MANHATTAN
RENTAL MARKET REPORT

October 2017

Introduction

Over the last month, average rents in Manhattan decreased by 2.28%, from $4,035.92 to $3,943.87.

A Quick Look

During October, overall rental prices corrected slightly, decreasing by only $92.05, from $4,035.92 to $3,943.87. Nondoorman studio rental prices increased by 0.6%, from $2,512 to $2,528. Doorman studio rental prices decreased by 2.1% month-over-month, from $3,185 to $3,119. Non-doorman one-bedroom rental prices decreased by 3.8%, from $3,366 to $3,239. Doorman one-bedroom rental prices decreased by 5.4%, $4,418 to $4,181. Non-doorman two-bedroom prices increased by 0.01%, from $4,203 to $4,204. Doorman two-bedroom prices decreased by 2.2%, from $6,281 to $6,142. During the month of October, non-doorman rental units represented 46.4% of the market, while doorman rental units comprised 53.6% of the market.
Year-over-year, non-doorman studio rental prices decreased by 2.5%. In the same period, doorman studio rental prices decreased by 2.9%. Non-doorman one-bedroom rental prices experienced a 0.58% year-over-year decrease, meanwhile doorman one-bedroom rental prices fell by 2.5% year-over-year. Non-doorman two-bedroom rental prices experienced a 1.1% drop year-over-year, doorman two-bedroom rental prices fell by 0.4% in the same span.
Overall, rental prices in Manhattan decreased by 1.40% year-over-year. Some extreme price changes occurred in traditional low-inventory markets. For example, non-doorman studio prices in FiDi fell by 23.1% 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 4.86%. This gain can be, in part, explained by the addition of rental units from numerous new developments in the area.
As we continue to make it through the fourth quarter, a traditionally slow period for the NYC rental market, rental prices can be expected to experience more corrections.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -7.0% Doorman One-Bedroom -0.4%
Chelsea
Non-Doorman One-Bedroom -3.1% Non-Doorman Two-Bedroom -9.3% Doorman Studios -6.7% Doorman One-Bedroom -6.6% Doorman Two-Bedroom -0.8%
East Village
Non-Doorman Studios -5.9% Doorman One-Bedroom -6.5% Doorman Two-Bedroom -7.1%
Financial District
Non-Doorman Two-Bedroom -7.7% Doorman Studios -4.2% Doorman Two-Bedroom -7.4%
Gramercy
Non-Doorman Studios -1.3% Non-Doorman One-Bedroom -2.2% Doorman Studios -3.8% Doorman One-Bedroom -2.7% Doorman Two-Bedroom -3.9%
Greenwich Village
Non-Doorman One-Bedroom -6.5% Doorman One-Bedroom -4.3%
Harlem
Non-Doorman Studios -2.2% Non-Doorman One-Bedroom -1.6% Doorman Studios -6.2% Doorman One-Bedroom -5.2% Doorman Two-Bedroom -1.6%
Lower East Side
Non-Doorman One-Bedroom -5.5% Non-Doorman Two-Bedroom -5.2% Doorman Studios -3.1%
Midtown East
Non-Doorman Studios -3.0% Non-Doorman One-Bedroom -5.0% Doorman Two-Bedroom -0.2%
Midtown West
Non-Doorman Studios -7.2% Non-Doorman One-Bedroom -3.4% Doorman Studios -0.8% Doorman One-Bedroom -1.2% Doorman Two-Bedroom -3.7%
Murray Hill
Non-Doorman Two-Bedroom -4.8% Doorman Two-Bedroom -0.5%
SoHo
Non-Doorman Studios -6.5% Non-Doorman One-Bedroom -3.9% Doorman Studios -8.0% Doorman One-Bedroom -29.4% Doorman Two-Bedroom -9.8%
Tribeca
Non-Doorman Studios -1.0% Non-Doorman One-Bedroom -13.5% Non-Doorman Two-Bedroom -1.7% Doorman Studios -6.8% Doorman One-Bedroom -5.3% Doorman Two-Bedroom -4.9%
Upper East Side
Non-Doorman Studios -0.9% Doorman Studios -1.9%
Upper West Side
Non-Doorman Studios -0.6% Non-Doorman One-Bedroom -2.8% Non-Doorman Two-Bedroom -1.7% Doorman One-Bedroom -0.6% Doorman Two-Bedroom -1.5%

Where Prices Increased(monthly)

