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 DECREASED THIS MONTH.
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CHANGE
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$4,801JULY 2022
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$4,789AUGUST 2022
A QUICK LOOK
Over the last month, the average rental price in Manhattan decreased by 0.27%, from $4,801 to $4,789. The average rental price for a non-doorman studio unit increased by 5.81%, from $2,713 to $2,870. The average rental price for a non-doorman one-bedroom unit increased by 1.89%, from $3,697 to $3,767. The average rental price for a non-doorman two-bedroom unit increased 0.80%, from $4,818 to $4,857. The average rental price for a doorman studio unit decreased by 0.18%, from $3,800 to $3,793. The average rental price for a one-bedroom doorman unit decreased by 1.12%, from $5,283 to $5,224. The average rental price for a doorman two-bedroom unit increased by 0.46%, from $7,584 to $7,619.
Year-over-year, the average rental price for a non-doorman studio is up by 23.83%, while the average rental price for a doorman studio is up by 18.68%. The average rental price for a non-doorman one-bedroom unit increased by 21.36%, while doorman one-bedroom units saw their average rental price increase by 17.15%. The average rental price for a non-doorman two-bedroom unit increased by 18.93%, while the average rental price for a doorman two-bedroom increased by 16.45%. Overall, the average rental price in Manhattan is up 19.82% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | TriBeCa $4,750 | Harlem $2,205 |
| Non-doorman one bedrooms | TriBeCa $6,648 | Harlem $2,529 |
| Non-doorman two bedrooms | TriBeCa $9,000 | Harlem $3,084 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | SoHo $4,748 | Harlem $2,735 |
| Doorman one bedrooms | SoHo $7,129 | Harlem $3,231 |
| Doorman two bedrooms | SoHo $10,998 | Harlem $4,640 |
WHERE PRICES DECREASED
BATTERY PARK CITY
Doorman Studios -0.8%
Doorman One-Bedroom -8.9%
CHELSEA
Non-Doorman Studios -1.1%
Non-Doorman Two-Bedroom -4.1%
Doorman Two-Bedroom -3.8%
EAST VILLAGE
Non-Doorman Studios -2.1%
Non-Doorman One-Bedroom -0.3%
Doorman Studios -1.9%
Doorman One-Bedroom -7.4%
FINANCIAL DISTRICT
Non-Doorman Studios -3.7%
Doorman Studios -0.5%
Doorman Two-Bedroom -1.4%
GRAMERCY
Non-Doorman Two-Bedroom -3.9%
Doorman Studios -2.4%
Doorman One-Bedroom -0.7%
Doorman Two-Bedroom -4.3%
HARLEM
Non-Doorman One-Bedroom -0.8%
Non-Doorman Two-Bedroom -0.7%
Doorman One-Bedroom -5.8%
Doorman Two-Bedroom -3.4%
MIDTOWN EAST
Non-Doorman Studios -3.0%
Non-Doorman One-Bedroom -1.1%
Doorman One-Bedroom -2.1%
Doorman Two-Bedroom -3.4%
MIDTOWN WEST
Non-Doorman Two-Bedroom -2.8%
Doorman Studios -4.4%
Doorman One-Bedroom -0.3%
MURRAY HILL
Non-Doorman Studios -1.9%
Non-Doorman Two-Bedroom -3.3%
Doorman Studios -6.9%
Doorman One-Bedroom -2.3%
SOHO
Non-Doorman Studios -3.5%
Non-Doorman One-Bedroom -6.6%
Doorman Studio -5.0%
Doorman One-Bedroom -3.0%
TRIBECA
Non-Doorman Two-Bedroom -0.3%
Doorman One-Bedroom -5.1%
UPPER EAST SIDE
Non-Doorman Studios -0.1%
Doorman Studios -0.3%
Doorman Two-Bedroom -0.4%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman Two-Bedroom 1.2%
CHELSEA
Non-Doorman One-Bedroom 0.7%
Doorman Studios 0.8%
Doorman One-Bedroom 3.3%
EAST VILLAGE
Non-Doorman Two-Bedroom 0.8%
Doorman Two-Bedroom 0.3%
FINANCIAL DISTRICT
Non-Doorman One-Bedroom 2.5%
Non-Doorman Two-Bedroom 1.2%
Doorman One-Bedroom 3.9%
GRAMERCY
Non-Doorman Studios 8.9%
Non-Doorman One-Bedroom 2.0%
GREENWICH VILLAGE
Non-Doorman Studios 5.8%
Non-Doorman One-Bedroom 1.2%
