MANHATTAN RENTAL MARKET REPORT
MANHATTAN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.
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CHANGE
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$4,815JULY 2023
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$4,839AUGUST 2023
A QUICK LOOK
Over the last month, the average rental price in Manhattan increased by 0.50%, from $4,815 to $4,839. The average rental price for a non-dorman studio unit increased by 0.37%, from $3,074 to $3,085. The average rental price for a non-doorman one-bedroom unit decreased by 1.99%, from $3,753 to $3,678. The average rental price for a non-doorman two-bedroom unit increased by 0.14%, from $4,770 to $4,777. The average rental price for a doorman studio unit increased by 0.34%, from $3,967 to $3,981. The average rental price for a one-bedroom doorman unit increased by 0.46%, from $5,342 to $5,366. The average rental price for a doorman two-bedroom unit increased by 0.15%, from $7,547 to $7,558.
Year-over-year, the average rental price for a non-doorman studio increased by 7.50%, while the average rental price for a doorman studio increased by 4.95%. The average rental price for a non-doorman one-bedroom unit decreased by 2.35%, while doorman one-bedroom units saw their average rental price increase by 2.72%. The average rental price for a non-doorman two-bedroom unit decreased by 1.65%, while the average rental price for doorman two-bedroom units decreased by 0.8%. Overall, the average rental price in Manhattan increased by 1.06% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | TriBeCa $6,023 | Harlem $2,181 |
| Non-doorman one bedrooms | TriBeCa $5,700 | Harlem $2,597 |
| Non-doorman two bedrooms | TriBeCa $8,143 | Harlem $3,179 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | SoHo $5,798 | Harlem $3,183 |
| Doorman one bedrooms | SoHo $7,829 | Harlem $3,671 |
| Doorman two bedrooms | SoHo $9,995 | Harlem $4,709 |
WHERE PRICES DECREASED
BATTERY PARK CITY
Doorman Studios -7.0%
Doorman Two-Bedroom -3.6%
CHELSEA
Doorman One-Bedroom -0.2%
Doorman Two-Bedroom -0.2%
EAST VILLAGE
Non-Doorman Studios -1.3%
Non-Doorman One-Bedroom -0.2%
Doorman Two-Bedroom -8.3%
FINANCIAL DISTRICT
Non-Doorman Studios -2.2%
Non-Doorman One-Bedroom -1.8%
Doorman Studios -1.0%
Doorman Two-Bedroom -5.6%
GRAMERCY
Non-Doorman Studios -1.9%
Doorman One-Bedroom -0.8%
GREENWICH VILLAGE
Non-Doorman Studios -4.6%
Non-Doorman Two-Bedroom -2.5%
Doorman Studios -0.3%
HARLEM
Non-Doorman Studios -0.7%
Non-Doorman One-Bedroom -0.4%
Non-Doorman Two-Bedroom -2.4%
Doorman One-Bedroom -3.2%
Doorman Two-Bedroom -4.0%
LOWER EAST SIDE
Non-Doorman One-Bedroom -3.4%
Non-Doorman Two-Bedroom -2.9%
MIDTOWN EAST
Non-Doorman Studios -0.9%
Non-Doorman One-Bedroom -8.4%
Non-Doorman Two-Bedroom -3.4%
Doorman Studios -2.8%
Doorman One-Bedroom -0.9%
Doorman Two-Bedroom -2.7%
MIDTOWN WEST
Non-Doorman Two-Bedroom -1.2%
Doorman Studios -3.5%
Doorman One-Bedroom -1.4%
MURRAY HILL
Non-Doorman Studios -1.6%
Non-Doorman One-Bedroom -5.6%
Doorman One-Bedroom -2.0%
Doorman Two-Bedroom -1.4%
SOHO
Non-Doorman Studios -1.3%
Non-Doorman One-Bedroom -1.1%
TRIBECA
Non-Doorman One-Bedroom -9.5%
Non-Doorman Two-Bedroom -6.8%
Doorman Studios -3.4%
Doorman Two-Bedroom -8.1%
UPPER EAST SIDE
Non-Doorman Studios -1.8%
Non-Doorman One-Bedroom -0.9%
Non-Doorman Two-Bedroom -2.1%
Doorman Studios -2.2%
Doorman One-Bedroom -1.2%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman One-Bedroom 1.2%
CHELSEA
Non-Doorman Studios 7.4%
Non-Doorman One-Bedroom 1.0%
Non-Doorman Two-Bedroom 8.7%
