MANHATTAN
RENTAL MARKET REPORT

November 2017

Introduction

Over the last month, average rents in Manhattan decreased by 0.63%, from $3,943.87 to $3,919.09.

A Quick Look

During November, the average overall rental price fell by just 0.63%, from $3,943.87 to $3,919.09. The average nondoorman studio rental price fell by 0.4%, from $2,528 to $2,518. The average doorman studio rental price also fell by 0.4%, from $3,119 to $3,107. The average non-doorman one-bedroom rental price fell by 2.9%, from $3,239 to $3,145. The average doorman rental price fell by 0.7%, from $4,181 to $4,152. The average non-doorman two-bedroom rental price increased by 1.3%, from $4,204 to $4,257. the average two-bedroom doorman rental price fell by 1.2%, from $6,142 to $6,070. During November, non-doorman units represented 45.3% of the rental market, while doorman units comprised 54.7% of the rental market.
Year-over-year, non-doorman studio rental prices decreased by 3.2%. In the same period, doorman studio rental prices increased by 1.4%. Non-doorman one-bedroom rental prices experienced a 1.67% year-over-year decrease, meanwhile doorman one-bedroom rental prices fell by 1.1% year-over-year. Non-doorman two-bedroom rental prices experienced a 0.8% drop year-over-year, doorman two-bedroom rental prices increased by 0.8% in the same span.
Overall, rental prices in Manhattan decreased by 0.38% year-over-year. Larger price changes occurred in traditional low inventory markets. For example, the average non-doorman one-bedroom rental unit price in TriBeCa fell by 14.3% yearover-year. This change, however, is negligible since, historically, only about 20% of all rental units in TriBeCa are nondoorman units.
Over the past twelve months, Harlem has, once again, proven to be a promising and growing rental market. Year-overyear, the overall average rental price in Harlem has grown by 8.63%. A large part of this price increase can be attributed to the addition of rental units from various new developments in the area.
As we enter the last month of the fourth quarter, rental prices can be expected to correct further.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -4.7% Doorman One-Bedroom -1.9%
Chelsea
Doorman One-Bedroom -1.2% Doorman Two-Bedroom -0.3% Non-Doorman Studios -1.0% Non-Doorman One-Bedroom -0.3%
East Village
Doorman Studios -1.0% Doorman One-Bedroom -1.9% Non-Doorman Studios -0.6% Non-Doorman One-Bedroom -3.5% Non-Doorman Two-Bedroom -1.2%
Financial District
Doorman Studios -1.3% Doorman Two-Bedroom -4.2%
Gramercy
Doorman Two-Bedroom -1.1% Non-Doorman Studios -3.9% Non-Doorman Two-Bedroom -0.9%
Greenwich Village
Doorman Studios -3.6% Doorman One-Bedroom -0.5% Doorman Two-Bedroom -4.8% Non-Doorman Studios -5.4% Non-Doorman Two-Bedroom -5.7%
Harlem
Doorman One-Bedroom -0.2%
Lower East Side
Doorman One-Bedroom -7.2% Doorman Two-Bedroom -4.9% Non-Doorman Studios -0.1%
Midtown East
Doorman One-Bedroom -5.5% Doorman Two-Bedroom -5.8% Non-Doorman Two-Bedroom -4.3%
Midtown West
Doorman Studios -3.3% Doorman One-Bedroom -1.7% Doorman Two-Bedroom -4.2% Non-Doorman Studios -0.2% Non-Doorman One-Bedroom -1.5% Non-Doorman Two-Bedroom -3.8%
Murray Hill
Doorman Two-Bedroom -0.1% Non-Doorman Studios -3.7% Non-Doorman One-Bedroom -5.9%
SoHo
Doorman Studios -11.21% Non-Doorman Studios -1.0% Non-Doorman One-Bedroom -4.8% Non-Doorman Two-Bedroom -6.5%
Tribeca
Doorman Studios -3.2% Doorman One-Bedroom -0.4% Doorman Two-Bedroom -5.9% Non-Doorman One-Bedroom -19.9%
Upper East Side
Doorman One-Bedroom -0.6% Doorman Two-Bedroom -1.5% Non-Doorman Studios -0.7%
Upper West Side
Non-Doorman Studios -2.7%

Where Prices Increased(monthly)

