Manhattan Rental Market Report | MNS is Real Impact Real Estate

MANHATTAN
RENTAL MARKET REPORT

May 2017

Introduction

Prices in Manhattan increased by 0.55% or $21.69, from $3,948.76 to $3,970.45.

A Quick Look

Prices in Manhattan increased by 0.55% or $21.69, from $3,948.76 to $3,970.45. Studio non doorman prices decreased by 1.9% or $49, from $2,575 to $2,526. Studio doorman prices increased by 1.0% or $31, from $3,040 to $3,072. One bedroom non doorman prices increased by 2.5% or $80, from $3,249 to $3,329. One bedroom doorman prices increased by 0.2% or $7, from $4,182 to $4,190. Two bedroom non doorman prices decreased by 0.8% or $36, from $4,274 to $4,238. Two bedroom doorman prices increased by 1.2% or $71, from $6,127 to $6,198. Over the last year, studio non doorman and doorman prices have increased by 1.1% and decreased by 2.1%, respectively. One bedroom non doorman and doorman prices have increased by 0.7% and decreased by 4.0%, respectively. Two bedroom non doorman and doorman prices have decreased by 0.8% and 4.5%, respectively.
This month, overall price changes were relatively stable. Studio prices decreased by 0.3% on average, one bedroom prices increased by 1.2%, and two bedroom prices increased by 0.3%. These are dollar changes of -$9, +$44, and +$17. Inventory increased by 6.3% this month, or 656 units, from 10,377 units to 11,033 units. 53.1% of these units were non doorman units and 46.9% of these units were doorman units. Some neighborhoods spilt nearly evenly between non doorman and doorman units include Chelsea (45% and 55%), Gramercy (53% and 47%), and the Upper West Side (49% and 51%). Neighborhoods that are composed of way more non doorman units than doorman units include the East Village (89% and 11%), Greenwich Village (72% and 28%), Harlem (75% and 25%), Lower East Side (85% and 15%), and SoHo (90% and 10%). Some neighborhoods have way more doorman units than non doorman units, such as The Financial District (92% to 8%), Midtown East (73% to 27%), and TriBeCa (71% to 29%).
A noteworthy development this month is the fact that TriBeCa has the largest non doorman changes of any neighborhood, in every unit size. For example, the largest studio non doorman price change occurred in TriBeCa, where prices dropped by 14.3%. The largest one bedroom non doorman price change occurred there as well, where prices increased by 5.2%. Lastly, the largest two bedroom non doorman price change occurred in TriBeCa, where prices decreased by 6.6%. These are dollar changes of -$639, $247, and $506. Part of the reason for this change is extremely low inventory levels. TriBeCa only consisted of 154 units last month, and this decreased by 7 units or 4.5% to May, when inventory was only 147 units. Additionally, only 29% of that inventory is in the non doorman market, while 71% of the inventory is in doorman buildings. This makes the pool even smaller and subject to larger percentage swings. Popular in TriBeCa’s non doorman sector this month was Independence Plaza at 80 North Moore Street, and 111 Worth Street, a 19 story, 331 unit, 2003 development.
A similar change happened in the largest doorman price changes this month. Two of the three changes were in the same neighborhood. East Village studio and one bedroom non doorman prices were the biggest changes of their respective sizes, with prices decreasing by 4.1% and 5.2%, or $141 and $237, respectively. The East Village does not have low inventory levels like TriBeCa does, however. This month, there were 735 units on the market, up 68 units or 10.2% from 667 units in April. However, 89% of that inventory is non doorman and only 11% is doorman, so while there were 651 non doorman units on the market this month, there were only 84 doorman units. This low doorman inventory explains why prices decreased more than any other neighborhood this month. Additionally, low priced units at buildings like 85 East 10th Street contributed to the decreases.