Doorman Studios 0.6%
EAST VILLAGE
Non-Doorman Two-Bedroom 0.4%
Doorman Studios 10.7%
Doorman One-Bedroom 3.1%
FINANCIAL DISTRICT
Non-Doorman Two-Bedroom 0.8%
Doorman One-Bedroom 1.0%
GRAMERCY
Non-Doorman One-Bedroom 2.1%
Non-Doorman Two-Bedroom 3.2%
Doorman Studios 1.9%
Doorman Two-Bedroom 1.4%
GREENWICH VILLAGE
Non-Doorman One-Bedroom 3.0%
Doorman One-Bedroom 2.7%
Doorman Two-Bedroom 2.3%
HARLEM
Doorman Studios 1.2%
LOWER EAST SIDE
Non-Doorman Studios 3.2%
Doorman Studios 0.5%
Doorman One-Bedroom 0.3%
Doorman Two-Bedroom 0.0%
MIDTOWN WEST
Non-Doorman Studios 0.3%
Non-Doorman One-Bedroom 0.5%
Doorman Two-Bedroom 0.1%
MURRAY HILL
Non-Doorman Two-Bedroom 5.9%
Doorman Studios 1.4%
SOHO
Non-Doorman Two-Bedroom 6.3%
Doorman Studio 5.4%
Doorman One-Bedroom 2.7%
Doorman Two-Bedroom 0.0%
TRIBECA
Non-Doorman Studios 5.8%
Doorman One-Bedroom 1.0%
UPPER EAST SIDE
Doorman Two-Bedroom 0.2%
UPPER WEST SIDE
Non-Doorman Studios 0.5%
Non-Doorman One-Bedroom 1.6%
Non-Doorman Two-Bedroom 2.4%
Doorman Studios 3.5%
Doorman One-Bedroom 1.5%
Doorman Two-Bedroom 0.8%
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
MANHATTAN RENTS: AUGUST 2022 VS. AUGUST 2023
| TYPE | AUGUST 2022 | AUGUST 2023 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,870 | $3,085 | 7.50% |
| Non-doorman one bedrooms | $3,767 | $3,678 | 2.35% |
| Non-doorman two bedrooms | $4,857 | $4,777 | 1.65% |
| TYPE | AUGUST 2022 | AUGUST 2023 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,793 | $3,981 | 4.95% |
| Doorman one bedrooms | $5,224 | $5,366 | 2.72% |
| Doorman two bedrooms | $7,619 | $7,558 | 0.80% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY DECREASED BY 3.06%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY DECREASED BY JUST 0.06%, WHILE NON-DOORMAN RENTS INCREASED BY 5.74%.
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS SLIGHTLY DECREASED THIS PAST MONTH BY JUST 0.74% , AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.26%.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL DOORMAN PRICE DECREASED THIS PAST MONTH BY 2.5%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.90%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.81%, AND NON-DOORMAN RENTS INCREASED BY 1.42%.
GREENWICH VILLAGE PRICE TRENDS
NON-DOORMAN RENTS INCREASED BY 1.85% THIS PAST MONTH, WHILE DOORMAN RENTS DECREASED BY 1.25%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN RENTS DECREASED BY 2.37%, AND DOORMAN RENTS DECREASED BY 1.29%.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.24% SINCE LAST MONTH, WHILE DOORMAN RENTS DECREASED BY 1.40%.
MIDTOWN EAST PRICE TRENDS
FOR THE MONTH OF AUGUST, DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.15%, AND NON-DOORMAN RENTS DECREASED BY 4.44%.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 1.23%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.27%.
MURRAY HILL PRICE TRENDS
FOR THE MONTH OF AUGUST, AVERAGE RENTAL PRICES FOR DOORMAN RENTS SLIGHTLY DECREASED THIS PAST MONTH BY JUST 0.95%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.15%.
SOHO PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 3.84%, AND NON-DOORMAN RENTS INCREASED BY 1.77%.
TRIBECA PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 3.96%, AND NON-DOORMAN RENTS DECREASED BY 4.16%.
UPPER EAST SIDE PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY DECREASED THIS MONTH BY JUST 0.80%, AND NON-DOORMAN RENTS DECREASED BY 1.64%.
UPPER WEST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE INCREASED BY 1.38%, AND NON-DOORMAN RENTS INCREASED BY 1.69%.
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.
