MANHATTAN
RENTAL MARKET REPORT

AUGUST 2018

Introduction

Over the last month, the average rent in Manhattan increased by 0.79%, from $4,007.12 to $4,038.90.

A Quick Look

During August, the average rental price in Manhattan increased by 0.79%, from $4,007.12 to $4,038.90. The average rental price for a non-doorman studio increased by 3.4%, from $2,532 to $2,619. The average rental price for a non-doorman one-bedroom decreased by 0.3%, from $3,246 to $3,236. The average rental price for a non-doorman two-bedroom increased by 0.4%, from $4,285 to $4,302. The average rental price for a doorman studio decreased by 0.22%, from $3,123 to $3,116. The average rental price for a doorman one-bedroom decreased by 0.1%, from $4,349 to $4,343. The average rental price for a doorman two-bedroom decreased by 0.7%, from $6,236 to $6,194. During August, non-doorman united represented 51.8% of the rental market, while non-doorman units comprised the remaining 48.2%.

Year-over-year, non-doorman studio rental prices are up 3.19% while doorman studio rental prices are down 2.02%. Non-doorman and doorman one-bedroom rental prices are down 5.54% and 0.62%, respectively. Non-doorman two-bedroom rental prices are up 1.58% from this time last year while doorman two-bedroom rental prices are down 0.47% in that same span. Overall, the average rental price in Manhattan is up 0.08% from this time last year.

As we enter the final weeks of summer, rental prices in the city can be expected to begin their seasonal down trends.

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

• Continuing the momentum from last month, the average rental price in Battery Park City increased by 1.84% during August.

battery park city apartment price trends

• After an increase last month, the average rental price for a non-doorman apartment in Chelsea experienced a correction of 2.70% during August.
• This past month, the average rental price in Chelsea fell by 0.47%.

chelsea apartment

• Reversing some of the gains seen last month, the average rental price for a non-doorman rental unit in the East Village fell by 1.21% during August.
• Partially due to an increase in offered concessions, the average rental price for a doorman unit in East Village fell by 6.07% during August.

east village apartment

• The average price for a non-doorman rental in the Financial District increased by 1.84% during August.
• After a slight increase last month, the average price for a doorman rental in the Financial District corrected by 0.91% during August.

financial district apartment

• This past month, the average rental price for a non-doorman rental unit in Gramercy fell by 1.39%.
• After falling for the last two months, the average rental price for a doorman unit in Gramercy increased by 3.51% during August.

gramercy apartment

• After a stable July, the average price for a non-doorman rental in Greenwich Village increased by 1.78% during August.
• Doorman rentals in Greenwich Village experienced explosive price growth of 7.86% this past month. This impressive gain can be explained by a dearth of inventory along with a large amount of over-sized rentals relative to total listings in the neighborhood.

greenwich village studio apartment prices

• The average rental price for a non-doorman unit in Harlem experienced a correction of 1.51% during August.
• After some impressive growth last month, the average rental price for a doorman unit in Harlem decreased by 2.28% during August.

harlem apartment price trends

• The average rental price for a non-doorman and doorman rental unit in the Lower East Side fell by 2.05% and 3.29%, respectively.

lower east side apartment

• The average rental price for a non-doorman rental unit in Midtown East remained relatively stable, increasing by just 0.79% during August.
• The average rental price for a doorman rental unit in Midtown East experienced a correction of 0.99% during August.

midtown east apartment price trends

• This past month, the average rental price for a non-doorman unit in Midtown West increased by 2.16%.
• The average rental price for a doorman unit in Midtown West fell by 0.42% during August.

midtown west apartment price trends

• August proved to be a stable month for non-doorman rentals in Murray Hill, where the average price fell by just 0.08%.
• After an increase last month, the average rental price for a doorman unit in Murray Hill experienced a correction of 0.94% during August.

murray hill apartment price trends

• Due to a large number of over-sized and highly-priced rental units, the average price for a non-doorman rental in SoHo increased by an impressive 6.87% during August.
• Due to its highly volatile nature, along with a limited number of listings, the average price for a doorman unit in SoHo fell by 6.19% during August.

soho apartment prices

• Due to its low inventory nature, the average price for a non-doorman rental increased by 4.85% during August.
• The average rental price for a doorman unit in TriBeCa remained stable during August, falling by just 0.13%.

tribeca apartment prices

• The average rental price for a non-doorman rental unit in the Upper East Side fell by just 0.10% during August.
• The average rental price for a doorman rental unit in the Upper East Side increased by 0.86% this past month.

upper east side apartment price trends

• While non-doorman rental units in the Upper West Side saw their average price go down by 1.70% during August, doorman unit pricing experienced an increase of 2.23%.

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.

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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Tools

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