This month, Harlem produced the least expensive units in every respect: the least expensive studio, one, and two bedroom non doorman unit and the least expensive studio, one, and two bedroom doorman unit. The least expensive non doorman units were priced as follows: $1,888 (studio), $2,256 (one bedroom), and $2,799 (two bedroom). The least expensive doorman units were priced as follows: $2,554 (studio), $3,079 (one bedroom), and $4,188 (two bedroom). Harlem is home to many new developments both commercially and residentially, such as 6W126 which was built in 2016 and contains 29 units, and Aurum, which was built the year before and contains 115 units. Harlem is also getting a Whole Foods on 125th Street, which is currently under construction. The trend of Harlem rentals prices being the lowest of any Manhattan neighborhood may not persist as more and more people move there.
It is the persisting trends and changes that can be observed over the months that make this rental market an exciting one to study, and neighborhoods like Harlem are certainly the ones that have the most potential. Last month, inventory in Harlem was 846 units and this month, there were 911 units on the market. Between April and May of last year, inventory increased from 542 units to 683 units. The growth has been evident so far and there are exciting things to come as new commercial developments persist.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Chelsea
Non-Doorman Studios -0.3% Non-Doorman Two-Bedroom -2.0% Doorman Studios -0.01% Doorman One-Bedroom -1.1% Doorman Two-Bedroom -1.5%
East Village
Doorman Studios -4.1% Doorman One-Bedroom -5.2%
Financial District
Non-Doorman Studios -0.8%
Gramercy
Doorman One-Bedroom -3.5%
Greenwich Village
Non-Doorman Studios -2.4% Non-Doorman Two-Bedroom -2.3% Doorman One-Bedroom -3.5% Doorman Two-Bedroom -1.2%
Harlem
Doorman One-Bedroom -1.3% Doorman Two-Bedroom -0.5%
Lower East Side
Non-Doorman Studios -3.3% Non-Doorman Two-Bedroom -0.9%
Midtown East
Non-Doorman Two-Bedroom -3.8%
Midtown West
Non-Doorman Studios -0.7% Doorman One-Bedroom -0.7%
Murray Hill
Non-Doorman Studios -1.7% Non-Doorman Two-Bedroom -1.7%
SoHo
Doorman Studios -0.4%
Tribeca
Non-Doorman Studios -14.3% Doorman Two-Bedroom -6.6%
Upper East Side
Doorman Two-Bedroom -0.1%
Upper West Side
Non-Doorman Two-Bedroom -1.2%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 1.8% Doorman One-Bedroom 2.1% Doorman Two-Bedroom 3.4%
Chelsea
Non-Doorman One-Bedroom 3.5%
East Village
Non-Doorman Studios 2.1% Non-Doorman One-Bedroom 1.9% Non-Doorman Two-Bedroom 0.02% Doorman Two-Bedroom 2.1%
Financial District
Non-Doorman One-Bedroom 5.2% Non-Doorman Two-Bedroom 1.5% Doorman Studios 1.8% Doorman One-Bedroom 2.3% Doorman Two-Bedroom 3.3%
Gramercy
Non-Doorman Studios 0.5% Non-Doorman One-Bedroom 1.3% Non-Doorman Two-Bedroom 2.0% Doorman Studios 0.6% Doorman Two-Bedroom 0.0%
Greenwich Village
Non-Doorman One-Bedroom 1.9% Doorman Studios 2.1%
Harlem
Non-Doorman Studios 1.8% Non-Doorman One-Bedroom 2.7% Non-Doorman Two-Bedroom 1.6% Doorman Studios 3.7%
Lower East Side
Non-Doorman One-Bedroom 2.6% Doorman Studios 0.9% Doorman One-Bedroom 3.5% Doorman Two-Bedroom 2.3%
Midtown East
Non-Doorman Studios 2.5% Non-Doorman One-Bedroom 2.5% Doorman Studios 1.0% Doorman One-Bedroom 0.4% Doorman Two-Bedroom 2.0%
Midtown West
Non-Doorman One-Bedroom 1.0% Non-Doorman Two-Bedroom 1.9% Doorman Studios 1.7% Doorman Two-Bedroom 1.7%
Murray Hill
Non-Doorman One-Bedroom 1.5% Doorman Studios 2.9% Doorman One-Bedroom 1.1% Doorman Two-Bedroom 0.1%
SoHo
Non-Doorman Studios 0.1% Non-Doorman One-Bedroom 0.1% Non-Doorman Two-Bedroom 3.0% Doorman One-Bedroom 2.7% Doorman Two-Bedroom 2.9%
Tribeca
Non-Doorman One-Bedroom 5.2% Non-Doorman Two-Bedroom 7.9% Doorman Studios 1.9% Doorman One-Bedroom 3.9%
Upper East Side
Non-Doorman Studios 1.2% Non-Doorman One-Bedroom 3.1% Non-Doorman Two-Bedroom 2.8% Doorman Studios 1.8% Doorman One-Bedroom 2.2%
Upper West Side
Non-Doorman Studios 0.4% Non-Doorman One-Bedroom 0.3% Doorman Studios 1.8% Doorman One-Bedroom 0.2% Doorman Two-Bedroom 1.8%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year Over Year Price Change

