Manhattan Rental Market Report | MNS is Real Impact Real Estate

MANHATTAN
RENTAL MARKET REPORT

September 2017

Introduction

Over the last month, average rents in Manhattan increased by 0.003%, from $4,035.80 to $4,035.92.

A Quick Look

During September, overall rental prices remained stable, increasing by only $0.12, from $4,035.80 to $4,035.92. Nondoorman studio rental prices decreased by 1.0%, from $2,538 to $2,512. Doorman studio rental prices increased by 0.1% month-over-month, from $3,180 to $3,185. Non-doorman one-bedroom rental prices decreased by 1.8%, from $3,426 to $3,366. Doorman one-bedroom rental prices increased by 1.1%, from $4,370 to $4,418. Non-doorman two-bedroom prices fell by 0.7%, from $4,235 to $4,203. Doorman two-bedroom prices increased by 0.9%, from $6,223 to $6,281. During the month of September, Non-doorman rental units represented 47.5% of the market, while doorman rental units comprised 52.5% of the market.
Year-over-year, non-doorman studio rental prices decreased by 4.5%. In the same period, doorman studio rental prices increased by 0.6%. Non-doorman one-bedroom rental prices experienced a 1.16% year-over-year increase, meanwhile doorman one-bedroom rental prices grew by 2.5%. Non-doorman two-bedroom rental prices experienced a 4.0% drop year-over-year. Doorman two-bedroom rental prices, however, grew by 2.3% in the same span.
Overall, rental prices in Manhattan increased 0.26% year-over-year. Some extreme price changes occurred in traditional low-inventory markets. For example, non-doorman studio prices in FiDi fell by 40% year-over-year. However, because doorman units comprised nearly 94% of FiDi’s rental market over the past year, price swings in non-doorman units are negligible.
Over the past twelve months, Harlem has emerged as one of the more promising rental sub-markets in Manhattan. Year-over-year, overall rental prices in Harlem experienced a gain of 5.65%. This gain can be, in part, explained by the addition of rental units from numerous new developments in the area.
As we enter the fourth quarter, rental prices can be expected to correct slightly from over the Summer.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -1.3% Doorman Two-Bedroom -0.7%
Chelsea
Non-Doorman One-Bedroom -0.4%
East Village
Non-Doorman Two-Bedroom -9.0% Doorman Two-Bedroom -1.4%
Financial District
Non-Doorman Studios -11.3% Non-Doorman One-Bedroom -3.4% Doorman Studios -1.2% Doorman One-Bedroom -3.2% Doorman Two-Bedroom -4.9%
Gramercy
Non-Doorman Studios -1.6% Non-Doorman Two-Bedroom -4.0% Doorman Studios -2.4%
Greenwich Village
Non-Doorman Studios -1.4% Doorman One-Bedroom -0.6%
Harlem
Non-Doorman One-Bedroom -0.6% Non-Doorman Two-Bedroom -1.4%
Lower East Side
Non-Doorman One-Bedroom -1.8% Non-Doorman Two-Bedroom -0.7% Doorman One-Bedroom -1.9%
Midtown East
Non-Doorman Studios -1.9% Non-Doorman Two-Bedroom -0.7% Doorman Studios -6.9%
Midtown West
Doorman Studios -4.5% Doorman One-Bedroom -0.8%
Murray Hill
Non-Doorman Studios -5.7% Non-Doorman One-Bedroom -3.8% Non-Doorman Two-Bedroom -0.6% Doorman One-Bedroom -2.0% Doorman Two-Bedroom -0.2%
SoHo
Non-Doorman One-Bedroom -8.4% Non-Doorman Two-Bedroom -4.4%
Tribeca
Non-Doorman Studios -5.3% Non-Doorman One-Bedroom -5.4% Non-Doorman Two-Bedroom -2.8% Doorman Studios -3.3% Doorman One-Bedroom -2.2% Doorman Two-Bedroom -5.1%
Upper East Side
Non-Doorman Studios -1.7% Non-Doorman One-Bedroom -1.1% Non-Doorman Two-Bedroom -7.0% Doorman One-Bedroom -1.5% Doorman Two-Bedroom -0.4%
Upper West Side
Non-Doorman Studios -1.3% Non-Doorman One-Bedroom -2.5% Doorman Studios -3.8% Doorman One-Bedroom -1.6% Doorman Two-Bedroom -3.5%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 2.4%
Chelsea
Non-Doorman Studios 2.6% Non-Doorman Two-Bedroom 10.4% Doorman Studios 3.9% Doorman One-Bedroom 8.3% Doorman Two-Bedroom 1.0%
East Village
Non-Doorman Studios 0.2% Non-Doorman One-Bedroom 1.4% Doorman Studios 0.5% Doorman One-Bedroom 3.0%
Financial District
Non-Doorman Two-Bedroom 6.6%
Gramercy
Non-Doorman One-Bedroom 1.5% Doorman One-Bedroom 7.2% Doorman Two-Bedroom 4.4%
Greenwich Village
Non-Doorman One-Bedroom 3.2% Non-Doorman Two-Bedroom 8.0% Doorman Studios 0.7% Doorman Two-Bedroom 4.0%
Harlem
Non-Doorman Studios 2.8% Doorman Studios 14.3% Doorman One-Bedroom 8.1% Doorman Two-Bedroom 10.9%
Lower East Side
Non-Doorman Studios 0.4% Doorman Studios 2.2% Doorman Two-Bedroom 8.0%
Midtown East
Non-Doorman One-Bedroom 3.8% Doorman One-Bedroom 4.5% Doorman Two-Bedroom 2.3%
Midtown West
Non-Doorman Studios 4.6% Non-Doorman One-Bedroom 1.2% Non-Doorman Two-Bedroom 0.4% Doorman Two-Bedroom 0.9%
Murray Hill
Doorman Studios 2.6%
SoHo
Non-Doorman Studios 9.6% Doorman Studios 1.53% Doorman One-Bedroom 0.0% Doorman Two-Bedroom 2.7%
Upper East Side
Doorman Studios 1.9%
Upper West Side
Non-Doorman Two-Bedroom 0.7%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

