MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 0.29%
    CHANGE
  • $4,108
    NOVEMBER 2019
  • $4,120
    DECEMBER 2019

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 0.29%, from $4,108.24 to $4,120.20. The average rental price for a non-doorman studio unit increased by 0.75%, from $2,505 to $2,524. The average rental price for a non-doorman one-bedroom unit increased by 1.75%, from $3,317 to $3,375. The average rental price for a non-doorman two-bedroom unit decreased by 0.17%, from $4,365 to $4,358. The average rental price for a doorman studio unit increased by 0.33%, from $3,342 to $3,353. The average rental price for a doorman one-bedroom unit increased by 0.69%, from $4,463 to $4,494. The average rental price for a doorman two-bedroom unit fell by 0.35%, from $6,364 to $6,342. This past month, non-doorman units represented 41.9% of the rental market, while doorman units comprised the remaining 58.1%.

Year-over-year, the average rental price for a non-doorman studio has fallen 2.90%, while the average price for a doorman studio unit increased by 9.28%. In that same span, the average price for a non-doorman one-bedroom unit increased by 6.51%, while doorman one-bedroom units saw their rents increase by 4.90%. The rental price for a non-doorman two-bedroom unit increased by 5.90%, while doorman two-bedroom units saw their rents increase by 5.28%. Overall, the average rental price for a unit in Manhattan is up 4.48% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $4,250 Harlem $1,896
Non-doorman one bedrooms Tribeca $5,708 Harlem $2,372
Non-doorman two bedrooms Tribeca $7,635 Harlem $2,947
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $5,317 Harlem $2,591
Doorman one bedrooms SoHo $7,233 Harlem $3,043
Doorman two bedrooms Tribeca $7,425 Harlem $4,188

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Studios -3.4%

Doorman Two-Bedroom -1.7%

CHELSEA

Doorman Studios -1.6%

Doorman Two-Bedroom -0.2%

Non-Doorman One-Bedroom -2.2%

EAST VILLAGE

Doorman Studios -5.2%

Doorman One-Bedroom -2.8%

Non-Doorman One-Bedroom -3.1%

FINANCIAL DISTRICT

Doorman Studios -0.6%

Doorman One-Bedroom -0.1%

Doorman Two-Bedroom -4.4%

Non-Doorman Studios -6.5%

GRAMERCY

Doorman One-Bedroom -0.9%

Doorman Two-Bedroom -2.7%

Non-Doorman Studios -9.5%

Non-Doorman Two-Bedroom -0.6%

GREENWICH VILLAGE

Doorman One-Bedroom -4.9%

Doorman Two-Bedroom -8.5%

Non-Doorman Studios -0.3%

Non-Doorman Two-Bedroom -1.8%

HARLEM

Doorman Two-Bedroom -6.6%

Non-Doorman Studios -1.6%

Non-Doorman One-Bedroom -0.7%

LOWER EAST SIDE

Non-Doorman Studios -0.8%

MIDTOWN EAST

Doorman Two-Bedroom -0.6%

Doorman One-Bedroom -1.9%

Non-Doorman Two-Bedroom -5.3%

MURRAY HILL

Doorman One-Bedroom -0.8%

Non-Doorman Two-Bedroom -3.0%

Non-Doorman One-Bedroom -0.7%

SOHO

Doorman Two-Bedroom -5.3%

Non-Doorman Two-Bedroom -1.8%

TRIBECA

Doorman Studios -6.3%

Non-Doorman Two-Bedroom -1.0%

UPPER EAST SIDE

Doorman Studios -0.3%

Doorman One-Bedroom -0.7%

Non-Doorman Studios -1.1%

Non-Doorman Two-Bedroom -3.4%

UPPER WEST SIDE

Non-Doorman Studios -0.2%

Non-Doorman One-Bedroom -1.5%

Non-Doorman Two-Bedroom -2.9%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman One-Bedroom 1.0%

