Manhattan Rental Market Report | MNS is Real Impact Real Estate

MANHATTAN
RENTAL MARKET REPORT

August 2017

Introduction

Over the last month, average rents in Manhattan increased by 0.48%, from $4,016 to $4,036.

A Quick Look

Over the last month, overall rental prices in Manhattan have increased by 0.48% from $4,016 to $4,035. Non-doorman studio prices decreased by 3.0% over the last month, from $2,617 to $2,538. Doorman studio prices increased by 2.1%, from $3,115 to $3,180. Non-doorman one-bedroom prices have increased by 1.5%, from $3,374 to $3426. Onebedroom doorman prices have increased by 1.9%, from $4,289 to $4,370. Two-bedroom non-doorman prices have decreased by 1.7%, from $4,308 to $4,235. Two-bedroom doorman prices have increased by 1.1%, from $6,153 to $6,223. Doorman units represented 48.8% of the market, while non-doorman units were 51.2% of the market.
Year-over-year, studio non-doorman and doorman prices have decreased by 4.1% and 1.6%, respectively. One-bedroom non-doorman and doorman prices have increased by 4.17% and 3.4%, respectively. Two-bedroom non-doorman prices have decreased by 4.3%, while two-bedroom doorman prices grew by 0.7%.
Overall, rental prices grew by 0.14% year-over-year. Some extreme prices changes were seen in traditional low-inventory markets. For example, Non-doorman studio prices in FiDi fell by almost 32.4% over the last year. However, because of this market’s 9:1 doorman to non-doorman ratio, these kinds of price swings in non-doorman units are easily off -set by price gains in doorman units.
Over the past year, the East Village rental market has emerged as one of the more stable rental markets in Manhattan. While twobedroom doorman prices in the East Village slid by 5.1%, the overall market rent increased by 0.57%. This overall price increase can be explained by the 2:8 doorman to non-doorman ratio in the East Village.
As the rental market enters peak season, price increases can be expected to follow.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman One-Bedroom -2.5% Doorman Two-Bedroom -2.0%
Chelsea
Non-Doorman Studios s -5.0%
Doorman One-Bedroom s -2.9%
Doorman Two-Bedroom s -3.9%
East Village
Non-Doorman Studios -0.2% Non-Doorman One-Bedroom -2.9% Doorman One-Bedroom -8.3%
Financial District
Non-Doorman Studios -7.2% Non-Doorman One-Bedroom -5.8% Non-Doorman Two-Bedroom -4.4% Doorman One-Bedroom -0.7%
Gramercy
Non-Doorman Two-Bedroom -4.5% Doorman Studios -1.5% Doorman One-Bedroom -9.1% Doorman Two-Bedroom -4.3%
Greenwich Village
Non-Doorman Two-Bedroom -1.1% Doorman Studios -2.0% Doorman Two-Bedroom -1.1%
Harlem
Non-Doorman Studios -1.5% Non-Doorman Two-Bedroom -0.47%
Lower East Side
Non-Doorman Studios -5.6% Non-Doorman One-Bedroom -4.1% Non-Doorman Two-Bedroom -4.3% Doorman Studios -7.4%
Midtown East
Non-Doorman Studios -6.0% Non-Doorman One-Bedroom -12.9% Non-Doorman Two-Bedroom -5.7%
Midtown West
Non-Doorman One-Bedroom -0.5% Non-Doorman Two-Bedroom -2.9% Doorman One-Bedroom -0.2% Doorman Two-Bedroom -0.1%
Murray Hill
Doorman Studios -0.3% Non-Doorman Studios -0.3%
Tribeca
Non-Doorman Studios -13.5% Non-Doorman Two-Bedroom -12.8% Doorman Two-Bedroom -3.5%
Upper East Side
Non-Doorman One-Bedroom -1.7% Doorman Studios -0.8%
Upper West Side
Doorman Two-Bedroom -0.9%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 4.3%
Chelsea
Non-Doorman One-Bedroom 0.3% Non-Doorman Two-Bedroom 0.7% Doorman Studios 3.1%
East Village
Non-Doorman Two-Bedroom 7.1% Doorman Studios 6.4% Doorman One-Bedroom 7.1%
Financial District
Doorman Studios 3.9% Doorman Two-Bedroom 3.0%
Gramercy
Non-Doorman Studios 0.2% Non-Doorman One-Bedroom 0.8%
Greenwich Village
Non-Doorman Studios 2.0% Non-Doorman One-Bedroom 0.7% Doorman One-Bedroom 1.3%
Harlem
Non-Doorman One-Bedroom 0.1% Doorman Studios 1.9% Doorman One-Bedroom 0.96% Doorman Two-Bedroom 6.1%
Lower East Side
Doorman One-Bedroom 2.3% Doorman Two-Bedroom 3.6%
Midtown East
Doorman Studios 0.8% Doorman One-Bedroom 2.3% Doorman Two-Bedroom 1.2%
Midtown West
Non-Doorman Studio 1.3% Doorman Studios 1.3%
Murray Hill
Non-Doorman One-Bedroom 0.0% Non-Doorman Two-Bedroom 1.4% Doorman One-Bedroom 0.2% Doorman Two-Bedroom 1.5%
SoHo
Non-Doorman Studios 4.1% Non-Doorman One-Bedroom 2.4% Non-Doorman Two-Bedroom 6.6% Doorman Studios 15.24% Doorman One-Bedroom 30.6% Doorman Two-Bedroom 9.7%
Tribeca
Non-Doorman One-Bedroom 23.8% Doorman Studios 0.6% Doorman One-Bedroom 0.5%
Upper East Side
Non-Doorman Studios 0.4% Non-Doorman Two-Bedroom 4.5% Doorman One-Bedroom 1.7% Doorman Two-Bedroom 2.1%
Upper West Side
Non-Doorman Studios 1.0% Non-Doorman One-Bedroom 2.2% Non-Doorman Two-Bedroom 0.7% Doorman Studios 1.9% Doorman One-Bedroom 0.6%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year Over Year Price Change

