MANHATTAN
RENTAL MARKET REPORT

June 2019

Introduction

Over the last month, the average rent in Manhattan decreased by 0.06%, from $4,111.87 to $4,109.26.

A Quick Look

Over the last month, the average rental price in Manhattan decreased by just 0.06%, from $4,111.87 to $4,109.26. The average rental price for a non-doorman studio unit fell by 1.71%, from $2,733 to $2,687. The average rental price for a non-doorman one-bedroom unit increased by 1.30%, from $3,242 to $3,284. The average rental price for a non-doorman two-bedroom unit increased by 0.06%, from $4,258 to $4,261. The average rental price for doorman studio unit increased by 0.69%, from $3,256 to $3,278. The average rental price for a doorman one-bedroom unit increased by 0.08%, from $4,482 to $4,485. The average rental price for a doorman two-bedroom unit decreased by 0.65%, from $6,423 to $6,381. This past month, non-doorman units represented 48.9% of the rental market while doorman units comprised the remaining 51.1%.

Year-over-year, the average rental prices for non-doorman and doorman studio units both increased, by 5.73% and 6.26%, respectively. In that same span, the average price for a non-doorman one-bedroom unit decreased by 1.52%, while doorman one-bedroom units saw their rents increased by 4.50%. The rental price for a non-doorman two-bedroom unit increased by 0.16%, while doorman two-bedroom units saw their rents increased by 5.2%. Overall, the average rental price for a unit in Manhattan is up 3.00% from this time last year.

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

• Over the past month, the average rental price in Battery Park City remained stable, increasing by just 0.24%.

battery park city apartment price trends

• Following last month’s growth, the average rental price for a non-doorman unit in Chelsea experienced a correction of 2.19% during June.
• The average rental price for a doorman unit in Chelsea increased by just 0.22% through June.

chelsea apartment

• Remaining stable, the average rental price for a non-doorman unit in the East Village increased by 0.36% through June.
• Following larger-than-normal growth last month, the average rental price for a doorman unit in the East Village experienced a correction of 5.41% during June.

east village apartment

• After an influx of inventory during June, the average rental price for a non-doorman unit in the Financial District fell by 1.06%.
• Stabilizing after May’s growth, the average rental price for a doorman unit in the Financial District increased by just 0.41% this past month.

financial district apartment

• This past month, the average rental price in Gramercy decreased by 0.90%.
• Through June, the average rental price for a doorman unit in Gramercy Park increased by 0.97%.

gramercy apartment

• The average rental price for a non-doorman unit in Greenwich Village increased by 0.50% through June.
• Following a slight drop in May, the average rental price for a doorman unit in Greenwich Village increased by just 0.13% through June.

greenwich village studio apartment prices

• The average rental price for a non-doorman unit in Harlem remained stable through June, increasing by just 0.22%.
• Adjusting to May’s large growth, the average rental price for a doorman unit in Harlem increased by a relatively subdued 1.52% during June.

harlem apartment price trends

• This past month, the average rental price for a doorman unit in the Lower East Side experienced a correction of 0.51%.
• Similar to non-doorman pricing, the average rental price for a doorman unit also experienced a correction during June with pricing falling 1.49%.

lower east side apartment

• Through June, the average rental price for a non-doorman unit in Midtown East increased by 1.56%.
• Building upon the momentum from last month’s price drop, the average rental price for a doorman unit in Midtown East fell by an additional 1.05% through June.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West decreased by 0.69%.
• This past month, the average rental price for a doorman unit in Midtown West increased by 0.58%.

midtown west apartment price trends

• Through June, the average rental price for a non-doorman unit in Murray Hill increased by 0.24%.
• Building on last month’s momentum, the average rental price for a doorman unit in Murray Hill increased by 3.02%. The majority of this increase was observed among twobedroom unit pricing, which saw their average prices increase by 4.63%.

murray hill apartment price trends

• Over the last month, the average rental price for a non-doorman unit in SoHo increased by 2.85%.
• While studio doorman units saw their average rents shoot up by 13.98%, price drops in other submarkets ensured that the average SoHo doorman rent increased by a subdued 0.96%.

soho apartment prices

• Stabilizing after last month’s price correction, the average rental price for a nondoorman unit increased by 1.31% through June.
• Through June, the average rental price for a doorman unit in TriBeCa fell by 0.69%.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side increased by 0.40% during June.
• Following two months of growth, the average rental price for a doorman unit in the Upper East Side fell by 0.69% through June.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 1.23% during June.
• Following last month’s slight correction, the average rental price for a doorman unit rebounded by 0.52% through June.

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)

Manhattan rental
market report archive

Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

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  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

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  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.