Manhattan Rents: May 2016 vs. May 2017
Type May 2016 May 2017 Change
Non-Doorman Studios $2,498 $2,526 1.1%
Non-Doorman One Bedrooms $3,306 $3,329 0.7%
Non-Doorman Two Bedrooms $4,273 $4,238 0.8%
Type May 2016 May 2017 Change
Doorman Studios $3,136 $3,072 2.1%
Doorman One Bedrooms $4,365 $4,190 4.0%
Doorman Two Bedrooms $6,489 $6,198 4.5%

• Studio prices in Battery Park City increased by 1.8%, one bedroom prices increased by 2.1%, and two bedroom prices increased by 3.4%. This is an average overall change of 2.7%. This is a dollar change of $124.28. Over the last year, prices in Battery Park City have decreased by 0.8%, and this is a dollar change of $38.42. Inventory in this neighborhood has increased by 15 units or 12%, from 125 units to 140 units.

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

• Inventory in Chelsea has increased by 69 units or 10%, from 681 units to 750 units. This neighborhood is split nearly in half between doorman and non doorman units, at 55% and 45% of total inventory, respectively. Studio non doorman and doorman prices decreased by 0.3% and 0.01%, respectively. One bedroom non doorman and doorman prices increased by 3.5% and decreased by 1.1%, respectively. Two bedroom non doorman and doorman prices decreased by 2.0% and 1.5%, respectively. Over the last year, prices in this neighborhood have decreased by 8.0%. This is due to changes in inventory, and this time last year there were high levels of activity at 555 West 26th Street and 777 6th Avenue.

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

• Over the last month, prices in the East Village have decreased by 0.6%. Studio non doorman prices increased by 2.1%, studio doorman prices decreased by 4.1%, one bedroom non doorman prices increased by 1.9%, one bedroom doorman prices decreased by 5.2%, two bedroom non doorman prices increased by 0.02%, and two bedroom doorman prices increased by 2.1%. Over the last year, prices have decreased by 5.2%. Inventory in the East Village increased by 10.2%, from 667 units to 735 units. The non doorman market increased from 591 markets to 651 units and the doorman market increased from 76 units to 84 units. This small doorman inventory explains why price changes are greater for doorman units than non doorman units.

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

• Inventory in the Financial District increased from 491 units to 511 units. The inventory of this neighborhood is large, but it is not split evenly between doorman and non doorman units. The former compose 92% of the inventory in the Financial District and the latter composes 8%. This explains larger non doorman price changes that occurred this month. Studio non doorman prices decreased by 0.8%, studio doorman prices increased by 1.8%, one bedroom non doorman prices increased by 5.2%, one bedroom doorman prices increased by 2.3%, two bedroom non doorman prices increased by 1.5%, two bedroom doorman prices increased by 3.3%. Additionally, over the last year prices have increased by 0.7%.

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

• Inventory in Gramercy increased by 13 units or 5.7%, from 229 units to 242 units. Studio non doorman prices increased by 0.5%, and doorman prices increased by 0.6%. One bedroom non doorman prices increased by 1.3%, and doorman prices decreased by 3.5%. Two bedroom non doorman prices increased by 2.0%, and non doorman prices increased by 0.01%. Over the last year, prices here have decreased by 4.1%.

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

• Inventory in Greenwich Village increased by 94 units, from 633 units to 727 units. Most of this increase occurred in the non doorman sector, which increased by 81 units, and there were high levels of activity at buildings like 230 Sullivan Street, 192 Bleecker Street, and 102 Bedford Street. Despite the increase in inventory, price changes were not very extreme. Non doorman prices decreased by 0.9%, and doorman prices decreased by 1.3%. Over the last year, prices in this neighborhood have decreased by 3.8%.

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

• Over the last month, studio prices in Harlem have increased by 2.7%, one bedroom prices have increased by 0.7%, and two bedroom prices have increased by 0.6%. Over the last year, prices in this neighborhood have decreased by 4.3%. Inventory in Harlem increased by 7.7% or 65 units, from 846 units in April to 911 units in May. Most of this increase occurred in the the non doorman sector, where inventory increased from 648 to 686 units. There were high levels of activity at buildings like 946 Columbus Avenue and 429 Lenox Avenue.