Non-Doorman Two-Bedroom 7.3%
Doorman Studios 5.3%
Doorman One-Bedroom 0.4%
Doorman Two-Bedroom 4.0%
HARLEM
Non-Doorman Studios 3.5%
Doorman Studios 0.5%
LOWER EAST SIDE
Non-Doorman Studios 1.9%
Non-Doorman One-Bedroom 3.2%
Non-Doorman Two-Bedroom 1.5%
Doorman Studios 0.6%
Doorman One-Bedroom 5.3%
Doorman Two-Bedroom 2.6%
MIDTOWN EAST
Non-Doorman Two-Bedroom 7.4%
Doorman Studios 3.8%
MIDTOWN WEST
Non-Doorman Studios 0.7%
Non-Doorman One-Bedroom 1.5%
Doorman Two-Bedroom 2.8%
MURRAY HILL
Non-Doorman One-Bedroom 4.2%
Doorman Two-Bedroom 2.3%
SOHO
Non-Doorman Two-Bedroom 7.5%
Doorman Two-Bedroom 4.7%
TRIBECA
Non-Doorman Studios -
Non-Doorman One-Bedroom 9.6%
Doorman Studios 5.2%
Doorman Two-Bedroom 2.6%
UPPER EAST SIDE
Non-Doorman One-Bedroom 1.0%
Non-Doorman Two-Bedroom 1.4%
Doorman One-Bedroom 2.8%
UPPER WEST SIDE
Non-Doorman Studios 1.8%
Non-Doorman One-Bedroom 4.6%
Non-Doorman Two-Bedroom 0.6%
Doorman Studios 1.6%
Doorman One-Bedroom 3.7%
Doorman Two-Bedroom 0.1%
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 2021 VS. AUGUST 2022
| TYPE | AUGUST 2021 | AUGUST 2022 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,318 | $2,870 | 23.83% |
| Non-doorman one bedrooms | $3,104 | $3,767 | 21.36% |
| Non-doorman two bedrooms | $4,084 | $4,857 | 18.93% |
| TYPE | AUGUST 2021 | AUGUST 2022 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,196 | $3,793 | 18.68% |
| Doorman one bedrooms | $4,459 | $5,224 | 17.15% |
| Doorman two bedrooms | $6,543 | $7,619 | 16.45% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
OVER THE PAST MONTH, AVERAGE RENTS DECREASED BY 2.31%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY DECREASED BY 0.55% WHILE NON-DOORMAN RENTS DECREASED BY 1.85%.
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.95%, WHILE NON-DOORMAN RENTS SLIGHTLY DECREASED BY 0.30%.
FINANCIAL DISTRICT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT SLIGHTLY INCREASED BY 0.42% AND NON-DOORMAN RENTS SLIGHTLY INCREASED BY 0.56%.
GRAMERCY PARK PRICE TRENDS
NON-DOORMAN RENTS INCREASED BY 1.21% SINCE LAST MONTH, AS DOORMAN RENTS DECREASED BY 2.71%.
GREENWICH VILLAGE PRICE TRENDS
WHILE NON-DOORMAN RENTS INCREASED BY 4.78% THIS PAST MONTH, DOORMAN RENTS INCREASED BY 3.01%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN RENTS SLIGHTLY INCREASED BY 0.39%, WHILE DOORMAN RENTS DECREASED BY 3.18%.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS INCREASED BY 2.16% SINCE LAST MONTH, AS DOORMAN RENTS INCREASED BY 4.05%.
MIDTOWN EAST PRICE TRENDS
WHILE DOORMAN RENTS DECREASED THIS MONTH BY 1.49%, NON-DOORMAN RENTS INCREASED BY 1.85%.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, AVERAGE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.03% AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.55%.
MURRAY HILL PRICE TRENDS
AS NON-DOORMAN AVERAGE RENTS SLIGHTLY DECREASED BY 0.68%, DOORMAN RENTS DECREASED BY 1.24%, MONTH-OVER-MONTH.
SOHO PRICE TRENDS
OVER THE PAST MONTH, DOORMAN AVERAGE RENTS SLIGHTLY INCREASED BY JUST 0.13% SINCE LAST MONTH.
NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.22%.
TRIBECA PRICE TRENDS
WITH A LOW AMOUNT OF NON-DOORMAN UNITS ON THE MARKET, AVERAGE RENTS INCREASED BY 3.65% THIS MONTH, WHILE DOORMAN RENTS SLIGHTLY INCREASED BY 0.70%.
UPPER EAST SIDE PRICE TRENDS
BOTH NON-DOORMAN AND DOORMAN RENTS SLIGHTLY INCREASED THIS MONTH BY JUST 0.85% AND 0.60%, RESPECTIVELY.
UPPER WEST SIDE PRICE TRENDS
NON-DOORMAN RENTS THIS MONTH INCREASED BY 8.01% WHILE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.70%.
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.
