Manhattan Rental Market Report | MNS is Real Impact Real Estate

REPORTS

GUIDES

MANHATTAN
RENTAL MARKET REPORT

April 2015

Introduction

Rents across Manhattan fell slightly this month. The average rent in Manhattan dropped to $3,939 in April, a 0.68% decrease from a March average of $3,966. Compared to this time last year, rents have increased an average of 2.5%, up from an average of $3,842 in April 2014.

A Quick Look

Rental prices across Manhattan fell slightly this month, decreasing 0.68% since March. The average Manhattan rent dropped to $3,939 in April, down from $3,966 in March 2015.
Non-doorman units as a whole saw prices fall by an average of 2.8%. In contrast, doorman units saw prices increase by an average of .9% across all neighborhoods. In addition, the average rent fell this month for all unit types, with average rents down 1.10%, 0.69% and 0.49% for studios, one bedroom and two bedroom units, respectively.
Greenwich Village saw the largest uptick in average rent of any neighborhood in the report, with prices up an average of 4.5% since last month. Harlem saw the largest drop in average rent of any neighborhood, with rents down an average of 4.5% since last month. This is in part due to the fact that Harlem posted double-digits gains in last month’s report. Thus, this drop can be viewed not as prices falling, but as the rate of growth in the neighborhood normalizing as a few luxury markets come off the market. Rents in the neighborhood are up 9.5% since April 2014, compared with a 2.5% increase for Manhattan as a whole.
Listing inventory increased 3% from 7,852 rental units in March 2015 to 8,077 rental units in April. The percentage of doorman units in Manhattan fell from last month, with 58.6% doorman units in April compared to 61.1% doorman units in March. Thus, the percentage of non-doorman units increased this month, with 41.4% non-doorman units in April compared to 38.9% non-doorman units in March.
This month’s largest increases in average rents occurred in studio non doorman units in Financial District and TriBeCa, and two bedroom doorman units in Greenwich Village. This month’s largest decreases in average rents occurred in studio non-doorman units in Chelsea and Soho, and two bedroom non-doorman units in Gramercy. It should be noted that the following neighborhoods had a marketing inventory of less than 10 units at the time data was collected: Studio – TriBeCa (NDM), Financial District (NDM), Lower East Side (DM), Soho (DM); One Bedroom – Financial District (NDM), TriBeCa (NDM), SoHo (DM); Two Bedroom – Financial District (NDM).

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -2.2%, Doorman Two-Bedroom -3.5%
Chelsea
Non-Doorman Studios -14.1% Doorman Studios -4.3% Non-Doorman Two-Bedroom -1.8%
East Village
Doorman Studios -11.7% Non-Doorman One-Bedroom -7.9% Doorman One-Bedroom -7.3% Doorman Two-Bedroom -5.7%
Financial District
Doorman Studios -0.3%, Non-Doorman Two-Bedroom -2.7%
Gramercy
Non-Doorman Studios -5.6% Non-Doorman One-Bedroom -7.7% Doorman One-Bedroom -0.9% Non-Doorman Two-Bedroom -22.4%
Greenwich Village
Non-Doorman Studios -11.7% Non-Doorman One-Bedroom -9.5%
Harlem
Doorman Studios -11.7% Non-Doorman One-Bedroom -7.9% Doorman One-Bedroom -7.3% Doorman Two-Bedroom -5.7%
Lower East Side
Non-Doorman Studios -5.4% Non-Doorman One-Bedroom -3.5%
Midtown East
Non-Doorman Studios -4.3% Doorman Studios -2.0% Non-Doorman One-Bedroom -7.7% Non-Doorman Two-Bedroom -5.4% Doorman Two-Bedroom -2.4%
Midtown West
Doorman Two-Bedroom -0.1% Non-Doorman Two-Bedroom -4.1%
Murray Hill
Non-Doorman One-Bedroom -4.0% Non-Doorman Two-Bedroom -9.9% Doorman Two-Bedroom -2.6%
SoHo
Doorman Studios -3.3% Non-Doorman Studios -21.6% Non-Doorman One-Bedroom -3.6% Doorman Two-Bedroom -4.4%
Tribeca
Non-Doorman One-Bedroom -0.9% Doorman Two-Bedroom -1.5%
Upper East Side
Doorman Studios -0.4% Non-Doorman Studios -5.3% Doorman One-Bedroom -2.1% Non-Doorman One-Bedroom - 4.2% Non-Doorman Two-Bedroom -5.2%
Upper West Side
Doorman Studios -0.7% Non-Doorman Studios -2.0% Non-Doorman One-Bedroom -0.4% Doorman Two-Bedroom -3.7% Non-Doorman Two-Bedroom -5.7%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 1.4%
Chelsea
Non-Doorman One-Bedroom 1.7% Doorman One-Bedroom 0.4% Doorman Two-Bedroom 2.4%
East Village
Non-Doorman One-Bedroom 1.1% Doorman One-Bedroom 4.3% Doorman Two-Bedroom 12.5%
Financial District
Non-Doorman Studios 28.9% Doorman One-Bedroom 0.1% Non-Doorman One-Bedroom 1.0% Doorman Two-Bedroom 0.3%
Gramercy
Doorman Studios 2.4% Doorman Two-Bedroom 6.36%
Greenwich Village
Doorman Studios 0.9% Doorman One-Bedroom 11.1% Doorman Two-Bedroom 20.5% Non-Doorman Two-Bedroom 3.5%
Harlem
Non-Doorman Studios 4.3% Non-Doorman Two-Bedroom 0.4%
Lower East Side
Doorman Studios 1.8% Doorman One-Bedroom 0.5% Non-Doorman Two-Bedroom 1.1% Doorman Two-Bedroom 8.4%
Midtown East
Doorman One-Bedroom 0.7%
Midtown West
Doorman Studios 0.4% Non-Doorman Studios 5.6% Doorman One-Bedroom 0.7% Non-Doorman One-Bedroom 1.1%
Murray Hill
Doorman Studios 5.0% Non-Doorman Studios 8.0% Doorman One-Bedroom 0.6%
SoHo
Doorman One-Bedroom 2.4% Non-Doorman Two-Bedroom 1.3%
Tribeca
Non-Doorman Studios 20.2% Doorman Studios 1.0% Doorman One-Bedroom 2.1% Non-Doorman Two-Bedroom 2.2%
Upper East Side
Doorman Two-Bedroom 4.1%
Upper West Side
Doorman One-Bedroom 0.2%
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: April 2014 vs. April 2015
Type April '14 April '15 Change
Non-Doorman Studios $2,481 $2,456 -1.0%
Non-Doorman One Bedrooms $3,216 $3,081 -4.2%
Non-Doorman Two Bedrooms $4,215 $4,271 1.3%
Manhattan Doorman Rents: Aril 2014 vs. April 2015
  April '14 April '15 Change
Doorman Studios $2,889 $3,167 9.6%
Doorman One Bedrooms $4,009 $4,233 5.6%
Doorman Two Bedrooms $6,062 $6,184 2.0%