Battery Park City
Doorman Two-Bedroom 5.9%
Chelsea
Doorman Studios 4.3% Non-Doorman Two-Bedroom 0.5%
East Village
Doorman Two-Bedroom 4.9%
Financial District
Doorman One-Bedroom 1.3% Non-Doorman Studios 6.0% Non-Doorman One-Bedroom 1.0% Non-Doorman Two-Bedroom 11.0%
Gramercy
Doorman Studios 1.1% Doorman One-Bedroom 0.3% Non-Doorman One-Bedroom 2.1%
Greenwich Village
Non-Doorman One-Bedroom 1.1%
Harlem
Doorman Studios 2.7% Doorman Two-Bedroom 2.5% Non-Doorman Studios 2.8% Non-Doorman One-Bedroom 0.8% Non-Doorman Two-Bedroom 2.3%
Lower East Side
Doorman Studios 6.3% Non-Doorman One-Bedroom 3.8% Non-Doorman Two-Bedroom 1.4%
Midtown East
Doorman Studios 10.3% Non-Doorman Studios 2.2% Non-Doorman One-Bedroom 2.5%
Murray Hill
Doorman Studios 2.6% Doorman One-Bedroom 0.1% Non-Doorman Two-Bedroom 1.2%
SoHo
Doorman One-Bedroom 5.7% Doorman Two-Bedroom 0.5%
Tribeca
Non-Doorman Studios 1.7% Non-Doorman Two-Bedroom 15.3%
Upper East Side
Doorman Studios 1.9% Non-Doorman One-Bedroom 0.5% Non-Doorman Two-Bedroom 1.8%
Upper West Side
Doorman Studios 3.1% Doorman One-Bedroom 1.0% Doorman Two-Bedroom 1.3% Non-Doorman One-Bedroom 1.2% Non-Doorman Two-Bedroom 1.1%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

Year Over Year Price Change

Manhattan Rents: November 2016 vs. November 2017
Type November 2016 November 2017 Change
Non-Doorman Studios $2,601 $2,518 -3.2%
Non-Doorman One Bedrooms $3,198 $3,145 -1.7%
Non-Doorman Two Bedrooms $4,293 $4,257 -0.8%
Type November 2016 November 2017 Change
Doorman Studios $3,064 $3,107 1.4%
Doorman One Bedrooms $4,198 $4,152 -1.1%
Doorman Two Bedrooms $6,020 $6,070 0.8%

• November proved to be a stable month for rental prices in Battery Park City. Overall, rental prices increased by 1.32%. A 5.88% price increase for two-bedroom rental units was offset by a 4.68% decrease in studio rental pricing.

battery park city apartment price trends

• Overall non-doorman rental prices in Chelsea fell by just 0.15% during November.
• Overall, doorman rental unit pricing remained stable during November, increasing by only 0.42%. Studio doorman units, however, outpaced the rest of the Chelsea doorman rental market. Studio doorman rental units in Chelsea saw an average increase of 4.27% in pricing.

chelsea apartment

• During November, the average non-doorman rental unit price in the East Village fell by 1.79%.
• After falling by 5.15% in October, the average doorman rental unit price increased by 1.27% during November.

east village apartment

• The average non-doorman rental unit price in the Financial District experienced a 6.38% increase during November. This growth, however, is due to the low inventory and price sensitive nature seen in the non-doorman rental unit market in the Financial District.
• Continuing the seasonality trend that emerged in October, doorman rental units in the Financial district saw average prices fall by 1.69% during November.

financial district apartment

• The average rental price for a non-doorman unit in Gramercy Park fell by just 0.66% during November.
• Doorman rental unit pricing experienced a stable November with overall prices falling by only 0.13%.

gramercy apartment

• Succumbing to typical rental market seasonality, the average non-doorman rental unit price in Greenwich Village fell by 3.46% during November.
• During November, the average doorman rental unit price in Greenwich Village fell by 3.21%, signaling a seasonal downtrend.

greenwich village studio apartment prices

• The average non-doorman rental price in Harlem increased by 1.93% during November.
• After experiencing a slight drop during October, the average price for a doorman rental unit in Harlem increased by 1.73% during November.

harlem apartment price trends

• November was a stable month of non-doorman rental prices in the Lower East Side. Overall, the average price increased by 1.76%.
• The average price for a doorman unit in the Lower East Side corrected slightly during November, falling by 2.88%.

lower east side apartment

• The average price for a non-doorman rental unit in Midtown East fell by just 0.52% during November.
• Overall doorman rental unit pricing in Midtown East fell by 2.48% during November.

midtown east apartment price trends

• Adhering to seasonality trends, average non-doorman and doorman rental unit prices fell by 2.14% and 3.24%, respectively.

midtown west apartment price trends

• Continuing the downward trend seen in September, the average non-doorman rental unit price in Murray Hill fell by 2.45% during November.
• The average doorman unit in Murray Hill saw pricing remain relatively stable, growing by just 0.59% during November.

murray hill apartment price trends

• Due to increased inventory, the average price for a non-doorman rental unit in SoHo fell by 4.8% during November, signaling a seasonal correction.
• Doorman rental unit pricing in SoHo remained stable during November, falling by just 0.79%.

soho apartment prices

• The average non-doorman rental price in TriBeCa fell by just 0.63% during November.
• Continuing the trend seen in the October, the average price for a doorman rental unit price in TriBeCa fell by 3.47% during November.

tribeca apartment prices

• During November, the average Upper East Side non-doorman rental unit price increased by 0.74%, while the average doorman rental unit price decreased by 0.49%.

upper east side apartment price trends

• During November, the average non-doorman rental unit price in the Upper West Side remained stable, increasing by 0.22%.
• After a slight drop, the average price for a doorman rental unit in the Upper West Side increased by 1.57%.

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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