MANHATTAN
RENTAL MARKET REPORT

May 2019

Introduction

Over the last month, the average rent in Manhattan increased by 1.56%, from $4,048.63 to $4,111.87.

A Quick Look

Over the last month, the average rental price in Manhattan increased by 1.56%, from $4,048.63 to $4,111.87. The average rental price for a non-doorman studio unit increased by 0.59%, from $2,717 to $2,733. The average rental price for a non-doorman one-bedroom increased by 1.13%, from $3,206 to $3,242. The average rental price for a non-doorman two-bedroom unit increased by 1.21%, from $4,207 to $4,258. The average rental price for a doorman studio unit increased by 2.01%, from $3,192 to $3,256. The average rental price for a doorman one-bedroom unit decreased by 0.35%, from $4,498 to $4,482. The average rental price for a doorman two-bedroom unit increased by 3.41%, from $6,211 to $6,423. This past month, non-doorman units represented 48.5% while doorman units comprised the remaining 51.5%.

Year-over-year, the average rental prices for non-doorman and doorman studio units both increased, by 7.32% and 3.96%, respectively. In that same span, the average price for a non-doorman one-bedroom unit decreased by 0.67%, while doorman one-bedroom units saw their rents increased by 5.38%. The rental price for a non-doorman two-bedroom unit increased by 1.53%, while doorman two-bedroom units saw their rents increased by 6.63%. Overall, the average rental price for a unit in Manhattan is up 4.25% from this time last year.

manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look

• Following last month’s correction, the average rental price in Battery Park City rebounded by 2.43% through May.

battery park city apartment price trends

• Thanks to an increase in availabilities towards the higher end of the rental market, the average rental price for a non-doorman unit in Chelsea increased by 7.99%.
• As more developments at Hudson Yards approach completion, rental pricing for a doorman unit in Chelsea can be expected to continue trending upwards. Over the last month, the average rental price for a doorman unit in Chelsea increased by 3.46%.

chelsea apartment

• Through May, the average rental price for a non-doorman unit in East Village remained stable, increasing by just 0.14%.
• Thanks to new developments in the area, such as Essex Crossing, the average rental price for a doorman unit in the East Village increased by 7.89% during May.

east village apartment

• Over the last month, the average rental price for a non-doorman unit in the Financial District increased by 1.35%.
• After a stable April, the average rental price for a doorman unit in the Financial District increased by 2.48% during May.

financial district apartment

• Following two months of lackluster growth, the average rental price for a non-doorman unit in Gramercy increased by 6.03%. This larger-than-normal growth is the direct result of a number of higher-end units coming onto market over the last month, which exerted upward pressure on area pricing.
• The average rental price for a doorman unit in Gramercy remained relatively stable during May, increasing by just 0.65%.

gramercy apartment

• Through May, the average rental price for a non-doorman rental unit in Greenwich Village increased by 0.39%.
• Following a slight uptick last month, the average rental price for a doorman unit in Greenwich Village experienced a correction of 1.08% during May.

greenwich village studio apartment prices

• This past month, the average rental price for a non-doorman unit in Harlem increased by 1.29%.
• The average rental price for a doorman unit in Harlem increased by 4.06%. The majority of this growth occurred within two-bedroom pricing, which increased by 8.19% during May.

harlem apartment price trends

• Following last month’s price correction, the average rental price for a non-doorman unit bounced back during May, increasing by 2.62%.
• Over the course of May, the average rental price for a doorman unit in the Lower East Side increased by 2.94%.

lower east side apartment

• This past month, the average rental price for a non-doorman unit in Midtown East increased by 0.81%.
• Following’s last month large increase, the average rental price for a doorman unit in Midtown East experienced a correction of 2.41% during May.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West increased by 1.13%.
• Remaining stable, the average rental price for a doorman unit in Midtown West increased by just 0.26%.

midtown west apartment price trends

• Through May, the average rental price for a non-doorman unit in Murray Hill increased by 0.43%.
• The average rental price for a doorman unit in Murray Hill increased by 2.73% over the last month.

murray hill apartment price trends

• The average rental price for a non-doorman unit in SoHo increased by 0.12% during May.
• Remaining relatively stable, the average rental price for a doorman unit in SoHo increased by 0.96% during May.

soho apartment prices

• Following last month’s large increase, the average rental price for a non-doorman unit experienced a correction of 6.10% during May.
• After a stable April, the average rental price for a doorman unit in TriBeCa increased by 2.34% during May.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side decreased by 0.58% during May.
• Carrying over momentum from last month, the average rental price for a doorman unit in the Upper East Side increased by 3.47% during April.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 0.16% during May.
• Over the last month, the average rental price for a doorman unit in the Upper West Side experienced a correction of 0.93% during May.

upper west side apartment price trends

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 crosssectioned from over 10,000 currently available listings located below 135th 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 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 (http://www.mns.com/manhattan_rental_market_report)

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Tools

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