MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 1.54%
    CHANGE
  • $3,506
    APRIL 2021
  • $3,560
    MAY 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 1.54%, from $3,506.17 to $3,560.15. The average rental price for a non-doorman studio unit increased by 2.10%, from $2,075 to $2,119. The average rental price for a non-doorman one-bedroom unit decreased by 0.45%, from $2,731 to $2,719. The average rental price for a non-doorman two-bedroom unit increased by 0.95%, from $3,552 to $3,585. The average rental price for a doorman studio unit increased by 2.25%, from $2,741 to $2,803. The average rental price for a one-bedroom doorman unit increased by 2.84%, from $3,825 to $3,934. The average rental price for a doorman two-bedroom unit increased by 1.40%, from $5,818 to $5,899. This past month, non-doorman units represented 52% of the rental market while doorman units comprised the remaining 48%.

Year-over-year, the average rental price for a non-doorman studio decreased by 12.71%, while the average rental price for a doorman studio unit fell by 12.62%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 15.48%, while doorman one-bedroom units saw their average rental price decrease by 9.79%. The average rental price for a non-doorman two-bedroom unit decreased by 16.26%. The average rental price for a doorman two-bedroom decreased by 3.47%. Overall, the average rental price in Manhattan is down 10.67% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,383 Harlem $1,712
Non-doorman one bedrooms Tribeca $4,756 Harlem $2,053
Non-doorman two bedrooms Tribeca $7,508 Harlem $2,467
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,357 Harlem $2,037
Doorman one bedrooms SoHo $5,386 Harlem $2,705
Doorman two bedrooms SoHo $8,314 Harlem $3,607

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman One-Bedroom -2.8%

CHELSEA

Non-Doorman One-Bedroom -0.8%

FINANCIAL DISTRICT

Non-Doorman One-Bedroom -18.1%

Non-Doorman Two-Bedroom -5.1%

GREENWICH VILLAGE

Doorman Studios -0.1%

Non-Doorman Two-Bedroom -2.0%

HARLEM

Doorman Studios -4.5%

LOWER EAST SIDE

Non-Doorman Studios -0.2%

MIDTOWN WEST

Doorman Two-Bedroom -3.0%

Non-Doorman Studios -1.1%

Non-Doorman Two-Bedroom -2.5%

SOHO

Doorman One-Bedroom -0.6%

Doorman Two-Bedroom -2.9%

Non-Doorman Studios -3.6%

TRIBECA

Doorman One-Bedroom -0.2%

Doorman Two-Bedroom -3.2%

Non-Doorman One-Bedroom -0.4%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 0.5%

Doorman Two-Bedroom 4.2%

CHELSEA

Doorman Studios 6.2%

Doorman One-Bedroom 7.3%

Doorman Two-Bedroom 4.0%

Non-Doorman Studios 0.2%

Non-Doorman Two-Bedroom 0.8%

EAST VILLAGE

Doorman Studios 6.9%

Doorman One-Bedroom 7.8%

Doorman Two-Bedroom 7.3%

Non-Doorman Studios 1.5%

Non-Doorman One-Bedroom 4.7%

Non-Doorman Two-Bedroom 3.1%

FINANCIAL DISTRICT

Doorman Studios 6.5%

Doorman One-Bedroom 6.7%

Doorman Two-Bedroom 8.4%

Non-Doorman Studios 11.4%

GRAMERCY

Doorman Studios 1.3%

Doorman One-Bedroom 3.8%

Doorman Two-Bedroom 0.0%

Non-Doorman Studios 4.9%

Non-Doorman One-Bedroom 0.9%

Non-Doorman Two-Bedroom 5.0%

GREENWICH VILLAGE

Doorman One-Bedroom 4.4%

Doorman Two-Bedroom 1.6%

Non-Doorman Studios 0.7%

Non-Doorman One-Bedroom 0.0%

HARLEM

Doorman One-Bedroom 1.6%

Doorman Two-Bedroom 1.9%

Non-Doorman Studios 0.9%

Non-Doorman One-Bedroom 1.1%

Non-Doorman Two-Bedroom 0.3%

LOWER EAST SIDE

Doorman Studios 1.6%

Doorman One-Bedroom 2.2%

Doorman Two-Bedroom 2.5%

Non-Doorman One-Bedroom 2.9%

Non-Doorman Two-Bedroom 0.9%

MIDTOWN EAST

Doorman Studios 2.0%

Doorman One-Bedroom 3.6%

Doorman Two-Bedroom 1.0%

Non-Doorman Studios 1.3%

Non-Doorman One-Bedroom 1.0%

Non-Doorman Two-Bedroom 2.2%

MIDTOWN WEST

Doorman Studios 2.1%

Doorman One-Bedroom 4.2%

Non-Doorman One-Bedroom 1.6%

MURRAY HILL

Doorman Studios 3.5%

Doorman One-Bedroom 2.2%

Doorman Two-Bedroom 1.9%

Non-Doorman Studios 2.9%

Non-Doorman One-Bedroom 3.6%

Non-Doorman Two-Bedroom 5.6%

SOHO

Doorman Studio 1.3%

Non-Doorman One-Bedroom 3.0%

Non-Doorman Two-Bedroom 2.8%

TRIBECA

Doorman Studios 0.7%

Non-Doorman Studios 4.8%

Non-Doorman Two-Bedroom 0.9%

UPPER EAST SIDE

Doorman Studios 3.3%

Doorman One-Bedroom 2.7%

Doorman Two-Bedroom 0.0%

Non-Doorman Studios 1.3%

Non-Doorman One-Bedroom 2.2%

Non-Doorman Two-Bedroom 1.9%

UPPER WEST SIDE

Doorman Studios 2.7%

Doorman One-Bedroom 0.4%

Doorman Two-Bedroom 1.0%

Non-Doorman Studios 2.4%

Non-Doorman One-Bedroom 1.1%

Non-Doorman Two-Bedroom 1.8%

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
10.8%
7.6%
7.2%
13.8%
12.8%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
12.4%
15.3%
10.8%
12.4%
14.3%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
16.0%
6.6%
0.1%
15.8%
10.9%

YEAR OVER YEAR Price change

MANHATTAN RENTS: MAY 2020 VS. MAY 2021

price changes
TYPE MAY 2020 MAY 2021 CHANGE
Non-doorman studios $2,427 $2,119 12.7%
Non-doorman one bedrooms $3,217 $2,719 15.5%
Non-doorman two bedrooms $4,282 $3,585 16.3%
TYPE MAY 2020 MAY 2021 CHANGE
Doorman studios $3,208 $2,803 12.6%
Doorman one bedrooms $4,361 $3,934 9.8%
Doorman two bedrooms $6,111 $5,899 3.5%
MANHATTAN

THROUGH MAY, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 1.35%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY JUST 0.13% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 5.43%.

CHELSEA

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 3.24%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 7.34%.

EAST VILLAGE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT DECREASED BY 6.24% THROUGH MAY.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 7.44%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 3.56%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 1.52% THROUGH MAY.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE DECREASED BY 0.68%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE IMPROVED BY 2.21% THROUGH MAY.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 0.70%.

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 0.14%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 1.25%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 2.18%.

LOWER EAST SIDE

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 1.55%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 2.03%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.83%.

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.34%.

MIDTOWN WEST

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 4.18%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 2.35%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO INCREASED BY 1.34% THROUGH MAY.

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO DECREASED BY 1.23%.

SOHO

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 1.32%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 1.50%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 1.84% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.50%.

UPPER EAST SIDE

THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 1.72% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.14%.

UPPER WEST SIDE

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.

HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_REPORT

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