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MANHATTAN
RENTAL MARKET REPORT

September 2014

Introduction

Average rents dropped compared to this time last year, decreasing 3.5% from $3,890 in September 2013 to $3,755 in September 2014.

A Quick Look

RentRent prices in Manhattan decreased by approximately 2.30% from $3,843 in August 2014 to $3,755 in September 2014. Rent Prices also decreased 3.5% from $3,890 to $3,755 compared to September 2013. Listing inventory increased 6% compared to August 2014 from 8,134 units to 8,642 units. The ratio of Non-Doorman units to Doorman units in all of Manhattan changed from 47% (NDM) and 53% (DM) in August 2014 to 47.3% (NDM) and 52.7% (DM) in September 2014.

The market appears to have slowed down compared to August 2014. The largest percentage increases in rent prices were seen in Two Bedroom Non-Doorman units in the Financial District and SoHo. The largest percentage decreases (among material sample sizes) were seen in Two Bedroom Non-Doorman and Studio Doorman units in Midtown East. It should be noted that the sample size for Studio Non-Doorman units in TriBeCa and Studio Doorman units in SoHo consists of 2 units and 3 units for the month, respectively.

The largest annual shift in rent prices were seen in the Lower East Side and Gramercy. Rents increased 8.2% in the Lower East Side compared to September 2013 from $3,205 to $3,470. Rents decreased by 13.7% in Gramercy from $4,195 to $3,622.

The largest rate of increase in listing inventory was in Chelsea where 99 new units came to the market, a 21.8% increase in inventory from last month. The greatest rate of decrease in listing inventory was in SoHo where 16 units came off the market, a 7.5% decrease from last month.

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman Two-Bedroom -5.7%
Chelsea
Non-Doorman Two-Bedroom -3.4%, Non-Doorman One-Bedroom -2.9%, Doorman Two-Bedroom -0.9%
East Village
Doorman Studios -4.0%, Non-Doorman Two-Bedroom -1.1%, Non-Doorman One-Bedroom -3.2%
Financial District
Non-Doorman One-Bedroom -1.9%
Gramercy
Non-Doorman Studios -1.4%, Non-Doorman Two-Bedroom -2.4%, Doorman Two-Bedroom -0.03%, Non-Doorman One-Bedroom -3.5%
Greenwich Village
Non-Doorman One-Bedroom -5.1%, Doorman Two-Bedroom -1.1%, Non-Doorman Two-Bedroom -3.3%
Harlem
Non-Doorman Studios -4.6%, Doorman One-Bedroom -5.4%, Non-Doorman Two-Bedroom -1.3%
Lower East Side
Non-Doorman Studios -5.9%, Non-Doorman One-Bedroom -1.9%, Doorman Two-Bedroom -1.5%, Non-Doorman Two-Bedroom -1.1%
Midtown East
Doorman Two-Bedroom -3.0%, Non-Doorman Studios -9.7%, Non-Doorman One-Bedroom -6.1%, Doorman One-Bedroom -0.5%, Non-Doorman Two-Bedroom -18.2%, Doorman Studios -11.7%
Midtown West
Non-Doorman Studios -1.5%, Doorman Studios -0.9%, Non-Doorman One-Bedroom -2.3%
Murray Hill
Non-Doorman Studios -4.2%, Doorman One-Bedroom -0.9%
SoHo
Doorman Two-Bedroom -8.1%, Non-Doorman Studios -4.8%, Doorman Studios -2.7%
Tribeca
Non-Doorman Two-Bedroom -6.4%, Doorman Two-Bedroom -1.6%, Non-Doorman Studios -52.7%, Non-Doorman One-Bedroom -31.1%
Upper East Side
Doorman Two-Bedroom -1.2%, Non-Doorman One-Bedroom -2.4%, Doorman One-Bedroom -2.4%
Upper West Side
Doorman Studios -1.4%, Doorman One-Bedroom -0.5%, Non-Doorman One-Bedroom -1.7%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 2.1%, Doorman Studios 0.6%
Chelsea
Doorman One-Bedroom 1.5%, Doorman Studios 0.4%, Non-Doorman Studios 4.3%
East Village
Doorman One-Bedroom 0.6%, Non-Doorman Studios 2.4%, Doorman Two-Bedroom 3.3%
Financial District
Non-Doorman Studios 1.8%, Doorman Two-Bedroom 0.2%, Non-Doorman Two-Bedroom 13.8%, Doorman Studios 2.9%, Doorman One-Bedroom 0.9%
Gramercy
Doorman Studios 3.5%, Doorman One-Bedroom 1.2%
Greenwich Village
Non-Doorman Studios 0.4%, Doorman Studios 0.5%, Doorman One-Bedroom 0.8%
Harlem
Doorman Two-Bedroom 3.4%, Doorman Studios 5.4%, Non-Doorman One-Bedroom 0.3%
Lower East Side
Doorman Studios 2.5%, Doorman One-Bedroom 1.8%
Midtown West
Doorman One-Bedroom 0.5%, Doorman Two-Bedroom 1.5%, Non-Doorman Two-Bedroom 1.2%
Murray Hill
Doorman Studios 2.8%, Doorman Two-Bedroom 2.2%, Non-Doorman One-Bedroom 2.1%, Non-Doorman Two-Bedroom 5.6%
SoHo
Non-Doorman One-Bedroom 5.6%, Doorman One-Bedroom 1.0%, Non-Doorman Two-Bedroom 7.4%
Tribeca
Doorman One-Bedroom 1.8%, Doorman Studios 3.4%
Upper East Side
Doorman Studios 0.6%, Non-Doorman Two-Bedroom 2.1%, Non-Doorman Studios 0.4%
Upper West Side
Non-Doorman Two-Bedroom 2.5%, Doorman Two-Bedroom 1.0%, Non-Doorman Studios 2.9%
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: September 2013 vs. September 2014
  September '13 September '14 Change
Studios $2,536 $2,352 -7.3%
One Bedroom $3,344 $2,983 -10.8%
Two Bedroom $4,363 $4,139 -5.1%
Manhattan Doorman Rents: September 2013 vs. September 2014
  September '13 September '14 Change
Studios $2,790 $2,932 5.1%
One-bedrooms $3,994 $4,151 3.9%
Two-bedrooms $6,142 $5,748 -6.4%

