MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 0.84%
    CHANGE
  • $3,485
    NOVEMBER 2020
  • $3,456
    DECEMBER 2020

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 0.84%, from $3,485 to $3,456. The average rental price for a non-doorman studio unit fell by 0.82%, from $2,116 to $2,098. The average rental price for a non-doorman one-bedroom unit fell by 1.83%, from $2,786 to $2,735. The average rental price for a non-doorman two-bedroom unit fell by 2.12%, from $3,624 to $3,547. The average rental price for a doorman studio unit fell by 0.86%, from $2,726 to $2,703. The average rental price for a one-bedroom doorman unit fell by 0.59%, from $3,788 to $3,766. The average rental price for a doorman two-bedroom unit remained virtually unchanged, falling by less than one dollar. This past month, non-doorman units represented 51.5% of the rental market while doorman units comprised the remaining 48.5%.

Year-over-year, the average rental price for a non-doorman studio decreased by 16.84%, while the average rental price for a doorman studio unit fell by 19.39%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 18.98%, while doorman one-bedroom units saw their average rental price decrease by 16.20%. The average rental price for a non-doorman two-bedroom unit decreased by 18.60%. The average rental price for a doorman two-bedroom decreased by 11.82%. Overall, the average rental price in Manhattan is down 16.13% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,463 Harlem $1,709
Non-doorman one bedrooms Tribeca $4,807 Harlem $2,099
Non-doorman two bedrooms Tribeca $7,185 Harlem $2,485
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,383 Harlem $2,203
Doorman one bedrooms SoHo $5,867 Harlem $2,752
Doorman two bedrooms SoHo $8,215 Harlem $3,555

