REPORTS

GUIDES

MANHATTAN
RENTAL MARKET REPORT

July 2014

Introduction

Average rents remained relatively similar to this time last year, increasing only 1.3% from $3,822 in July 2013 to $3,873 in July 2014.

A Quick Look

Rent prices in Manhattan increased by approximately 1.5% from $3,816 in June 2014 to $3,873 in July 2014. Rent Prices also increased 1.3% from $3,822 to $3,873 compared to July 2013. Listing inventory increased 12% compared to June 2014 from 7,921 units to 8,905 units. The ratio of Non-Doorman units to Doorman units in all of Manhattan changed from 44% (NDM) and 57% (DM) in June 2014 to 48% (NDM) and 52% (DM) in July 2014.

The market appears to have picked up again compared to June 2014. The largest percentage increases (among material sample sizes) in rent prices were seen in Two Bedroom Non-Doorman units in Murray Hill and One Bedroom Non-Doorman units in TriBeCa. It should be noted that the excessively large increase in average prices for Studio Non-Doorman units in TriBeCa are the result of having only one sample unit for the month. The largest percentage decreases were seen in One Bedroom Non-Doorman and Two Bedroom Non-Doorman units in SoHo.

The largest annual shift in rent prices (among material sample sizes) were seen in the East Village and SoHo. Rents increased 5.9% in the East Village compared to July 2013 from $3,558 to $3,766. Rents decreased by 6.7% in SoHo from $4,723 to $4,405.

The largest rate of increase in listing inventory was in Harlem where 226 new units came to the market, a 64.6% increase in inventory from last month. The greatest decrease in listing inventory was in Midtown East where 440 units came off the market, a 50.5% decrease from last month.

A Quick Look

Non-Doorman Buildings (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman One-Bedroom -3.8%
Chelsea
Non-Doorman Two-Bedroom -12.6%, Doorman Studios -2.6%, Doorman Two-Bedroom -7.7%
East Village
Non-Doorman One-Bedroom -3.7%
Financial District
Non-Doorman Studios -1.6%, Non-Doorman Two-Bedroom -3.4%
Gramercy
Non-Doorman One-Bedroom -5.9%, Doorman One-Bedroom -4.3%
Greenwich Village
Non-Doorman One-Bedroom -0.1%
Harlem
Non-Doorman Studios -1.2%, Doorman One-Bedroom -14.8%, Doorman Two-Bedroom -9.4%
Lower East Side
Non-Doorman Studios -13.2%, Non-Doorman One-Bedroom -2.0%, Doorman One-Bedroom -0.9%, Non-Doorman Two-Bedroom -0.9%, Doorman Two-Bedroom -4.7%
Midtown East
Doorman Studios -3.0%
Midtown West
Non-Doorman Studios -2.0%, Doorman Studios -0.2%, Doorman One-Bedroom -0.5%, Doorman Two-Bedroom -3.5%
Murray Hill
Doorman Studios -1.5%, Non-Doorman One-Bedroom -1.9%, Doorman One-Bedroom -1.7%, Doorman Two-Bedroom -9.1%
SoHo
Doorman Studios -5.8%, Non-Doorman One-Bedroom -16.4%, Doorman One-Bedroom -0.4%, Non-Doorman Two-Bedroom -23.0%, Doorman Two-Bedroom -6.4%
Tribeca
Doorman One-Bedroom -3.9%, Doorman Two-Bedroom -5.0%
Upper East Side
Doorman Studios -6.3%
Upper West Side
Doorman Studios -3.1%, Doorman Two-Bedroom -2.4%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 4.1%, Doorman Two-Bedroom 0.3%
Chelsea
Non-Doorman Studios 5.9%, Non-Doorman One-Bedroom 3.4%, Doorman One-Bedroom 1.2%
East Village
Non-Doorman Studios 1.7%, Doorman Studios 11.9%, Doorman One-Bedroom 4.9%, Non-Doorman Two-Bedroom 1.7%, Doorman Two-Bedroom 6.6%
Financial District
Doorman Studios 1.9%, Non-Doorman One-Bedroom 0.6%, Doorman One-Bedroom 1.3%, Doorman Two-Bedroom 5.5%
Gramercy
Non-Doorman Studios 5.4%, Doorman Studios 2.5%, Non-Doorman Two-Bedroom 9.2%, Doorman Two-Bedroom1 2.2%
Greenwich Village
Non-Doorman Studios 7.0%, Doorman Studios 0.7%, Doorman One-Bedroom 1.8%, Non-Doorman Two-Bedroom 0.5%, Doorman Two-Bedroom 8.8%
Harlem
Doorman Studios 10.7%, Non-Doorman One-Bedroom 1.8%, Non-Doorman Two-Bedroom 3.1%
Lower East Side
Doorman Studios 0.8%
Midtown East
Non-Doorman Studios 6.2%, Non-Doorman One-Bedroom 6.0%, Doorman One-Bedroom 1.8%, Non-Doorman Two-Bedroom 13.5%, Doorman Two-Bedroom 12.2%
Midtown West
Non-Doorman One-Bedroom 4.0%, Non-Doorman Two-Bedroom 3.8%
Murray Hill
Non-Doorman Studios 4.5%, Non-Doorman Two-Bedroom 20.4%
SoHo
Non-Doorman Studios 14.9%
Tribeca
Non-Doorman Studios 90.8%, Doorman Studios 4.1%, Non-Doorman One-Bedroom 19.8%, Non-Doorman Two-Bedroom 1.1%
Upper East Side
Non-Doorman Studios 5.8%, Non-Doorman One-Bedroom 3.5%, Doorman One-Bedroom 2.1%, Non-Doorman Two-Bedroom 7.9%, Doorman Two-Bedroom 1.0%
Upper West Side
Non-Doorman Studios 5.6%, Non-Doorman One-Bedroom 2.1%, Doorman One-Bedroom 0.9%, Non-Doorman Two-Bedroom 4.6%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year-Over-Year Changes