• Led by a 5.7% decrease in Two Bedroom Doorman units, overall average rents fell by 2.1%.

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

• With monthly average rents falling a nominal 0.5% the more important figure is the yearly 4.3% drop in prices.

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

• As unit types all increased and decreased by similar amounts this neighborhood saw virtually no change in overall average rents at a 0.01% decrease.

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

• This neighborhood experienced the greatest overall increase in average rents among Manhattan neighborhoods due to several higher priced units on Water and Beekman Streets entering the market.

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

• Due to an overwhelming price drop in Stu Although monthly average rents fell by a trivial 0.4%, the yearly 13.7% drop in prices was the highest in the borough.

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

• Overall average rents fell slightly by 1.4% triggered by One Bedroom Non-Doorman units decreasing by 5.1%.

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

• This neighborhood saw the greatest increase in annual rent prices in Manhattan at 8.2%, while monthly prices remained relatively stable falling by only 0.6%.

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

• With all unit types experiencing a drop in prices, this neighborhood accounts for the greatest monthly decrease in Manhattan (among material sample sizes) at 8%.

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

• Overall average rent increased a negligible 0.1% as all unit type rent prices remained stable compared to last month.

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

• Spurred by a 5.6% increase in Two Bedroom Non-Doorman Units this neighborhood saw overall average rents increase by 1.6%.

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

• This neighborhood experienced an overall 0.8% fall in average rents, however it should be noted that the Studio Doorman sample size is comprised of only 3 units.

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

• Although this neighborhood did see a significant fall in prices among most unit types, the lack of a material sample size for Studio and One Bedroom Non-Doorman units renders a misleading overall monthly average decrease of 16.3%.

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

• Both monthly and yearly overall average rent changes experienced a less than 1% drop.

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

• With all unit types having minimal upward and downward movement this neighborhood’s overall average rent increased by only 0.5%.

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.

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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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