-Doorman Two-Bedroom -1.7%
Harlem
Non-Doorman Studios -5.8%, Doorman Studios -6.5%, Non-Doorman One-Bedroom -1.4%, Non-Doorman Two-Bedroom -0.8%
Lower East Side
Non-Doorman Studios -0.5%, Non-Doorman One-Bedroom -4.1%, Doorman Two-Bedroom -3.4%
Midtown East
Doorman Two-Bedroom -2.0%
Midtown West
Non-Doorman Studios -3.9%, Doorman One-Bedroom -0.3%, Doorman Two-Bedroom -4.8%, Non-Doorman One-Bedroom -1.1%, Non-Doorman Two-Bedroom -3.4%
Murray Hill
Non-Doorman One-Bedroom -0.8%, Doorman One-Bedroom -0.2%, Non-Doorman Two-Bedroom -12.9%
SoHo
Doorman Two-Bedroom -17.6%, Non-Doorman Studios -2.1%
Tribeca
Doorman One-Bedroom -3.6%, Doorman Two-Bedroom -0.6%, Non-Doorman Studios -18.4%, Doorman Studios -11.5%, Non-Doorman One-Bedroom -2.3%
Upper East Side
Non-Doorman Studios -0.8%, Non-Doorman One-Bedroom -4.0%, Doorman One-Bedroom -0.8%, Non-Doorman Two-Bedroom -6.3%
Upper West Side
Doorman Two-Bedroom -1.0%, Non-Doorman Studios -4.6%, Non-Doorman One-Bedroom -1.7%, Non-Doorman Two-Bedroom -3.8%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 5.1%, Doorman Two-Bedroom 1.0%
Chelsea
Doorman One-Bedroom 1.9%, Non-Doorman Two-Bedroom 3.8%, Doorman Studios 0.6%, Doorman Two-Bedroom 0.6%
East Village
Doorman Studios 2.2%, Doorman One-Bedroom 4.2%, Non-Doorman Two-Bedroom 1.0%, Non-Doorman One-Bedroom 2.1%
Financial District
Non-Doorman Studios 3.4%, Doorman Two-Bedroom 1.4%
Gramercy
Doorman Studios 0.3%, Non-Doorman One-Bedroom 5.2%, Doorman One-Bedroom 1.5%
Greenwich Village
Non-Doorman One-Bedroom 3.0%, Doorman Studios 1.2%, Doorman One-Bedroom 2.4%, Doorman Two-Bedroom 6.9%
Harlem
Doorman One-Bedroom 10.4%, Doorman Two-Bedroom 4.5%
Lower East Side
Doorman Studios 29.5%, Doorman One-Bedroom 13.3%, Non-Doorman Two-Bedroom 4.1%
Midtown East
Non-Doorman Studios 9.8%, Non-Doorman One-Bedroom 2.1%, Doorman One-Bedroom 1.1%, Non-Doorman Two-Bedroom 9.7%, Doorman Studios 4.2%
Midtown West
Doorman Studios 0.9%
Murray Hill
Non-Doorman Studios 4.2%, Doorman Studios 1.3%, Doorman Two-Bedroom 2.0%
SoHo
Doorman Studios 1.4%, Non-Doorman One-Bedroom 2.5%, Doorman One-Bedroom 2.6%, Non-Doorman Two-Bedroom 0.3%
Tribeca
Non-Doorman Two-Bedroom 4.4%
Upper East Side
Doorman Studios 3.2%, Doorman Two-Bedroom 0.2%
Upper West Side
Doorman Studios 5.1%, Doorman One-Bedroom 1.3%
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: August 2013 vs. August 2014
  August '13 August '14 Change
Studios $2,437 $2,630 7.9%
One Bedroom $3,248 $3,165 -2.6%
Two Bedroom $4,452 $4,182 -6.1%
Manhattan Doorman Rents: August 2013 vs. August 2014
  August '13 August '14 Change
Studios $2,862 $2,930 2.4%
One-bedrooms $4,022 $4,135 2.8%
Two-bedrooms $6,070 $5,808 -4.3%

• This month overall average rent prices experienced minimal change with a 1.1% decrease.

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

• All unit types saw moderate increases or decreases in average rent within the -2.9% to 3.8% range.

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

• The large 8.3% decrease in Studio Non-Doorman units and 6.6% fall in Two Bedroom Doorman units caused an overall 1.1% decrease.

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

• Overall average rents remained relatively stable with a slight 1.1% decrease from $3,924 to $3,879.

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

• Due to an overwhelming price drop in Studio Non-Doorman and Two Bedroom Doorman units overall average rents fell 2.5%.

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

• Although experiencing a significant 10% decrease in Studio Non-Doorman units, overall average rents rose led by a 6.9% increase in Two Bedroom Doorman units.

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

• Overall average rents increase slightly by 0.7% this month due in large part to a 10.4% increase in One Bedroom Doorman unit prices.

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

• This neighborhood saw the largest overall increase in monthly prices spurred by 29.5% rise in Studio Doorman units, the greatest among unit types. The 29.5% increase is due to several units at 371 Madison Street entering the market.

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

• All unit types, with the exception of Two Bedroom Doorman units, increased in price resulting in a notable 3.4% rise in overall average rents.

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

• All unit types experienced a downturn in prices except for Studio Doorman units which increased by 0.9%.

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

• This neighborhood experienced the largest influx in inventory this month while having overall average rent fall by 1.7%.

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

• In Manhattan, this neighborhood accounted for the largest unit price decrease with Two Bedroom Doorman units falling by 17.6% and the greatest overall average decrease of 4.5% (among material sample sizes). The 17.6% decrease is due to several higher priced units on the market, such as unit #7B at 255 Hudson Street, being replaced with cheaper alternatives.

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

• Although this neighborhood did see a significant fall in prices among most unit types, the lack of a material sample size for Studio Non-Doorman units renders a misleading overall monthly average decrease of 5.2%. The decrease was largely due to the addition of unit #2C at 6 Varick Street into the Studio Non-Doorman sample size.

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

• Led by a 6.3% decrease in Two Bedroom Non-Doorman units overall average rents fell by 1.3%.

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

• This neighborhood saw the greatest drop in inventory this month while overall average rents fell marginally by 0.8%.

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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