• Average rents in the neighborhood have fallen 1.8% since last month, but are up 6.8% over April 2014.
• The average rent for one bedroom doorman units increased slightly since last month, while the average rent for studio and two bedroom doorman units fell 2.2% and 3.5%, respectively.

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

•Average rents in the neighborhood fell 1.5% since last month, and are up only 1.9% since April 2014, compared to an average of 2.52% for Manhattan as a whole.
• The average price for a studio in the neighborhood fell almost 10% since last month, with rents for non-doorman studios units specifically falling 14.1%.

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

• Average rents in the neighborhood increased 2.8% since last month, and are up 4.2% over April 2014.
• The average price for a studio in the neighborhood fell almost 4% since last month, with rents for non-doorman studios specifically falling 5.8%

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

• Average rents in the neighborhood increased 2.5% since last month, and are up 12.2% over April 2014.
• Rents for studio non-doorman units increased an average of 28.9% this month, however it should be noted that only two units were on the market at the time data was collected.

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

• Average rents in the neighborhood fell 4.5% since last month, and 1.9% since April 2014.
• Rents for non-doorman units fell by average of 8.9% this month; rents for two bedroom non-doorman units saw the greatest drop, falling by an average of 22.4% since last month.

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

• Average rents in the neighborhood increased 4.5% since last month.
• Among non-doorman units, rents fell by an average of 5.9%, with rents for studio and one bedroom units falling by 11.7% and 9.5%, respectively.

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

• Average rents in the neighborhood fell 5.3% since last month, but are up 9.5% since April 2014.
• Among doorman units, rents fell by an average of 8.2%, with rents for doorman studios seeing the greatest decrease, falling by an average

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

• Average rents in the neighborhood increased 1.7% since last month, and 1.4% since April 2014.
• Average rents for two bedroom doorman units saw the greatest increase in price since last month, with rents up an average of 8.4%.

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

• Average rents in the neighborhood are down 3.4% since last month, and .2% since April 2014.
• Non-doorman units saw the biggest drop, with prices for all unit sizes down by an average of 5.8%.

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

• Average rents in the neighborhood are up .2% since last month, and .7% since April 2014.
• Average prices for studios increased the most since last month.

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

• Average rents in the neighborhood are down 1.7% since last month, and .6% since April 2014.
• Average rents for studio non-doorman units and two bedroom non-doorman units saw the greatest changes since last month, increasing by 8.0% and decreasing by 9.9%, respectively.

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

• Average rents in the neighborhood are down 3.9% since last month, but have increased 10.1% since April 2014.
• Average prices for studio non-doorman units fell by 21.6% this month; however, much of this can be viewed as a normalization of prices after a somewhat artificial increase of 33.4% last month. soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• Average rents in the neighborhood are up 2.4% since last month, but have decreased 3.8% since April 2014.
• Average prices for studio non-doorman units increased by 20.2% this month; however, much of this can be viewed as a normalization of prices after a somewhat artificial drop of 21.6% last month.

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

• Average rents in the neighborhood are down 1.2% since last month, but have increased 1.5% since April 2014.
• Among non-doorman units, prices fell for all unit types since last month, by 5.3%, 4.2%, and 5.2% for studios, one bedroom and two bedroom units respectively.

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

• Average rents in the neighborhood are down 2.0% since last month, and 0.3% since April 2014.
• Among two bedroom units, prices are down an average of 4.7% since last month, with prices for non-doorman units down by an average of 5.7%.

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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