Manhattan Rental Market Report | MNS is Real Impact Real Estate

REPORTS

GUIDES

MANHATTAN
RENTAL MARKET REPORT

March 2015

Introduction

Average rent across Manhattan increased by 1.71% since last month, up from $3,899 in February to $3,966 in March.

A Quick Look

Rental prices in Manhattan increased by 1.71% from $3,899 in February 2015 to $3,966 in March 2015. Listing inventory remained virtually unchanged, with 7,852 units marketing this month, compared to 7,835 last month. The percentage of doorman units in all of Manhattan grew from 58.1% in February 2015 to 61.1% in March 2015.

The largest increases in average rent prices were seen in studio doorman units in Soho, two bedroom non-doorman units in Financial District, and all doorman units in Harlem. The largest percentage decreases in average rents were seen in non-doorman units in TriBeCa, due to a few large listings coming off market. It should be noted that the following neighborhoods had an inventory of fewer than 10 units at the time the data was collected: Studios – Financial District (NDM), Tribeca (NDM), Lower East Side (DM), SoHo (DM); One Bedrooms – Financial District (NDM), Tribeca (NDM), Soho (DM); Two Bedrooms – Tribeca (NDM), Soho (DM), Financial District (NDM), Lower East Side (DM).

The largest year-over-year changes in rent prices were seen in the Harlem and Greenwich Village. Average rent increased by 17.7% in Harlem from $2,486 in March 2014 to $3,755 in March 2015. Rent declined by 2.7% in Greenwich Village from $5,720 in March 2014 to $5,412 in March 2015.

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -1.4%, Doorman One-Bedroom -0.1%
Chelsea
Non-Doorman One-Bedroom -1.4%, Non-Doorman Two-Bedroom -2.7%
East Village
Non-Doorman One-Bedroom -0.8%, Doorman One-Bedroom -2.9%, Doorman Two-Bedroom -5.5%
Financial District
Doorman Studios -0.5%, Non-Doorman One-Bedroom -11.6%, Doorman Two-Bedroom -0.9%
Gramercy
Doorman Studios -2.2%, Doorman One-Bedroom -0.4%, Doorman Two-Bedroom -7.06%
Greenwich Village
Doorman Studios -1.7%, Doorman One-Bedroom -5.8%, Doorman Two-Bedroom -2.6%, Non-Doorman Two-Bedroom -2.1%
Lower East Side
Non-Doorman Studios -0.6%, Doorman Studios -1.5%, Doorman One-Bedroom -3.5%
Midtown East
Doorman One-Bedroom -1.0%, Doorman Two-Bedroom -0.9%
Midtown West
Non-Doorman One-Bedroom -2.4%, Doorman Two-Bedroom -0.5%, Non-Doorman Two-Bedroom -2.3%
Murray Hill
Doorman Studios -0.6%, Non-Doorman Studios -2.7%, Doorman Two-Bedroom -6.9%
SoHo
Non-Doorman Two-Bedroom -1.2%
Tribeca
Non-Doorman Studios -21.6%, Non-Doorman One-Bedroom -13.0%, Non-Doorman Two-Bedroom -12.1%
Upper East Side
Non-Doorman Two-Bedroom -0.3%

Where Prices Increased(monthly)