Manhattan Non-Doorman Rents: July 2013 vs. July 2014
  July '13 July '14 Change
Studios $2,371 $2,782 17.3%
One Bedroom $3,189 $3,179 -0.3%
Two Bedroom $4,304 $4,212 -2.1%
Manhattan Doorman Rents: July 2013 vs. July 2014
  July '13 July '14 Change
Studios $2,746 $2,884 5.0%
One-bedrooms $3,976 $4,044 1.7%
Two-bedrooms $6,183 $5,948 -3.8%

• This month overall average rent prices experienced minimal change with a less than 1% increase.

battery park city studio apartment price trends battery park one bedroom prices battery park city two bedroom apartment price trends

• All unit types saw increases or decreases in average rent with the most notable being the 12.6% drop in prices for Two Bedroom Non Doorman units.

chelsea studio apartment price trends chelsea one bedroom apartment price trends chelsea two bedroom apartment price trends

• All unit types, with the exception of One Bedroom Non Doorman units, increased their average rents with Studio DM units seeing the most drastic rise.

east village studio apartment price trends east village one bedroom apartment prices east village two bedroom apartment price trends

• Overall average rents remained relatively stable with a slight .9% increase from $3,890 to $3,924.

financial district nyc studio apartment prices financial district one bedroom apartments financial district two bedroom apartment price trends

• Although overall average rents rose steadily at 3.9%, all One Bedroom units experienced a downward shift in prices.

gramercy studio apartment trends gramercy one bedroom apartment price trends gramercy two bedroom apartment price trends

• Most average rents are trending upward with Studio Non Doorman and Two Bedroom Doorman units receiving a considerable boost.

greenwich village studio apartment prices greenwich village one bedroom apartment prices greenwich village two bedroom apartment prices

• Coinciding with the greatest influx of inventory among the neighborhoods overall rents decreased except for Studio Doorman units which saw an unusual spike in prices.

harlem studio apartment price trends harlem one bedroom prices harlem two bedroom apartment price trends

• Average overall rent for this month decreased at a modest 3.3% level, however Studio Non Doorman units led the decline with a substantial 13.2% drop in prices.

lower east side studio apartment prices lower east side one bedroom apartment price trends lower east side two bedroom apartment price trends

• This neighborhood saw the largest drop in inventory for the month while also having the highest overall average price increase (among material samples sizes) in Manhattan this month at 7.1%.

midtown east studio apartment price trends midtown east one bedroom price trends midtown east two bedroom price trends

• Average rent fluctuations among unit types did not portray any discernable trend for this month with overall average rent decreasing by approximately $10.

midtown west studio apartment price trends midtown west one bedroom price trends midtown west two bedroom apartment price trends

• While most average rents decreased for this month, the overall monthly average is skewed by the greatest increase among all unit types (with material sample sizes) in all of Manhattan, with Two Bedroom Non Doorman prices rising by 20.4%.

murray hill studio apartment price trends murray hill one bedroom apartment price trends murray hill two bedroom apartment price trends

• In Manhattan this neighborhood experienced the largest overall decrease in average rents at 7.8% in addition to the greatest drop for a particular unit type with Two Bedroom Non Doorman units declining by 23%.

soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• Although this neighborhood did see a significant rise in prices among most unit types, the lack of a material sample size for Studio Non Doorman units renders a misleading overall monthly average increase of 13.8 %, due to an addition of an ultra luxury studio loft in the area.

tribeca studio apartment prices tribeca one bedroom apartment price trends tribeca two bedroom apartment prices

• Average rents increased at a moderate rate this month with the exception of Studio Doorman units which fell 6.3%.

upper east side studio apartment price trends upper east side one bedroom price trends upper east side two bedroom price trends

• Overall average rent prices increased slightly by .7%, with Non Doorman units seeing the highest upturn.

upper west side studio apartment price trends upper west side one bedroom price trends upper west side two bedroom 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 cross-sectioned from over 10,000 currently available listings located below 155th 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 and 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: 212.475.9000

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

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