MANHATTAN
RENTAL MARKET REPORT

August 2019

Introduction

Over the last month, the average rent in Manhattan decreased by 0.29%, from $4,171.53 to $4,159.46.

A Quick Look

Over the last month, the average rental price in Manhattan decreased by 0.29%, from $4,171.53 to $4.159.46. The average rental price for a non-doorman studio unit fell by 4.74%, from $2,663 to $2,537. The average rental price for a non-doorman one-bedroom unit fell by 0.92%, from $3,347 to $3,316. The average rental price for a non-doorman twobedroom unit increased by 0.37%, from $4,402 to $4,419. The average rental price for a doorman studio unit increased by 0.76%, from $3,263 to $3,287. The average rental price for a doorman one-bedroom unit increased by 0.24%, from $4,576 to $4,587. The average rental price for a doorman two-bedroom unit increased by 0.61%, from $6,483 to $6,523. This past month, non-doorman units represented 49.2% if the market, while doorman units comprised the remaining 50.8%.

Year-over-year, the average rental price for a non-doorman studio has fallen 3.14%, while the average price for a doorman studio unit increased by 5.49%. In that same span, the average price for a non-doorman one-bedroom unit increased by 2.46%, while doorman one-bedroom units saw their rents increase by 5.61%. The rental price for a non-doorman two-bedroom unit increased by 2.71%, while doorman two-bedroom units saw their rents increased by 5.31%. Overall, the average rental price for a unit in Manhattan is up 2.98% from this time last year.

manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

• After an increase in July, the average rental price in Battery Park City experienced a correction 1.62% through August.

battery park city apartment price trends

• Normalizing after last month’s larger-than-normal growth, the average rental price for a non-doorman unit in Chelsea fell by 1.55% this past month.
• Over the last month, the average rental price for a doorman unit in Chelsea decreased by 2.20%.

chelsea apartment

• Through August, the average rental price for a non-doorman unit in the East Village fell by 2.19%.
• This past month the average rental price for a doorman unit in the East Village increased by an impressive 9.65%. The vast majority of this growth occurred, specifically, within two-bedroom pricing, which increased by 20.68%. As some of the more affordable doorman two-bedroom apartments were taken off the market, average pricing was left to be heavily influenced by the remaining over-sized and higher-priced units. As we progress into September, East Village doorman pricing can be expected to experience a correction.

east village apartment

• Due to a lack of inventory on the smaller side of the market, the average rental price for a non-doorman unit in the Financial District decreased by 12.19% this past month.
• Following two months of increases, the average rental price for a doorman unit in the Financial District experienced a correction of 1.91% through August.

financial district apartment

• After a dip last month, the average rental price for a non-doorman unit in Gramercy rebounded by 1.31% during August.
• Building upon last month’s slight increase, the average rental price for a doorman unit in Gramercy increased by 2.98% through August.

gramercy apartment

• The average rental price for a non-doorman unit in Greenwich Village decreased by 1.50% through August.
• Over this past month, the average rental price for a doorman unit in Greenwich Village increased by just 0.17%.

greenwich village studio apartment prices

• Rental pricing for a non-doorman unit in Harlem remained relatively stable through August, increasing by just 0.11%.
• Following last month’s increase, the average rental price for a doorman unit in Harlem experienced a correction of 1.93% during August.

harlem apartment price trends

• The average rental price for a non-doorman unit in the Lower East Side increased by 0.72%.
• This past month, the average rental price for a doorman unit in Lower East Side fell by 1.35%.

lower east side apartment

• Through August, the average rental price for non-doorman unit in Midtown East increased by 0.28%.
• Carrying over some momentum from last month’s increase, the average rental price for a doorman unit in Midtown East increased by 0.50% this past month.

midtown east apartment price trends

• This past month, the average rental price for a non-doorman unit in Midtown West experienced a correction of 1.24%.
• This past month, the average rental price for a doorman unit in Midtown West decreased by 1.29%.

midtown west apartment price trends

• Building upon last month’s momentum, the average rental price for a non-doorman unit in Murray Hill increased by 1.68% during August.
• Breaking from three months of increases, the average rental price for a doorman unit in Murray Hill fell by 2.52% through August.

murray hill apartment price trends

• Remaining stable, the average rental price for a non-doorman unit in SoHo increased by just 0.79%.
• Thanks to its low-inventory nature, the average rental price for a doorman unit in SoHo experienced strong growth of 4.66% over the past month.

soho apartment prices

• The average rental price for a non-doorman unit in TriBeCa fell by 2.87% through August.
• This past month, the average rental price for a doorman unit in TriBeCa increased by 1.47%.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side increased by 1.52% through August.
• During August, the average rental price for a doorman unit in the Upper East Side fell by 1.48%.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 2.72% through August.
• This past month, the average rental price for a doorman unit in the Upper West Side increased by 0.42%.

upper west side apartment price trends

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 crosssectioned from over 10,000 currently available listings located below 135th 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 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)

Manhattan rental
market report archive

Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.