Battery Park City
Doorman Two-Bedroom 4.2%
Chelsea
Non-Doorman Studios 6.1%, Doorman Studios 5.0%, Doorman One-Bedroom 5.4%, Doorman Two-Bedroom 5.2%
East Village
Non-Doorman Studios 6.4%, Non-Doorman Two-Bedroom 3.8%
Financial District
Non-Doorman Studios 5.5%, Doorman One-Bedroom 1.2%, Non-Doorman Two-Bedroom 12.2%
Gramercy
Non-Doorman Studios 0.7%, Non-Doorman One-Bedroom 2.1%, Non-Doorman Two-Bedroom 1.0%
Greenwich Village
Non-Doorman Studios 8.9%, Non-Doorman One-Bedroom 7.9%
Harlem
Non-Doorman Studios 4.2%, Doorman Studios 14.1%, Non-Doorman One-Bedroom 4.6%, Doorman One-Bedroom 9.5%, Non-Doorman Two-Bedroom 0.4%, Doorman Two-Bedroom 19.8%
Lower East Side
Non-Doorman One-Bedroom 2.0%, Non-Doorman Two-Bedroom 3.0%, Doorman Two-Bedroom 8.9%
Midtown East
Non-Doorman Studios 0.4%, Doorman Studios 5.1%, Non-Doorman One-Bedroom 21.8%, Non-Doorman Two-Bedroom 6.1%
Midtown West
Doorman Studios 0.9%, Non-Doorman Studios 1.0%, Doorman One-Bedroom 1.5%
Murray Hill
Doorman One-Bedroom 0.7%, Non-Doorman One-Bedroom 0.7%, Non-Doorman Two-Bedroom 10.8%
SoHo
Doorman Studios 33.4%, Non-Doorman Studios 7.4%, Doorman One-Bedroom 12.7%, Non-Doorman One-Bedroom 0.7%, Doorman Two-Bedroom 6.0%
Tribeca
Doorman Studios 7.7%, Doorman One-Bedroom 5.6%, Doorman Two-Bedroom 4.8%
Upper East Side
Doorman Studios 4.9%, Non-Doorman Studios 6.1%, Doorman One-Bedroom 3.1%, Non-Doorman One-Bedroom 2.0%, Doorman Two-Bedroom 0.8%
Upper West Side
Doorman Studios 4.4%, Non-Doorman Studios 4.0%, Non-Doorman One-Bedroom 1.0%, Doorman One-Bedroom 1.8%, Doorman Two-Bedroom 3.6%, Non-Doorman Two-Bedroom 5.5%
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: March 2014 vs. March 2015
  March '14 March '15 Change
Studios $2,462 $2,482 0.8%
One Bedroom $3,226 $3,181 -1.4%
Two Bedroom $4,224 $4,432 4.9%
Manhattan Doorman Rents: March 2014 vs. March 2015
  March '14 March '15 Change
Studios $2,886 $3,203 11.0%
One-bedrooms $3,985 $4,183 5.0%
Two-bedrooms $5,932 $6,074 2.4%

• Month-over-month and year-over-year growth was 1.7% and 7.7%, respectively, for the neighborhood.
• Inventory increased 4.5% since last month.

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

• Average rent for the neighborhood increased 2.9% this month.
• Studios showed the largest price growth, with rents for non-doorman and doorman units increasing 6.1% and 5.0%, respectively.

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

• Average rent for the neighborhood fell by 0.9% since last month.
• Average rents in the neighborhood have shown a year-over-year increase of 4.1% since last March.

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

• Average rent for the neighborhood increased 1.3% this month.
• Year-over-year price growth for the neighborhood is 9.9% since March 2014

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

• The average rent for the neighborhood fell by 1.7% since last month.
• Prices for two bedroom doorman units fell by 7.1% compared to February

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

• The average rent for the neighborhood fell by 0.2% since last month.
• Prices for studio non-doorman units, bolstered by a few large, luxury listings, increased 8.9% since February.
• Inventory increased 37.1% since last month.

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

• Average rent for the neighborhood increased 10.1% since last month.
• Year-over-year growth for the neighborhood was equally impressive, with prices up an average of 17.7% since March 2014.
• Prices have been bolstered by primarily by luxury, doorman buildings coming to market. Prices for studio, one, and two bedroom units in doorman buildings have increased by 14.1%, 9.5% and 19.8%, respectively, since last month.

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

• Although on the whole, the average rent for the neighborhood increased 1.9% this month, only two bedroom units saw average prices increase.
• Two bedroom doorman units saw the greatest price growth, at 8.9% since previous month.

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

• Average rent for the neighborhood increased 4.0% since last month.

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

• The average rent for the neighborhood fell by 0.3% since last month.

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

• Average rent for the neighborhood increased 0.1% since last month.

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

• On the whole, prices in the neighborhood increased 9.6% since last month.
• Studio doorman inventory consisted of only one large, luxury unit, causing the average price to go up 33.4% since February.

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

• The average rent for the neighborhood fell by 4.9% this month.
• Prices for non-doorman units took the biggest tumble this month, with studio, one bedroom and two bedroom prices falling 21.6%, 13.0%, and 12.1% respectively, since last month.

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

• Average rent for the neighborhood increased 2.2% since last month.
• Studio non-doorman units saw the greatest increase at 6.1%.

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

• Average rent for the neighborhood increased 3.4% since last month.

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.