MANHATTAN
RENTAL MARKET REPORT

April 2018

Introduction

Over the last month, the average rent in Manhattan increased by 0.22%, from $3,956.02 to $3,964.79.

A Quick Look

During April, the average rental price in Manhattan increased by 0.22%, from $3,956.02 to $3,964.79. The average rental price for a non-doorman studio decreased by 0.03%, from $2,586 to $2,577. The average rental price for a non-doorman one-bedroom increased by 0.8%, from $3,177 to $3,202. The average rental price for non-doorman two-bedroom decreased by 0.2%, from $4,254 to $4,247. The average price for a doorman studio increased by 0.6%, from $3,111 to $3,131. The average price for a doorman one-bedroom increased by 4.5%, from $4,132 to $4,317. The average price for a doorman two-bedroom decreased by 2.4%, from $6,230 to $6,078. During April, non-doorman units represented 48.9% of the rental market, while doorman units comprised the remaining 51.1%.
Year-over-year, non-doorman studio and doorman studio rental prices are up 0.07% and 3.0%, respectively. In that same period, non-doorman one-bedroom rental prices are down 1.44%, while doorman one-bedroom rental prices are up 3.23%. Non-doorman two-bedroom rental prices are down 0.62% year-over-year, while doorman two-bedroom rental prices are down 0.80%. Overall, the average rental price in Manhattan experienced a 0.41% year-over-year increase.
The most impressive year-over-year change was observed within doorman studio, one-bedroom, and two-bedroom pricing in the Lower East Side, which experienced increases of 11.6%, 4.6%, and 7.1%, respectively. As new developments come to market in the Lower East Side, upward pressure is exerted on pricing in the area. The Lower East Side should continue to see prices increase as we approach the inevitable L train shutdown.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased (monthly)

Battery Park City
Doorman Studios -2.5% Doorman One-Bedroom -3.0%
Chelsea
Doorman Studios -2.7% Doorman One-Bedroom -1.7% Doorman Two-Bedroom -3.0% Non-Doorman One-Bedroom -3.3%
East Village
Doorman Two-Bedroom -4.4%
Financial District
Doorman Two-Bedroom -3.5% Non-Doorman Studios -8.2% Non-Doorman One-Bedroom -4.8% Non-Doorman Two-Bedroom -7.5%
Gramercy
Non-Doorman Studios -0.2%
Harlem
Non-Doorman One-Bedroom -1.9% Non-Doorman Two-Bedroom -4.1%
Lower East Side
Doorman Studios -0.4% Doorman Two-Bedroom -11.4% Non-Doorman Two-Bedroom -1.3%
Midtown East
Non-Doorman Studios -0.8% Non-Doorman Two-Bedroom -0.5%
Midtown West
Non-Doorman Studios -0.7%
Murray Hill
Doorman Two-Bedroom -1.1% Non-Doorman One-Bedroom -0.5%
SoHo
Doorman Two-Bedroom -17.9% Non-Doorman Studios -1.0% Non-Doorman One-Bedroom -4.8% Non-Doorman Two-Bedroom -6.5%
Tribeca
Doorman Studios -1.1% Doorman Two-Bedroom -4.5% Non-Doorman Studios -1.4%
Upper East Side
Doorman Studios -0.4%

Where Prices Increased (monthly)

Battery Park City
Doorman Two-Bedroom 0.9%
Chelsea
Non-Doorman Studios 0.6% Non-Doorman Two-Bedroom 2.8%
East Village
Doorman Studios 2.2% Doorman One-Bedroom 2.0% Non-Doorman Studios 0.6% Non-Doorman One-Bedroom 2.9% Non-Doorman Two-Bedroom 1.7%
Financial District
Doorman Studios 1.4% Doorman One-Bedroom 1.6%
Gramercy
Doorman Studios 2.5% Doorman One-Bedroom 1.2% Doorman Two-Bedroom 3.3% Non-Doorman One-Bedroom 0.8% Non-Doorman Two-Bedroom 1.6%
Greenwich Village
Doorman Studios 0.5% Doorman One-Bedroom 3.8% Doorman Two-Bedroom 1.7% Non-Doorman Studios 0.6% Non-Doorman One-Bedroom 0.5% Non-Doorman Two-Bedroom 1.3%
Harlem
Doorman Studios 1.0% Doorman One-Bedroom 3.1% Doorman Two-Bedroom 3.9% Non-Doorman Studios 1.9%
Lower East Side
Doorman One-Bedroom 4.8% Non-Doorman Studios 3.7% Non-Doorman One-Bedroom 3.9%
Midtown East
Doorman Studios 5.5% Doorman One-Bedroom 1.1% Doorman Two-Bedroom 2.4% Non-Doorman One-Bedroom 0.8%
Midtown West
Doorman Studios 3.0% Doorman One-Bedroom 0.8% Doorman Two-Bedroom 0.5% Non-Doorman One-Bedroom 2.6% Non-Doorman Two-Bedroom 3.0%
Murray Hill
Doorman Studios 1.6% Doorman One-Bedroom 0.3% Non-Doorman Studios 0.6% Non-Doorman Two-Bedroom 2.4%
SoHo
Doorman Studios 0.7% Doorman One-Bedroom 36.0%
Tribeca
Doorman One-Bedroom 5.3% Non-Doorman One-Bedroom 10.9% Non-Doorman Two-Bedroom 1.0%
Upper East Side
Doorman One-Bedroom 0.7% Doorman Two-Bedroom 4.3% Non-Doorman Studios 1.6% Non-Doorman One-Bedroom 1.3% Non-Doorman Two-Bedroom 1.1%
Upper West Side
Doorman Studios 0.5% Doorman One-Bedroom 1.4% Doorman Two-Bedroom 1.5% Non-Doorman Studios 2.6% Non-Doorman One-Bedroom 0.5% Non-Doorman Two-Bedroom 5.9%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

