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MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 2.82%
    CHANGE
  • $3,717
    AUGUST 2020
  • $3,612
    SEPTEMBER 2020

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 2.82%, from $3,717 to $3,612. The average rental price for a non-doorman studio unit fell by 3.31%, from $2,305 to $2,229. The average rental price for a non-doorman one-bedroom unit fell by 3.37%, from $2,997 to $2,896. The average rental price for a non-doorman two-bedroom unit fell by 2.76%, from $3,842 to $3,736. The average rental price for a doorman studio unit fell by 3.40%, from $2,936 to $2,836. The average rental price for a one-bedroom doorman unit fell by 2.94%, from $4,075 to $3,955. The average rental price for a doorman two-bedroom unit fell by 2.28%, from $5,868 to $5,734. This past month, non-doorman units represented 54.7% of the rental market while doorman units comprised the remaining 45.3%.

Year-over-year, the average rental price for a non-doorman studio decreased by 11.72%, while the average rental price for a doorman studio unit fell by 14.95%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 13.93%, while doorman one-bedroom units saw their average rental price decrease by 13.77%. The average rental price for a non-doorman two-bedroom unit decreased by 15.15%. The average rental price for a doorman two-bedroom decreased by 12.33%. Overall, the average rental price in Manhattan is down 13.36% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,421 Harlem $1,811
Non-doorman one bedrooms Tribeca $4,969 Harlem $2,217
Non-doorman two bedrooms Tribeca $7,519 Harlem $2,637
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,555 Harlem $2,348
Doorman one bedrooms SoHo $6,311 Harlem $2,862
Doorman two bedrooms SoHo $8,064 Harlem $3,826