Manhattan Rents: August 2016 vs. August 2017
Type August 2016 August 2017 Change
Non-Doorman Studios $2,647 $2,538 4.1%
Non-Doorman One Bedrooms $3,289 $3,426 4.2%
Non-Doorman Two Bedrooms $4,423 $4,235 4.3%
Type August 2016 August 2017 Change
Doorman Studios $3,232 $3,180 1.6%
Doorman One Bedrooms $4,228 $4,370 3.4%
Doorman Two Bedrooms $6,182 $6,223 0.7%

• Over the last month, doorman studio prices in Battery Park city increased by 4.3%, off setting decreases of 2.5% in doorman onebedroom prices and 2.0% in doorman two-bedroom prices.

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

• Over the last month, the average price for a non-doorman unit in Chelsea fell by 0.87%. This decline was, in large part, driven by a 5.03% decrease in average non-doorman studio price. Average prices for one and two-bedroom units grew by 0.29% and 0.67%, respectively.
• During the month of August, average doorman unit price in Chelsea experienced a 2.05% decrease.

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

• Over the last month, the average non-doorman unit price in the East Village grew by 1.86%. Most of this growth can be attributed to a 7.05% growth in average non-doorman two-bedroom price.
• Both studio and two-bedroom average doorman unit prices experienced a strong August, growing by 6.38% and 7.13%, respectively. Some of this growth can be credited to the addition of units from 1 Union Square South to the market. However, during the same span, the overall average doorman unit price only grew by 1.64%. This is because the average one-bedroom doorman unit price fell by 8.27%.

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

• Over the last month, the average non-doorman unit price in FiDi fell by 5.52%. This overall decrease can be explained by price sensitivity in the non-doorman market in FiDi caused by relatively low inventory.
• The average doorman unit price in FiDi increased by 2.00% during the month of August. Most of this growth was driven by a 3.86% increase in average one-bedroom doorman unit price.

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

• Over the last month, the average non-doorman unit price in Gramercy remained relatively stable, falling by 1.48%.
• During August, average doorman unit prices fell by 5.22%. Most of that decrease can be attributed to the addition of low-priced one-bedroom doorman units, which drove one-bedroom doorman prices down by 9.11%.

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

• August was a stable month for overall unit prices in Greenwich Village.Average non-doorman unit prices grew by 0.25%, while average doorman unit prices fell by only 0.51%.

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

• Average non-doorman unit prices in Harlem decreased by 0.5% over thelast month.
• Average two-bedroom doorman units experienced a 6.08% increase inprice over the last month. Much of this growth can be attributed to the addition of rental units along Fifth Avenue to the market.

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

• Due to the addition of numerous low-priced non-doorman units to themarket, non-doorman unit pricing slid by 4.55%.
• Doorman unit prices experienced a relatively stable August, growing by only 0.11%.

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

• Over the last month, Midtown East non-doorman prices experienced a 8.19% downward swing. This decline was caused, in large part, by low inventory in the area which led to price sensitivity in the non-doorman market.
• Doorman units in Midtown East had a solid August, with prices growing by 1.45%.

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

• Over the last month, non-doorman unit prices experienced a 1.02% decrease. In the same span, doorman unit prices in Midtown West grew by 0.20%.

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

• During the last month, prices in Murray Hill remained stable. Non-doorman unit prices grew by 0.52%, while doorman prices grew by 0.68%.

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

• Over the month of August, non-doorman unit prices grew by a solid 4.66%.
• Due to traditionally low inventory, non-doorman unit prices saw wild swings. Doorman studio prices grew by 15.24%, onebedroom prices grew by 30.64%, and two-bedroom prices increased by 9.70%.

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

• Over the last month, TriBeCa non-doorman unit prices experienced an overall price decrease of 1.49%.
• In the same span, average doorman unit prices also fell, falling by nearly 1.3%.

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

• Traditionally a stable pricing market, UES rental prices saw increases of 1.37% in non-doorman units and 1.36% in doorman units.

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

• Like the UES rental market, the UWS market tends to remain stable month-to-month. August was no exception. Non-doorman prices grew by 1.26% during this span, while doorman prices grew by 0.11%.

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 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.

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

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Tools

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