Year Over Year Price Change

Manhattan Rents: September 2016 vs. September 2017
Type September 2016 September 2017 Change
Non-Doorman Studios $2,629 $2,512 -4.5%
Non-Doorman One Bedrooms $3,328 $3,366 1.1%
Non-Doorman Two Bedrooms $4,378 $4,203 -4.0%
Type September 2016 September 2017 Change
Doorman Studios $3,166 $3,185 0.6%
Doorman One Bedrooms $4,311 $4,418 2.5%
Doorman Two Bedrooms $6,142 $6,281 2.3%

• September was a stable month for rental prices in Battery Park City with overall rental prices growing by just 0.02%.

battery park city apartment price trends

• Over the last month, overall non-doorman rental prices increased by 5.0%. Most of this growth can be attributed to the 10.4% price increase seen in nondoorman two-bedroom prices. This jump occurred because of the large number of high-priced units that came to market.
• Carrying over momentum from the summer, month-over-month overall doorman rental prices in Chelsea grew by an average of 3.9%.

chelsea apartment

• Following a strong August, overall non-doorman rental prices experienced a correction in September, falling by 3.29%.
• During September, overall doorman rental prices in East Village grew by 0.46%.

east village apartment

• During September, overall non-doorman rental prices in FiDi experienced a slight correction, falling by 0.97%.
• Adhering to seasonality, doorman units in FiDi saw an average decrease of 3.46% in pricing.

financial district apartment

• Over the last month, non-doorman rental prices in Gramercy experienced a 1.48% drop.
• Following a drop in August, doorman units in Gramercy saw an average price increase of 3.7% during September.

gramercy apartment

• Holding on to momentum from over the Summer, non-doorman units saw an increase of 1.05% in overall pricing, while overall doorman unit pricing grew by 1.7% in the same span.

greenwich village studio apartment prices

• Non-doorman units in Harlem experienced a stable September with prices growing by only 0.01%.
• Doorman units in Harlem experienced one of the strongest months in the entire Manhattan rental market. Doorman studios saw an average 14.33% increase in pricing, while one and two-bedroom unit prices grew by 8.07% and 10.91%, respectively. This impressive growth can be attributed to the numerous luxury units coming to market over the last month.

harlem apartment price trends

• September was a relatively stable month for non-doorman unit pricing in the Lower East Side. Overall non-doorman pricing fell by just 0.76%.
• Thanks, in part, to the addition of high-priced luxury rental units, doorman pricing in the Lower East Side grew by 3.23% over September.

lower east side apartment

• Following a drop in August, non-doorman pricing in Midtown East grew by 0.43% during September.
• Traditionally a stable market, doorman pricing in Midtown East grew by 1.06% over the last month.

midtown east apartment price trends

• Over the last month, non-doorman unit prices in Midtown West experienced a 1.80% increase.
• In the same span, doorman unit prices in Midtown West fell by 0.91%.

midtown west apartment price trends

• Following typical seasonality, non-doorman unit prices in Murray Hill fell by 3.00% over September.
• Meanwhile, during the same span, doorman unit prices in Murray Hill fell by just 0.16%.

murray hill apartment price trends

• Following a strong August, non-doorman pricing in SoHo experienced a slight correction during September, falling by 2.90%.

soho apartment prices

• Continuing the trend seen during August, non-doorman unit prices in TriBeCa fell by 4.42% during September.
• Similarly, doorman unit prices in TriBeCa fell by 3.72%.

tribeca apartment prices

• Traditionally a predictable market, UES non-doorman and doorman rentals experienced price corrections of 3.71% and 0.23%, respectively. These corrections in pricing were expected as we entered a cyclical slow point in the NYC rental market.

upper east side apartment price trends

• Like the UES rental market, price corrections were expected in the UWS rental market. Non-doorman pricing fell by 0.78%, while doorman prices slid by 2.99%.

upper west side apartment 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 crosssectioned 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 specifi c mid-month point to record current rental rates off ered 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.

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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 “Manhattan Rental Market Report” with a link back to its original location (http://www.mns.com/manhattan_rental_market_report)

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