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman One-Bedroom -2.4%

Doorman Two-Bedroom -2.4%

CHELSEA

Doorman Studios -3.1%

Doorman One-Bedroom -3.2%

Doorman Two-Bedroom -2.4%

Non-Doorman Studios -4.0%

Non-Doorman One-Bedroom -4.1%

Non-Doorman Two-Bedroom -1.5%

EAST VILLAGE

Doorman Studios -4.9%

Doorman One-Bedroom -7.8%

Doorman Two-Bedroom -7.7%

Non-Doorman Studios -6.2%

Non-Doorman One-Bedroom -2.1%

Non-Doorman Two-Bedroom -5.4%

FINANCIAL DISTRICT

Doorman Studios -5.8%

Doorman One-Bedroom -1.5%

Non-Doorman Studios -0.6%

Non-Doorman Two-Bedroom -6.9%

GRAMERCY

Doorman Studios -3.4%

Doorman One-Bedroom -1.4%

Doorman Two-Bedroom -0.4%

Non-Doorman Studios -5.2%

Non-Doorman One-Bedroom -5.7%

Non-Doorman Two-Bedroom -3.1%

GREENWICH VILLAGE

Doorman Studios -7.8%

Doorman One-Bedroom -4.9%

Doorman Two-Bedroom -1.0%

Non-Doorman Studios -3.5%

Non-Doorman One-Bedroom -0.8%

HARLEM

Doorman Studios -4.3%

Doorman One-Bedroom -3.2%

Doorman Two-Bedroom -2.8%

Non-Doorman Studios -3.2%

Non-Doorman One-Bedroom -1.4%

Non-Doorman Two-Bedroom -3.2%

LOWER EAST SIDE

Doorman One-Bedroom -1.2%

Doorman Two-Bedroom -2.8%

Non-Doorman Studios -3.9%

Non-Doorman One-Bedroom -3.4%

Non-Doorman Two-Bedroom -6.5%

MIDTOWN EAST

Doorman Studios -5.3%

Doorman One-Bedroom -2.1%

Non-Doorman Studios -1.8%

Non-Doorman One-Bedroom -4.8%

Non-Doorman Two-Bedroom -3.8%

MIDTOWN WEST

Doorman Studios -0.7%

Doorman One-Bedroom -1.5%

Doorman Two-Bedroom -1.7%

Non-Doorman Studios -2.6%

Non-Doorman One-Bedroom -5.9%

Non-Doorman Two-Bedroom -7.8%

MURRAY HILL

Doorman Studios -4.3%

Doorman One-Bedroom -0.6%

Doorman Two-Bedroom -0.2%

Non-Doorman Studios -0.5%

Non-Doorman One-Bedroom -8.1%

Non-Doorman Two-Bedroom -7.2%

SOHO

Doorman Studio -0.4%

Doorman One-Bedroom -0.9%

Doorman Two-Bedroom -5.1%

Non-Doorman Studios -0.6%

Non-Doorman One-Bedroom -6.0%

TRIBECA

Doorman Studios -4.5%

Doorman One-Bedroom -5.9%

Doorman Two-Bedroom -0.3%

Non-Doorman Studios -6.6%

Non-Doorman One-Bedroom -0.6%

Non-Doorman Two-Bedroom -0.4%

UPPER EAST SIDE

Doorman Studios -6.0%

Doorman One-Bedroom -5.3%

Doorman Two-Bedroom -7.2%

Non-Doorman Studios -2.3%

Non-Doorman One-Bedroom -4.3%

Non-Doorman Two-Bedroom -3.2%

UPPER WEST SIDE

Doorman Studios -4.4%

Doorman One-Bedroom -1.4%

Non-Doorman Studios -3.0%

Non-Doorman One-Bedroom -3.8%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 2.4%

FINANCIAL DISTRICT

Doorman Two-Bedroom 0.2%

Non-Doorman One-Bedroom 1.2%

GREENWICH VILLAGE

Non-Doorman Two-Bedroom 0.6%

LOWER EAST SIDE

Doorman Studios 0.1%

MIDTOWN EAST

Doorman Two-Bedroom 0.6%

SOHO

Non-Doorman Two-Bedroom 2.9%

UPPER WEST SIDE

Doorman Two-Bedroom 0.08%

Non-Doorman Two-Bedroom 0.05%

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
7.2%
16.5%
18.0%
15.4%
13.7%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
13.3%
9.1%
15.2%
16.1%
15.8%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
18.0%
8.1%
10.2%
14.9%
12.6%

YEAR OVER YEAR Price change

MANHATTAN RENTS: SEPTEMBER 2019 VS. SEPTEMBER 2020

price changes
TYPE SEPTEMBER 2019 SEPTEMBER 2020 CHANGE
Non-doorman studios $2,525 $2,229 11.7%
Non-doorman one bedrooms $3,364 $2,896 13.9%
Non-doorman two bedrooms $4,403 $3,736 15.2%
TYPE SEPTEMBER 2019 SEPTEMBER 2020 CHANGE
Doorman studios $3,334 $2,836 15.0%
Doorman one bedrooms $4,587 $3,955 13.8%
Doorman two bedrooms $6,540 $5,734 12.3%
MANHATTAN

DESPITE A SLIGHT GAIN IN STUDIO PRICING (+2.38%), THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY WAS STILL DOWN 1.35% THROUGH SEPTEMBER.

BATTERY PARK CITY

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN CHELSEA FELL BY 2.98%.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA FELL BY 2.79%.

CHELSEA

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY 4.49% THROUGH SEPTEMBER.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE HAS FALLEN BY 7.05%.

EAST VILLAGE

WHEN COMPARED TO LAST MONTH, THE AVERAGE RENTAL PRICE IN THE FINANCIAL DISTRICT FELL BY A SUBDUED 2.74% THROUGH SEPTEMBER.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY 1.80%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 4.54%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY 1.36% THROUGH SEPTEMBER.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE REMAINED RELATIVELY STABLE, FALLING BY JUST 0.86%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 3.77%.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY 2.63%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 3.34%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 4.75%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 1.59%.

LOWER EAST SIDE

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST FELL BY 3.61%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST FELL BY 1.51%.

MIDTOWN EAST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 5.81%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST FELL BY JUST 1.39%.

MIDTOWN WEST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL FELL BY 5.70%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL FELL BY 1.27%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY 0.95% THROUGH SEPTEMBER.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO FELL BY 2.60%.

SOHO

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA FELL BY 1.87%

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA FELL BY 3.06%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN AND DOORMAN UNIT IN THE UPPER EAST SIDE FELL BY 3.30% AND 6.35%, RESPECTIVELY.

UPPER EAST SIDE

SIMILAR TO THE MAJORITY OF THE MANHATTAN RENTAL MARKET, THE UPPER WEST SIDE SAW OVERALL PRICING FALL THROUGH sepUST. NON-DOORMAN AND DOORMAN PRICES FELL BY 1.91% AND 1.29%, RESPECTIVELY.

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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