Battery Park City
Doorman Two-Bedroom 2.0%
Chelsea
Non-Doorman Studios 0.2%
East Village
Non-Doorman One-Bedroom 1.1% Non-Doorman Two-Bedroom 3.7% Doorman Studios 0.1%
Financial District
Non-Doorman Studios 29.9% Non-Doorman One-Bedroom 2.1% Doorman One-Bedroom 0.1%
Gramercy
Non-Doorman Two-Bedroom 8.7%
Greenwich Village
Non-Doorman Studios 2.5% Non-Doorman Two-Bedroom 4.8% Doorman Studios 1.8% Doorman Two-Bedroom 5.4%
Harlem
Non-Doorman Two-Bedroom 1.5%
Lower East Side
Non-Doorman Studios 6.5% Doorman One-Bedroom 1.6% Doorman Two-Bedroom 3.3%
Midtown East
Non-Doorman Two-Bedroom 1.3% Doorman Studios 2.6% Doorman One-Bedroom 0.9%
Midtown West
Non-Doorman Two-Bedroom 0.2%
Murray Hill
Non-Doorman Studios 2.3% Non-Doorman One-Bedroom 3.7% Doorman Studios 0.7% Doorman One-Bedroom 2.2%
SoHo
Non-Doorman Two-Bedroom 5.8%
Upper East Side
Non-Doorman One-Bedroom 0.6% Non-Doorman Two-Bedroom 2.3% Doorman One-Bedroom 1.8% Doorman Two-Bedroom 0.5%
Upper West Side
Doorman Studios 1.9%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

Year Over Year Price Change

Manhattan Rents: October 2016 vs. October 2017
Type October 2016 October 2017 Change
Non-Doorman Studios $2,594 $2,528 -2.5%
Non-Doorman One Bedrooms $3,258 $3,239 -0.6%
Non-Doorman Two Bedrooms $4,250 $4,204 -1.1%
Type October 2016 October 2017 Change
Doorman Studios $3,213 $3,119 -2.9%
Doorman One Bedrooms $4,288 $4,181 -2.5%
Doorman Two Bedrooms $6,169 $6,142 -0.4%

• October was another stable month for rental prices in Battery Park City. Overall, rental prices in Battery Park City fell by just 0.8%.

battery park city apartment price trends

• Adjusting for a number of high-priced units that came to market in octtember, overall non-doorman rental prices in Chelsea fell by 5.14% during October.
• Adhering to seasonality, doorman unit rental prices fell by 4.04%.

chelsea apartment

• After experiencing a correction in September, overall non-doorman unit rental prices grew by just 0.25% during October.
• Over the month of October, doorman unit rental prices in the East Village fell by 5.15%, signaling a seasonal correction.

east village apartment

• During October, overall non-doorman rental unit prices in FiDi grew by 3.36%. Much of this growth occurred within the studio nondoorman rental unit submarket, which saw prices soar by 29.86%. This impressive growth, however, is mostly attributable to the low inventory and extremely price sensitive nature of the non-doorman unit submarket in FiDi.
• Doorman rental units in FiDi saw prices slide by 4.26% during October, which is in line with typical seasonality in mature rental markets.

financial district apartment

• After experiencing a slight drop in September, non-doorman rental unit prices in Gramercy saw prices rise by 2.24%. The majority of this growth occurred within the two-bedroom doorman rental unit submarket, where prices grew by 8.68%.
• Adhering to seasonality trends, doorman rental unit prices fell by 3.48% during October.

gramercy apartment

• October was a stable month for non-doorman and doorman rental unit prices in Greenwich Village, which saw gains of 0.39% and 1.45%, respectively.

greenwich village studio apartment prices

• Over the past month, non-doorman rental unit pricing in Harlem fell by 0.53%.
• After experiencing a very strong September, doorman rental unit pricing in Harlem corrected in October, falling by 3.85%.

harlem apartment price trends

• Non-doorman rental unit prices in the Lower East Side fell by 2.28% during October.
• Doorman rental unit prices in the Lower East Side experienced a stable October, growing by just 1.13%.

lower east side apartment

• Adhering the seasonality trends, non-doorman rental unit prices in Midtown East fell by 1.83% during October.
• Traditionally a stable market, doorman rental unit pricing in Midtown East grew by just 0.73% during October.

midtown east apartment price trends

• After modest growth in September, non-doorman rental unit pricing experienced a slight correction in October, falling by 3.03%.
• In the same span, doorman rental unit prices in Midtown West fell by 2.24%.

midtown west apartment price trends

• Following a correction in September, non-doorman rental unit prices in Murray Hill continued to fall, dropping another 0.25% during October.
• Meanwhile, doorman rental unit prices in Murray Hill grew by a modest 0.62%.

murray hill apartment price trends

• Continuing the slight correction seen in September, non-doorman rental unit prices fell by 0.11% during October.

soho apartment prices

• Continuing the trend seen back in August and throughout September, non-doorman rental unit prices fell by 4.87% during October.
• Similarly, doorman rental unit prices fell by 2.17%.

tribeca apartment prices

• During October, Upper East Side non-doorman and doorman rental unit prices saw slight gains of 0.9% and 0.38%, respectively.

upper east side apartment price trends

• During October, non-doorman rental unit prices in the Upper West Side fell by 1.76%.
• Doorman rental unit prices in the Upper West Side slid by 0.51% over the month of October.

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

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