Year Over Year Price Change

Manhattan Rents: April 2017 vs. April 2018
Type April 2017 April 2018 Change
Non-Doorman Studios $2,575 $2,577 0.1%
Non-Doorman One Bedrooms $3,249 $3,202 -1.4%
Non-Doorman Two Bedrooms $4,274 $4,247 -0.6%
Type April 2017 April 2018 Change
Doorman Studios $3,040 $3,131 3.0%
Doorman One Bedrooms $4,182 $4,317 3.2%
Doorman Two Bedrooms $6,127 $6,078 -0.8%

• The average rental price in Battery Park City was down 1.01% over the last month.

battery park city apartment price trends

• Non-doorman rental pricing in Chelsea experienced a relatively stable April, with average prices increasing by just 0.24%.
• After a price gain in March, doorman units in Chelsea experienced a correction of 2.51% during the month of April.

chelsea apartment

• During April, non-doorman rental prices increased by 1.82%.
• Doorman rental pricing in the East Village experienced a slight correction of 0.85% during April.

east village apartment

• Due to its low-inventory nature, non-doorman rentals experienced a 6.75% price drop.
• April was a stable month for doorman rental pricing in the Financial District, where the average rental fell by just 0.62%.

financial district apartment

• While the non-doorman market remained stable this month, increasing by 0.84% since March, the doorman market increased by 2.42%.

gramercy apartment

• After a drop in March, the average price for a non-doorman unit in Greenwich Village increased by 0.84%.
• Riding the momentum from last month, the average rental price for a doorman unit in Greenwich Village increased by an impressive 2.42% during April.

greenwich village studio apartment prices

• The average price for a non-doorman rental in Harlem fell by 1.81% during April.
• Following a strong March, the average price for a doorman rental in Harlem increased by 2.9% during April.

harlem apartment price trends

• After an impressive price growth of over 4.00% during March, the average price for a non-doorman rental in the Lower East Side increased by a more-subdued 1.63% during April.
• Continuing the trend seen in March, the average price for a doorman rental in the Lower East Side decreased by 3.85% during April.

lower east side apartment

• The average price for a non-doorman rental in Midtown East experienced a stable April, with the average price falling by just 0.13%.
• Making up for the slight drop last month, the average price for a doorman rental in Midtown East increased by 2.60% during April.

midtown east apartment price trends

• After a slight drop during March, the average price for a non-doorman rental unit in Midtown West increased by 1.86% during April.
• The average price for a doorman rental unit in Midtown West increased by 1.16% during April.

midtown west apartment price trends

• The average price for a non-doorman unit in Murray Hill increased by 1.03% during April.
• April proved to be a stable month for doorman pricing in Murray Hill, where the average rent fell by just 0.08%.

murray hill apartment price trends

• Reversing the gains seen during March, the average price for a non-doorman rental unit in SoHo fell by 4.62% during April.
• The average price for a doorman rental in SoHo increased by 1.68%.

soho apartment prices

• The average price for a non-doorman rental unit in TriBeCa increased by 3.02%. It is worth noting that the non-doorman rental unit submarket in TriBeCa is inventory poor, which often leads to pricing swings.
• During April, the average price for a doorman rental unit in TriBeCa fell by just 0.72%.

tribeca apartment prices

• Continuing the upward trend from last month, the average price for a non-doorman rental unit in the Upper East Side increased by 1.28%.
• Buoyed by an impressive 4.30% price increase in two-bedroom doorman unit pricing, the average price for a doorman rental unit in the Upper East Side increased by 2.20%.

upper east side apartment price trends

• After a relatively stable March, the average price for a non-doorman rental in the Upper West Side increased by 3.32% during April.
• During April, the average price for a doorman rental unit in the Upper West Side increased by 1.26%.

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.

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

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