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MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 1.56%
    CHANGE
  • $3,907
    JUNE 2020
  • $3,846
    JULY 2020

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 1.56%, from $3,907 to $3,846. The average rental price for a non-doorman studio unit remained virtually unchanged, increasing by just 0.01%, from $2,367.65 to $2,367.79. The average rental price for a non-doorman one-bedroom unit fell by 0.39%, from $3,115 to $3,101. The average rental price for a non-doorman two-bedroom unit fell by 2.44%, from $4,160 to $4,059. The average rental price for a doorman studio unit fell by 3.03%, from $3,129 to $3,034. The average rental price for a doorman one-bedroom unit fell by 2.47%, from $4,279 to $4,173. The average rental price for a doorman two-bedroom unit fell by 0.47%, from $6,082 to $6,054. This past month, non-doorman units represented 50.4% of the rental market while doorman units comprised the remaining 49.6%.

Year-over-year, the average rental price for a non-doorman studio decreased by 11.09%, while the average rental price for a doorman studio unit fell by 7.02%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 7.34%, while doorman one-bedroom units saw their average rental price decrease by 8.80%. The average rental price for a non-doorman two-bedroom unit decreased by 7.79%. The average rental price for a doorman two-bedroom decreased by 6.62%. Overall, the average rental price in Manhattan is down 7.81% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,675 Harlem $1,890
Non-doorman one bedrooms Tribeca $5,036 Harlem $2,321
Non-doorman two bedrooms Tribeca $7,630 Harlem $2,861
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,455 Midtown East $2,522
Doorman one bedrooms SoHo $6,305 Harlem $3,093
Doorman two bedrooms SoHo $8,728 Harlem $4,043