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

• Inventory on the Lower East Side increased by 3.8% or 13 units, from 343 units to 356 units. This market is split into 85% non doorman units and 15% doorman units. Studio non doorman prices decreased by 3.3%, studio doorman prices increased by 0.9%, one bedroom non doorman prices increased by 2.6%, one bedroom doorman prices increased by 3.5%, two bedroom non doorman prices decreased by 0.9%, and two bedroom doorman prices increased by 2.3%. Over the last year, prices have decreased by 3.9%.

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

• Inventory in Midtown East increased by 3% or 33 units, from 1,099 units to 1,132 units. Rents this month were also relatively stable. Studio non doorman and doorman prices increased by 2.5% and 1.0%, respectively. One bedroom non doorman and doorman prices increased by 2.5% and 0.4%, respectively. Two bedroom non doorman and doorman prices decreased by 3.8% and increased by 2.0%, respectively. This is an average overall change of 0.6% over the last month. Over the last year, prices have increased by 3.5%.

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

• Inventory in Midtown West increased by 26 units or 2.8%, from 938 units to 964 units. Prices remained quite stable over the last month. Studio non doorman and doorman prices decreased by 0.7% and increased by 1.7%. One bedroom non doorman and doorman prices increased by 1.0% and decreased by 0.7%. Two bedroom non doorman and doorman prices increased by 1.9% and 1.7%. Over the last year, prices in this neighborhood have decreased by 2.9%.

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

• Over the last month, inventory in Murray Hill increased by 10.4% or 79 units, from 760 units to 839 units. Most of this increase occurred in the non doorman market, especially in the one and two bedroom markets. High levels of activity at buildings like 138 East 37th Street and 626 First Avenue contributed to the inventory increase. Prices in Murray Hill were very stable this month. Studio non doorman prices decreased by 1.7%. Studio doorman prices increased by 2.9%. One bedroom non doorman prices increased by 1.5%. One bedroom doorman prices increased by 1.1%. Two bedroom non doorman prices decreased by 1.7%. Two bedroom doorman prices increased by 0.05%. Over the last year, prices have decreased by 0.5%.

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

• Inventory in SoHo remained very constant between April and May. It increased from 156 units to 157 units; an increase of 0.6% or 1 unit. 90% of this inventory is non doorman units and the remaining 10% of units are doorman units. Despite low inventory levels, prices did not fluctuate greatly: studio non doorman and doorman units increased by 0.1% and decreased by 0.4%, respectively. One bedroom non doorman and doorman units increased by 0.1% and 2.7%, respectively. Two bedroom non doorman and doorman units increased by 3.0% and 2.9%, respectively. Over the last year, prices here have increased by 2.4%.

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

• Prices in TriBeCa varied this month, as they often do due to low inventory levels. Studio non doorman prices decreased by 14.3%- the largest change of any neighborhood in that particular sector. Studio doorman prices increased by 1.9%. One bedroom non doorman prices increased by 5.3%, and one bedroom doorman units increased by 3.9%. Two bedroom non doorman units decreased by 6.6%, and two bedroom doorman units increased by 0.5%. The non doorman changes tend to be more extreme than the doorman changes not only because overall inventory is low (147 units this month versus 154 units last month), but only 29% of that inventory is in the non doorman sector. Over the last year, prices in this neighborhood have decreased by 4.3%.

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

• Over the last month, studio non doorman units in the Upper East Side increased by 1.2%, studio doorman units increased by 1.8%, one bedroom non doorman units increased by 3.1%, one bedroom doorman units increased by 2.2%, two bedroom non doorman prices increased by 2.8%, and two bedroom doorman prices decreased by 0.1%. This is an average overall change of 1.6%. Over the last year, prices in this neighborhood have decreased by 0.3%. Inventory on the Upper East Side remained very stable this month. Last month, there were 1,827 units on the market and this month, there were 1,871. This is an increase of only 44 units or 2.4%.

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

• Inventory on the Upper West Side increased by 8.6% or 123 units, from 1,428 units to 1,551 units. Rental prices were relatively stable this month, as they often are on the Upper West Side due to their high inventory levels. Studio non doorman and doorman units increased by 0.4% and 1.8%, respectively. One bedroom non doorman and doorman units increased by 0.3% and 0.2%, respectively. Two bedroom non doorman and doorman units decreased by 1.2% and increased by 1.8%, respectively. This is an average overall change of 0.6% or $22.89. Over the last year, prices have decreased by 0.2%.

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)

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.