CHELSEA

Doorman One-Bedroom 0.5%

Non-Doorman Studios 0.8%

Non-Doorman Two-Bedroom 4.0%

EAST VILLAGE

Doorman Two-Bedroom 6.0%

Non-Doorman Studios 0.1%

Non-Doorman Two-Bedroom 0.3%

FINANCIAL DISTRICT

Non-Doorman One-Bedroom 4.1%

Non-Doorman Two-Bedroom 5.3%

GRAMERCY

Doorman Studios 5.2%

Non-Doorman One-Bedroom 10.3%

GREENWICH VILLAGE

Doorman Studios 1.4%

Non-Doorman One-Bedroom 0.2%

HARLEM

Doorman Studios 2.6%

Doorman One-Bedroom 0.4%

Non-Doorman Two-Bedroom 3.2%

LOWER EAST SIDE

Doorman Studios 3.9%

Doorman One-Bedroom 0.6%

Doorman Two-Bedroom 6.7%

Non-Doorman One-Bedroom 6.3%

Non-Doorman Two-Bedroom 2.1%

MIDTOWN EAST

Doorman Studios 2.8%

Non-Doorman Studios 1.1%

Non-Doorman One-Bedroom 3.1%

MIDTOWN WEST

Doorman Studios 1.0%

Doorman One-Bedroom 0.9%

Doorman Two-Bedroom 2.2%

Non-Doorman Studios 1.1%

Non-Doorman One-Bedroom 2.4%

Non-Doorman Two-Bedroom 3.5%

MURRAY HILL

Doorman Studios 2.7%

Doorman Two-Bedroom 0.1%

Non-Doorman Studios 1.4%

SOHO

Doorman Studio 4.2%

Doorman One-Bedroom 12.9%

Non-Doorman Studios 2.9%

Non-Doorman One-Bedroom 0.6%

TRIBECA

Doorman One-Bedroom 0.3%

Doorman Two-Bedroom 5.7%

Non-Doorman Studios 17.3%

Non-Doorman One-Bedroom 3.3%

UPPER EAST SIDE

Doorman Two-Bedroom 2.4%

Non-Doorman One-Bedroom 2.1%

UPPER WEST SIDE

Doorman Studios 0.6%

Doorman One-Bedroom 1.0%

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
4.8%
7.6%
11.3%
2.5%
5.7%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
0.0%
6.5%
11.9%
5.2%
5.2%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
3.3%
0.1%
1.5%
5.9%
6.9%

YEAR OVER YEAR Price change

MANHATTAN RENTS: DECEMBER 2018 VS. DECEMBER 2019

price changes
TYPE DECEMBER 2018 DECEMBER 2019 CHANGE
Non-doorman studios $2,599 $2,524 2.9%
Non-doorman one bedrooms $3,169 $3,375 6.5%
Non-doorman two bedrooms $4,115 $4,358 5.9%
TYPE DECEMBER 2018 DECEMBER 2019 CHANGE
Doorman studios $3,068 $3,353 9.3%
Doorman one bedrooms $4,284 $4,494 4.9%
Doorman two bedrooms $6,024 $6,342 5.3%
MANHATTAN

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY FELL BY 1.33%.

BATTERY PARK CITY

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN CHELSEA INCREASED BY 1.20%.

FOR THE THIRD MONTH IN A ROW, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA FELL, THIS TIME DROPPING 0.31%.

CHELSEA

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY 0.87%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 0.63% THROUGH DECEMBER.

EAST VILLAGE

STABILIZING AFTER A LARGER INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY A RELATIVELY SUBDUED 1.69% THROUGH DECEMBER.

AFTER LAST MONTH’S SLIGHT INCREASE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT EXPERIENCED A CORRECTION OF 2.05% THROUGH DECEMBER.

FINANCIAL DISTRICT

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 0.44%.

STABILIZING AFTER LAST MONTH’S LARGER-THAN-NORMAL DROP, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY FELL BY JUST 0.28% THROUGH DECEMBER.

GRAMERCY PARK

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE EXPERIENCED A CORRECTION OF 0.83% OVER THE LAST MONTH.

CARRYING SOME MOMENTUM FROM LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY A FURTHER 5.11% THROUGH DECEMBER.

GREENWICH VILLAGE

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 0.63%.

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM EXPERIENCED A CORRECTION OF 2.19%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE REBOUNDED BY 2.71%.

FOLLOWING LAST MONTH’S CORRECTION, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE REBOUNDED BY 4.26% IN DECEMBER.

LOWER EAST SIDE

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST FELL BY 0.92%.

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST FELL BY JUST 0.29% DURING DECEMBER.

MIDTOWN EAST

REBOUNDING FROM LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 2.51% THROUGH DECEMBER.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 1.51%.

MIDTOWN WEST

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL FELL BY 1.07%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL INCREASED BY 0.44%.

MURRAY HILL

REMAINING VIRTUALLY UNCHANGED, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY $0.20 THIS PAST MONTH.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 3.41% THROUGH DECEMBER.

SOHO

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT INCREASED BY 4.36%.

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 0.87%.

TRIBECA

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE UPPER EAST SIDE DECREASED BY 1.09% THIS PAST MONTH.

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER EAST SIDE INCREASED BY 0.94%.

UPPER EAST SIDE

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT FELL BY 1.83%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER WEST SIDE INCREASED BY 0.60%.

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.

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