MANHATTAN
RENTAL MARKET REPORT

FEBRUARY 2019

Introduction

Over the last month, the average rent in Manhattan increased by 0.42%, from $3,933.95 to $3,950.62.

A Quick Look

Through February, the average rental price in Manhattan increased by 0.42%, from $3,933.95 to $3,950.62. The average rental price for a non-doorman studio unit decreased by 2.3%, from $2,619 to $2,557. The average rental price for a non-doorman one-bedroom unit decreased by 1.1%, from $3,195 to $3,161. The average rental price for a non-doorman two-bedroom unit increased by 2.14%, from $4,087 to $4,174. The average rental price for a doorman studio unit increased by 2.84%, from $3,053 to $3,139. The average rental price for a doorman one-bedroom unit decreased by 2.2%, from $4,287 to $4,193. The average rental price for a doorman two-bedroom unit increased by 4.0%, from $5,956 to $6,195. This past month, non-doorman units represented 44.8% of the Manhattan rental market while doorman units comprised the remaining 55.2%.

Year-over-year, the average non-doorman studio rental price is down 0.77%. In that same span, doorman studio units saw their average price improve by 2.70%. Non-doorman and doorman one-bedroom units experienced year-over-year price increases of 0.79% and 1.63%, respectively. Non-doorman two-bedroom rental pricing fell 0.78% year-over-year, while doorman two-bedroom rental pricing increased by 1.90%.

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

• This past month, the average rental price in Battery Park City increased by 1.29%.

battery park city apartment price trends

• The average non-doorman rental price in Chelsea increased by 0.90% during February.
• Following last month’s correction, the average rental price for a doorman unit in Chelsea rebounded by 0.51% during February.

chelsea apartment

• During February, the average rental price for a non-doorman unit in the East Village increased by 1.47%.
• Thanks to a sizeable number of listings coming onto the market from new developments in the area, the average rental price for a doorman unit in the East Village increased by 2.49%.

east village apartment

• This past month, the average rental price for a non-doorman unit in the Financial District fell by 4.03%.
• Doorman unit pricing in the Financial District remained stable, increasing by just 0.10% during February.

financial district apartment

• The average rental price for both non-doorman and doorman units in Gramercy increased by 2.41% and 0.22%, respectively.

gramercy apartment

• The average rental price for a non-doorman unit in Greenwich Village decreased by 0.98% during February.
• Over the last month, the average rental price for a doorman unit increased by 2.20%.

greenwich village studio apartment prices

• The average rental price for a non-doorman unit in Harlem experienced a correction of 1.00% during February.
• Following last month’s drop, the average rental price for a doorman unit in Harlem increased by 1.20%.

harlem apartment price trends

• Over the last month, the average rental price for a non-doorman unit in the Lower East Side decreased by 0.72%.
• Stabilizing after last month’s larger-than-normal price increase, the average rental price for a doorman unit in the Lower East Side increased by just 1.43%.

lower east side apartment

• Through February, the average rental price for a non-doorman unit in Midtown East increased by 0.65%.
• Thanks to a 4.03% rental price increase in doorman studios, the average rental price for a doorman unit in Midtown East increased by 1.60%.

midtown east apartment price trends

• Through February, the average rental price for a non-doorman increased by 2.37%.
• The average rental price for a doorman unit remained relatively stable, increasing by just 0.37%.

midtown west apartment price trends

• The average rental price for a non-doorman unit in Murray Hill experienced a correction of 1.32% this past month.
• This past month. the average rental price for a doorman unit in Murray Hill increased by 1.40%.

murray hill apartment price trends

• The average rental price for a non-doorman unit in SoHo increased by 3.60%. The majority of this increase can be attributed to the 11.71% increase in two-bedroom pricing, which is the direct result of a large number of higher-priced inventory coming onto the market.
• Due to a limited amount of inventory, which can lead to large price swings, the average rental price for a doorman unit in SoHo fell by 10.16%.

soho apartment prices

• The average rental price for a non-doorman unit in TriBeCa fell by 3.24% during February.
• Through February, the average rental price for a doorman unit in TriBeCa increased by 1.18%.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side remained stable through February, increasing by just 0.17%.
• This past month, the average rental price for a doorman unit in the Upper East Side decreased by 1.48%.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 1.81%.
• Through February, the average rental price for a doorman unit in the Upper West Side increased by 1.88%.

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.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

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

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

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