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Studios -6.2%

Doorman One-Bedroom -2.3%

Doorman Two-Bedroom -2.5%

CHELSEA

Doorman Studios -2.5%

Doorman One-Bedroom -9.1%

Non-Doorman Studios -1.7%

Non-Doorman One-Bedroom -3.2%

Non-Doorman Two-Bedroom -5.8%

EAST VILLAGE

Doorman Two-Bedroom -6.5%

Non-Doorman Studios -1.6%

FINANCIAL DISTRICT

Doorman Studios -3.1%

Doorman One-Bedroom -2.6%

Doorman Two-Bedroom -0.5%

Non-Doorman Studios -4.3%

Non-Doorman One-Bedroom -1.3%

GRAMERCY

Doorman Studios -0.6%

Non-Doorman Studios -5.0%

GREENWICH VILLAGE

Doorman Studios -1.6%

Doorman One-Bedroom -2.4%

Doorman Two-Bedroom -1.1%

Non-Doorman Studios -3.0%

Non-Doorman One-Bedroom -3.1%

Non-Doorman Two-Bedroom -4.4%

HARLEM

Doorman Studios -3.3%

Doorman One-Bedroom -1.9%

Doorman Two-Bedroom -6.9%

Non-Doorman One-Bedroom -1.2%

Non-Doorman Two-Bedroom -0.4%

LOWER EAST SIDE

Doorman Studios -9.6%

Doorman One-Bedroom -5.1%

Non-Doorman Studios -2.3%

Non-Doorman One-Bedroom -3.3%

Non-Doorman Two-Bedroom -7.4%

MIDTOWN EAST

Doorman Studios -6.6%

Doorman One-Bedroom -6.5%

Doorman Two-Bedroom -3.4%

Non-Doorman Studios -3.6%

Non-Doorman One-Bedroom -1.2%

MIDTOWN WEST

Doorman Studios -2.8%

Non-Doorman Studios -0.9%

Non-Doorman One-Bedroom -1.6%

Non-Doorman Two-Bedroom -7.1%

MURRAY HILL

Doorman Studios -4.4%

Doorman One-Bedroom -2.2%

Doorman Two-Bedroom -2.2%

Non-Doorman Studios -2.4%

Non-Doorman One-Bedroom -5.6%

Non-Doorman Two-Bedroom -5.6%

SOHO

Doorman Studio -1.3%

Doorman One-Bedroom -1.2%

Non-Doorman Studios -4.8%

Non-Doorman One-Bedroom -0.5%

Non-Doorman Two-Bedroom -0.3%

TRIBECA

Doorman Studios -1.8%

Doorman One-Bedroom -4.5%

Doorman Two-Bedroom -0.2%

Non-Doorman Two-Bedroom -2.5%

UPPER EAST SIDE

Doorman Studios -2.0%

Doorman One-Bedroom -4.4%

Doorman Two-Bedroom -2.7%

Non-Doorman Studios -2.7%

Non-Doorman One-Bedroom -5.2%

Non-Doorman Two-Bedroom -5.6%

UPPER WEST SIDE

Doorman Studios -2.2%

Doorman Two-Bedroom -0.02%

Non-Doorman One-Bedroom -1.8%

Non-Doorman Two-Bedroom -3.9%

WHERE PRICES INCREASED

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CHELSEA

Doorman Two-Bedroom 4.2%

EAST VILLAGE

Doorman Studios 1.4%

Doorman One-Bedroom 2.9%

Non-Doorman One-Bedroom 1.7%

Non-Doorman Two-Bedroom 1.2%

FINANCIAL DISTRICT

Non-Doorman Two-Bedroom 3.6%

GRAMERCY

Doorman One-Bedroom 2.6%

Doorman Two-Bedroom 3.8%

Non-Doorman One-Bedroom 0.3%

Non-Doorman Two-Bedroom 1.7%

HARLEM

Non-Doorman Studios 0.4%

LOWER EAST SIDE

Doorman Two-Bedroom 1.7%

MIDTOWN EAST

Non-Doorman Two-Bedroom 1.7%

MIDTOWN WEST

Doorman One-Bedroom 0.6%

Doorman Two-Bedroom 0.7%

SOHO

Doorman Two-Bedroom 5.1%

TRIBECA

Non-Doorman Studios 27.2%

Non-Doorman One-Bedroom 13.6%

UPPER WEST SIDE

Doorman One-Bedroom 0.3%

Non-Doorman Studios 0.1%

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
7.0%
13.3%
8.4%
16.1%
4.0%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
7.8%
3.4%
9.8%
10.1%
10.4%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
10.6%
2.0%
3.1%
6.3%
6.2%

YEAR OVER YEAR Price change

MANHATTAN RENTS: JULY 2019 VS. JULY 2020

price changes
TYPE JULY 2019 JULY 2020 CHANGE
Non-doorman studios $2,663 $2,368 11.1%
Non-doorman one bedrooms $3,347 $3,101 7.3%
Non-doorman two bedrooms $4,402 $4,059 7.8%
TYPE JULY 2019 JULY 2020 CHANGE
Doorman studios $3,263 $3,034 7.0%
Doorman one bedrooms $4,576 $4,173 8.8%
Doorman two bedrooms $6,483 $6,054 6.6%
MANHATTAN

THROUGH JULY, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY HAS FALLEN BY 3.25%.

BATTERY PARK CITY

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN CHELSEA FELL BY 3.97%.

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA FELL BY 1.51%.

CHELSEA

THANKS TO AN INFLUX OF INDIVIDUALLY-OWNED AVAILABILITIES COMING ONTO MARKET, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 0.62%.

FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE EXPERIENCED A CORRECTION OF 1.71% THROUGH JULY.

EAST VILLAGE

ADJUSTING TO ITS CURRENT INVENTORY MIX, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT REMAINED VIRTUALLY UNCHANGED THROUGH JULY, FALLING BY JUST 0.04%.

WHEN COMPARED TO LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY A RELATIVELY SUBDUED 1.81% THROUGH JULY.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 0.48%.

THANKS TO AN INFLUX OF LUXURY AVAILABILITIES, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.38% THROUGH JULY.

GRAMERCY PARK

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 3.65%.

THROUGH JULY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 1.65%.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY 0.45%.

ADJUSTING TO THE INFLUX OF INVENTORY OVER THE LAST TWO MONTHS, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 4.41% THROUGH JULY.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 4.72%.

THROUGH JULY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 3.34%.

LOWER EAST SIDE

THROUGH JULY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST FELL BY 0.69%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST FELL BY 5.10%.

MIDTOWN EAST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 3.76%.

THROUGH JULY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST FELL BY JUST 0.21%.

MIDTOWN WEST

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL FELL BY 4.76%.

THROUGH JULY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL FELL BY 2.73%.

MURRAY HILL

AFTER A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO FELL BY AN ADDITIONAL 1.40% THROUGH JULY.

THANKS TO ITS’ LOW INVENTORY NUMBERS AND UNIQUE UNIT MIX, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 1.50% OVER THE PAST MONTH.

SOHO

THANKS TO ITS UNIQUE INVENTORY MIX AND LOW INVENTORY NUMBERS, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN TRIBECA INCREASED BY 7.85%.

ADJUSTING TO THE GENERAL INCREASE IN INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA FELL BY 2.03% THROUGH JULY.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN AND DOORMAN UNIT IN THE UPPER EAST SIDE FELL BY 4.67% AND 3.06%, RESPECTIVELY.

UPPER EAST SIDE

SIMILAR TO THE MAJORITY OF THE MANHATTAN RENTAL MARKET, THE UPPER WEST SIDE SAW OVERALL PRICING FALL THROUGH JUNE. NON-DOORMAN AND DOORMAN PRICES FELL BY 2.32% AND 0.41%, RESPECTIVELY.

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.

HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_REPORT

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