MANHATTAN
RENTAL MARKET REPORT

April 2019

Introduction

Over the last month, the average rent in Manhattan increased by 2.16%, from $3,962.86 to $4,048.63.

A Quick Look

Through April, the average rental price in Manhattan increased by 2.16%, from $3,962.86 to $4,048.63. The average rental price for a non-doorman studio unit increased by 1.58%, from $2,675 to $2,717. The average rental price for a non-doorman one-bedroom unit increased by 0.65%, from $3,185 to $3,206. The average rental price for a non-doorman two-bedroom unit increased by 2.01%, from $4,124 to $4,207. The average rental price for a doorman studio unit increased by 1.94%, from $3,131 to $3,192. The average rental price for a doorman one-bedroom unit increased by 5.37%, from $4,268 to $4,498. The average rental price for a doorman two-bedroom unit increased by 1.75%, from $6,104 to $6,211. This past month, non-doorman units represented 47.6% of the rental market while doorman units comprised the remaining 52.4%.

Year-over-year, the average rental prices for non-doorman and doorman studio units both increased, by 5.45% and 1.94%, respectively. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 0.12%, while doorman one-bedroom units saw their average rental price increase 4.18%. The average rental price for a non-doorman two-bedroom unit fell by 0.93% from last year, while the average doorman two-bedroom rental price increased by 2.19%. Overall, the average rental price for a unit in Manhattan is up 2.11% from this time last year.

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 experienced a correction of 1.93%.

battery park city apartment price trends

• Over the last month, the average rental price for a non-doorman unit in Chelsea increased by 2.79%.
• Carrying over some momentum from last month, the average rental price for a doorman unit in Chelsea increased by 3.02% during April.

chelsea apartment

• During April, the average rental price for a non-doorman unit in the East Village remained relatively stable, falling by just 0.44%.
• For the third month in a row, the average rental price for a doorman unit in the East Village increased, this time by 1.61%.

east village apartment

• The average rental price for a non-doorman unit in the Financial District increased by 4.77%. The majority of this swing can be attributed to the Financial District nondoorman rental market’s low-inventory nature, which often leads to larger-than-normal price swings.
• Doorman rental pricing in the Financial District remained stable during April, falling by just 0.19%.

financial district apartment

• Following last month’s correction, the average rental price for a non-doorman unit in Gramercy Park remained stable, increasing by just 0.01% through April.
• Thanks to large number of units being marketed from some of the newer developments in the area, such as Toll Brother’s 121 East 22nd, the average rental price for a doorman unit in Gramercy Park increased by 6.29%.

gramercy apartment

• This past month, the average rental price for a non-doorman unit in Greenwich Village increased by 0.40%.
• The average rental price for a doorman unit in Greenwich Village increased by 1.48% during April.

greenwich village studio apartment prices

• Over the last month, the average rental price for a non-doorman unit in Harlem increased by 1.65%.
• Following a stable March, the average rental price for a doorman unit in Harlem increased by 1.41% during April.

harlem apartment price trends

• Following a slight increase last month, the average rental price for a non-doorman unit in the Lower East Side experienced a correction of 1.21% during April.
• Through April, the average rental price for a doorman unit in the Lower East Side increased by 0.93%.

lower east side apartment

• Non-doorman rental pricing in Midtown East remained stable through April, increasing by just 1.17%.
• Thanks to a number of listings from new developments in the area, like 100 East 53rd Street, along with a large amount of lower-end inventory being taken off the market, the average rental price for a doorman unit in Midtown East increased by an impressive 6.71% through April.

midtown east apartment price trends

• The average rental price for a non-doorman unit in Midtown West increased by 1.42%. In line with typical rental market seasonality, the average rental price for a nondoorman unit increased by 1.61%.

midtown west apartment price trends

• The average rental price for a non-doorman unit in Murray Hill remained stable, decreasing by just 0.04%.
• Over the last month, the average rental price for a doorman unit in Murray Hill fell by 1.47%.

murray hill apartment price trends

• The average rental price for a non-doorman unit in SoHo fell by 5.59% during April.
• Due to a limited amount of inventory, which can lead to large price swings, the average rental price for a doorman unit in SoHo increased by 16.57%.

soho apartment prices

• Through April, the average rental price for a non-doorman unit in TriBeCa increased by 8.66%. Similarly, to the doorman submarket in SoHo, the non-doorman rental market in TriBeCa has a low-inventory nature that often leads to large price swings.
• Over the last month, the average rental price for a doorman unit in TriBeCa remained stable, falling by just 0.02%.

tribeca apartment prices

• The average rental price for a non-doorman unit in the Upper East Side decreased by 0.19% during April.
• The average rental price for a doorman unit in the Upper East Side increased by 3.42% during April.

upper east side apartment price trends

• The average rental price for a non-doorman unit in the Upper West Side increased by 0.94% during April.
• Over the last month, the average rental price for a doorman unit in the Upper West Side increased by 1.89%.

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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