MANHATTAN YEAR END REPORT

Manhattan year end infographics

MANHATTAN YEAR END REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Notable Trends
  3. Mean Rental Prices
  4. Manhattan Price Trends
  5. The Report Explained

introduction

WE ARE PROUD TO PRESENT MNS’ FOURTEENTH ANNUAL YEAR END REPORT

manhattan

MNS is proud to present our fourteenth annual Manhattan Year End Report, a summation of the data collected from our monthly Manhattan Rental Market Reports. We hope you find this report useful in determining the rental trends in Manhattan’s major neighborhoods, as well as the overall climate of the Manhattan rental market.

When compared to last year, the average rental price in Manhattan for a non-doorman studio decreased by 9.03%, while non-doorman one and twobedroom saw their average rental prices fall by 5.27% and 6.10%, respectively. Doorman studio and one-bedroom prices are down 6.71% and 5.87%, while doorman two-bedroom pricing also experienced a correction, falling by 4.86%.

This year, more so than any other borough, Manhattan’s rental prices have been significantly affected by this ongoing pandemic. Specifically, we observed marked average rental price declines within neighborhoods that rely on large student or white-collar demographics, such as Chelsea (NDM: -6.33%, DM: -8.32%), Midtown East (NDM: -9.62%, DM: -6.71%) and East Village (NDM: -7.60%, DM: -9.64%). Conversely, we saw relatively small drops in some of the price-friendlier neighborhoods like Harlem (NDM: -2.51%, DM: -1.20%) and the Lower East Side (NDM: -2.10%, DM: -1.20%).

COVID-19 SNAPSHOT, 6 MONTH ANALYSIS

IN ORDER TO BETTER ILLUSTRATE THE IMPACT OF COVID-19 ON THE MANHATTAN RENTAL MARKET, WE HAVE COMPILED AND ANALYZED DATA FROM THE SECOND HALVES OF OUR 2019 AND 2020 MONTHLY MANHATTAN RENTAL MARKET REPORTS. WE HOPE YOU FIND THIS INFORMATION USEFUL IN DETERMINING THE EFFECT THAT THE COVID-19 PANDEMIC HAS HAD ON THE MANHATTAN RENTAL MARKET.

manhattan

When compared to last year, the average rental price in Manhattan for a non-doorman studio unit decreased by 12.54%, while non-doorman one and twobedroom units saw their average rental prices fall by 13.43% and 14.71%, respectively. Doorman studio and one-bedroom rental unit prices are down 14.70% and 13.40%, while doorman two-bedroom rental unit pricing also experienced a correction, falling by 10.94%.

When adjusting the comparison period to the second halves of 2019 and 2020, we can see the true effect this pandemic has had on the Manhattan rental market. Every neighborhood analyzed by this report saw its average rental price fall year-over-year. Similar to what was reported in the full-year comparison, here we see that particular neighborhoods have been more affected than others. Areas like Chelsea (NDM: -16.72%, DM: -15.60%), East Village (NDM: -15.24%, DM: -18.74%) and Midtown East (NDM: -15.71%, DM: -15.03%) rely heavily on their white collar and student demographics and, as such, have experienced some of the more dramatic price drops through this year.

NON-DOORMAN MANHATTAN RENTS: 2019 VS. 2020

TYPE 2019 2020 CHANGE
Studios $2,531 $2,214 12.54%
One bedrooms $3,343 $2,894 13.43%
Two bedrooms $4,394 $3,747 14.71%

DOORMAN MANHATTAN RENTS: 2019 VS. 2020

TYPE 2019 2020 CHANGE
Studios $3,320 $2,832 14.70%
One bedrooms $4,551 $3,941 13.40%
Two bedrooms $6,452 $5,746 10.94%

MEAN RENTAL PRICES

2020 MEAN MANHATTAN RENTAL PRICES

  • $2,363
    Non-doorman

    Studios

  • $3,105
    Non-doorman

    One bedrooms

  • $4,028
    Non-doorman

    Two bedrooms

  • $3,031
    Doorman

    Studios

  • $4,198
    Doorman

    One bedrooms

  • $6,025
    Doorman

    Two bedrooms

manhattan mean studio
manhattan mean 1 bedroom
manhattan mean 2 bedrooms

MANHATTAN PRICE TRENDS

price changes

NON-DOORMAN Average prices over the year

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
-
$3,408
$3,339
$3,442
$3,356
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$3,421
$3,245
$3,308
$3,283
$3,285
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$3,301
$3,448
$3,647
$3,271
$3,319

DOORMAN Average prices over the year

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
$4,571
$4,696
$4,266
$4,074
$4,331
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$5,144
$3,165
$4,310
$4,044
$3,925
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$3,821
$6,358
$5,221
$4,260
$4,170

MANHATTAN PRICE TRENDS

price changes

NON-DOORMAN Average prices from the 2nd half of 2020

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
-
$3,098
$2,692
$3,369
$2,842
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$3,245
$2,206
$2,503
$2,424
$2,422
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$2,509
$3,635
$5,291
$2,363
$2,725

DOORMAN Average prices from the 2nd half of 2020

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
$4,375
$4,430
$3,935
$3,773
$4,165
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$4,944
$2,989
$3,973
$3,750
$3,641
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$3,525
$6,270
$4,948
$3,966
$3,912

THE REPORT EXPLAINED

THE MANHATTAN RENTAL MARKET REPORT IS THE ONLY REPORT THAT 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 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 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 at 718-222-0211

Note All market data is collected and compiled by MNS’ 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_YEAR_END_MARKET_REPORT_2020

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