WHERE PRICES DECREASED

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BATTERY PARK CITY

Doorman One-Bedroom -0.4%

CHELSEA

Non-Doorman Studios -0.9%

Non-Doorman One-Bedroom -1.2%

Non-Doorman Two-Bedroom -3.2%

EAST VILLAGE

Doorman Studios -2.9%

Doorman One-Bedroom -0.1%

Doorman Two-Bedroom -2.0%

Non-Doorman Studios -1.8%

Non-Doorman Two-Bedroom -0.1%

FINANCIAL DISTRICT

Doorman Studios -1.2%

Non-Doorman Studios -1.3%

Non-Doorman One-Bedroom -3.0%

Non-Doorman Two-Bedroom -2.0%

GRAMERCY

Doorman Studios -0.8%

Doorman One-Bedroom -1.8%

Doorman Two-Bedroom -0.7%

Non-Doorman Studios -1.9%

Non-Doorman One-Bedroom -0.7%

Non-Doorman Two-Bedroom -1.2%

GREENWICH VILLAGE

Doorman Studios -3.9%

Doorman One-Bedroom -3.0%

Doorman Two-Bedroom -2.1%

Non-Doorman Studios -2.7%

Non-Doorman One-Bedroom -2.4%

HARLEM

Doorman Studios -0.8%

Doorman One-Bedroom -0.3%

Doorman Two-Bedroom -2.2%

Non-Doorman Studios -2.1%

Non-Doorman One-Bedroom -0.3%

Non-Doorman Two-Bedroom -1.8%

LOWER EAST SIDE

Doorman Studios -0.1%

Doorman One-Bedroom -2.2%

Non-Doorman Studios -0.1%

Non-Doorman Two-Bedroom -4.4%

MIDTOWN EAST

Doorman One-Bedroom -2.0%

Doorman Two-Bedroom -1.0%

Non-Doorman One-Bedroom -5.1%

Non-Doorman Two-Bedroom -5.4%

MIDTOWN WEST

Doorman Studios -1.8%

Doorman One-Bedroom -1.7%

Non-Doorman Studios -0.1%

Non-Doorman Two-Bedroom -1.6%

MURRAY HILL

Doorman One-Bedroom -0.4%

Doorman Two-Bedroom -1.7%

Non-Doorman Studios -1.2%

Non-Doorman One-Bedroom -1.4%

Non-Doorman Two-Bedroom -1.0%

SOHO

Non-Doorman Studios -4.0%

Non-Doorman One-Bedroom -3.1%

Non-Doorman Two-Bedroom -5.8%

TRIBECA

Doorman Studios -1.4%

Doorman Two-Bedroom -6.4%

Non-Doorman One-Bedroom -4.8%

Non-Doorman Two-Bedroom -1.4%

UPPER EAST SIDE

Doorman Studios -0.8%

Doorman One-Bedroom -1.6%

Doorman Two-Bedroom -0.2%

Non-Doorman Studios -3.7%

Non-Doorman One-Bedroom -3.3%

Non-Doorman Two-Bedroom -4.8%

UPPER WEST SIDE

Doorman Studios -2.0%

Doorman Two-Bedroom -2.6%

Non-Doorman Studios -1.0%

WHERE PRICES INCREASED

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BATTERY PARK CITY

Doorman Studios 0.1%

Doorman Two-Bedroom 1.6%

CHELSEA

Doorman Studios 1.6%

Doorman One-Bedroom 1.9%

Doorman Two-Bedroom 2.5%

EAST VILLAGE

Non-Doorman One-Bedroom 0.4%

FINANCIAL DISTRICT

Doorman One-Bedroom 1.6%

Doorman Two-Bedroom 2.7%

GREENWICH VILLAGE

Non-Doorman Two-Bedroom 0.2%

LOWER EAST SIDE

Doorman Two-Bedroom 2.4%

Non-Doorman One-Bedroom 0.3%

MIDTOWN EAST

Doorman Studios 0.6%

Non-Doorman Studios 0.8%

MIDTOWN WEST

Doorman Two-Bedroom 1.5%

Non-Doorman One-Bedroom 0.2%

MURRAY HILL

Doorman Studios 0.2%

SOHO

Doorman Studio 0.2%

Doorman One-Bedroom 0.1%

Doorman Two-Bedroom 6.5%

TRIBECA

Doorman One-Bedroom 0.4%

Non-Doorman Studios 5.2%

UPPER WEST SIDE

Doorman One-Bedroom 1.0%

Non-Doorman One-Bedroom 3.2%

Non-Doorman Two-Bedroom 2.8%

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
11.2%
17.5%
25.4%
14.0%
16.0%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
14.2%
13.1%
20.3%
17.6%
17.9%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
20.5%
8.5%
14.7%
18.3%
16.7%

YEAR OVER YEAR Price change

MANHATTAN RENTS: DECEMBER 2019 VS. DECEMBER 2020

price changes
TYPE DECEMBER 2019 DECEMBER 2020 CHANGE
Non-doorman studios $2,524 $2,098 16.8%
Non-doorman one bedrooms $3,375 $2,735 19.0%
Non-doorman two bedrooms $4,358 $3,547 18.6%
TYPE DECEMBER 2019 DECEMBER 2020 CHANGE
Doorman studios $3,353 $2,703 19.4%
Doorman one bedrooms $4,494 $3,766 16.2%
Doorman two bedrooms $6,342 $5,592 11.8%
MANHATTAN

THROUGH NOVEMBER, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY IMPROVED BY 0.68%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA FELL BY 1.99% THIS PAST MONTH.

FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA BOUNCED BACK BY 2.14% THROUGH DECEMBER.

CHELSEA

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY JUST 0.40%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE HAS FALLEN BY 1.62%.

EAST VILLAGE

CARRYING OVER SOME MOMENTUM FROM LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY AN ADDITIONAL 2.16% THROUGH DECEMBER.

FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.44% THROUGH DECEMBER.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 1.18%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY 1.09% THROUGH DECEMBER.

GRAMERCY PARK

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN GREENWICH VILLAGE FELL BY 1.38%.

FOLLOWING A STABLE NOVEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 2.75% THROUGH DECEMBER.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY 1.35%.

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 1.26%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 1.64%.

REMAINING STABLE ONCE AGAIN, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN THE LOWER EAST SIDE INCREASED BY JUST 0.26%.

LOWER EAST SIDE

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST FELL BY 3.72%.

FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST CORRECTED BY 0.99%.

MIDTOWN EAST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 0.63%.

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST FELL BY 0.24%.

MIDTOWN WEST

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL FELL BY 1.16%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL FELL BY 0.85%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY 4.58% THROUGH DECEMBER.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 2.89%.

SOHO

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA FELL BY 1.10%.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 3.17%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE FELL BY 4.03% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 0.77%.

UPPER EAST SIDE

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 1.97% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT FELL BY 1.37% IN THAT SAME SPAN.

UPPER WEST SIDE

THE REPORT EXPLAINED

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 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 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 & 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: 718-222-0211
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.

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