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MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 0.97%
    CHANGE
  • $4,617
    DECEMBER 2023
  • $4,662
    JANUARY 2023

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 0.97%, from $4,617 to $4,662. The average rental price for a non-dorman studio unit increased by 6.57%, from $2,727 to $2,906. The average rental price for a non-doorman one-bedroom unit decreased by 1.85%, from $3,525 to $3,460. The average rental price for a non-doorman two-bedroom unit decreased by 0.16%, from $4,630 to $4,623. The average rental price for a doorman studio unit increased by 4.63%, from $3,644 to $3,813. The average rental price for a one-bedroom doorman unit increased by 1.50%, from $5,184 to $5,262. The average rental price for a doorman two-bedroom unit increased by 1.39%, from $7,069 to $7,167.

Year-over-year, the average rental price for a non-doorman studio increased by 0.04%, while the average rental price for a doorman studio increased by 4.18%. The average rental price for a non-doorman one-bedroom unit decreased by 7.44%, while doorman one-bedroom units saw their average rental price increase by 2.99%. The average rental price for a non-doorman two-bedroom unit decreased by 6.18%, and the average rental price for doorman two-bedroom units decreased by 0.38%. Overall, the average rental price in Manhattan decreased by 0.82% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios TriBeCa $5,000 Harlem $2,165
Non-doorman one bedrooms Greenwich Village $4,683 Harlem $2,505
Non-doorman two bedrooms TriBeCa $8,060 Harlem $2,989
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $5,102 Harlem $3,000
Doorman one bedrooms SoHo $7,569 Harlem $3,550
Doorman two bedrooms SoHo $9,200 Harlem $4,509

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman One-Bedroom -1.1%

Doorman Two-Bedroom -0.1%

CHELSEA

Non-Doorman Studios -3.1%

Non-Doorman Two-Bedroom -8.4%

Doorman Studios -0.6%

EAST VILLAGE

Non-Doorman Studios -4.2%

Non-Doorman Two-Bedroom -0.1%

GRAMERCY

Non-Doorman Two-Bedroom -4.7%

Doorman One-Bedroom -2.1%

HARLEM

Non-Doorman Studios -1.1%

Non-Doorman One-Bedroom -0.7%

Doorman Two-Bedroom -0.6%

LOWER EAST SIDE

Non-Doorman Studios -5.5%

MIDTOWN EAST

Non-Doorman Two-Bedroom -1.4%

Doorman Two-Bedroom -1.7%

MIDTOWN WEST

Non-Doorman Studios -2.3%

MURRAY HILL

Non-Doorman Two-Bedroom -1.6%

Doorman Studios -2.2%

SOHO

Non-Doorman One-Bedroom -0.8%

Non-Doorman Two-Bedroom -1.8%

Doorman One-Bedroom -3.7%

Doorman Two-Bedroom -4.5%

TRIBECA

Doorman One-Bedroom -0.2%

UPPER EAST SIDE

Non-Doorman One-Bedroom -1.0%

Non-Doorman Two-Bedroom -3.3%

UPPER WEST SIDE

Doorman Studios -3.6%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 2.7%

CHELSEA

Non-Doorman One-Bedroom 3.6%

Doorman One-Bedroom 3.1%

Doorman Two-Bedroom 1.6%

EAST VILLAGE

Non-Doorman One-Bedroom 0.4%

Doorman Studios 1.3%

Doorman One-Bedroom 5.0%

Doorman Two-Bedroom 0.5%

FINANCIAL DISTRICT

Non-Doorman Studios 0.0%

Non-Doorman One-Bedroom 0.5%

Non-Doorman Two-Bedroom 4.9%

Doorman Studios 4.5%

Doorman One-Bedroom 4.0%

Doorman Two-Bedroom 0.7%

GRAMERCY

Non-Doorman Studios 4.8%

Non-Doorman One-Bedroom 1.4%

Doorman Studios 2.1%

Doorman Two-Bedroom 2.6%

GREENWICH VILLAGE

Non-Doorman Studios 5.3%

Non-Doorman One-Bedroom 3.3%

Non-Doorman Two-Bedroom 4.0%

Doorman Studios 3.9%

Doorman One-Bedroom 4.9%

Doorman Two-Bedroom 2.0%

HARLEM

Non-Doorman Two-Bedroom 1.1%

Doorman Studios 1.5%

Doorman One-Bedroom 0.9%

LOWER EAST SIDE

Non-Doorman One-Bedroom 3.3%

Non-Doorman Two-Bedroom 0.4%

Doorman Studios 1.4%

Doorman One-Bedroom 5.1%

Doorman Two-Bedroom 6.4%

MIDTOWN EAST

Non-Doorman Studios 0.8%

Non-Doorman One-Bedroom 4.3%

Doorman Studios 0.6%

Doorman One-Bedroom 1.0%

MIDTOWN WEST

Non-Doorman One-Bedroom 1.6%

Non-Doorman Two-Bedroom 6.3%

Doorman Studios 3.3%

Doorman One-Bedroom 3.1%

Doorman Two-Bedroom 1.5%

MURRAY HILL

Non-Doorman Studios 3.5%

Non-Doorman One-Bedroom 0.5%

Doorman One-Bedroom 1.1%

Doorman Two-Bedroom 4.7%

SOHO

Non-Doorman Studios 1.2%

Doorman Studio -

TRIBECA

Non-Doorman Studios -

Non-Doorman One-Bedroom -

Non-Doorman Two-Bedroom 0.8%

Doorman Studios 11.5%

Doorman Two-Bedroom 3.3%

UPPER EAST SIDE

Non-Doorman Studios 1.7%

Doorman Studios 1.7%

Doorman One-Bedroom 1.0%

Doorman Two-Bedroom 5.2%

UPPER WEST SIDE

Doorman Two-Bedroom 5.2%

Non-Doorman One-Bedroom 4.0%

Non-Doorman Two-Bedroom 3.4%

Doorman One-Bedroom 2.4%

Doorman Two-Bedroom 0.7%

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
0.9%
0.0%
4.3%
5.9%
1.6%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
2.5%
2.9%
6.8%
1.1%
0.4%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
2.9%
0.5%
10.1%
0.6%
1.1%

YEAR OVER YEAR Price change

MANHATTAN RENTS: JANUARY 2023 VS. JANUARY 2024

price changes
TYPE JANUARY 2023 JANUARY 2024 CHANGE
Non-doorman studios $2,905 $2,906 0.04%
Non-doorman one bedrooms $3,738 $3,460 7.44%
Non-doorman two bedrooms $4,927 $4,623 6.18%
TYPE JANUARY 2023 JANUARY 2024 CHANGE
Doorman studios $3,660 $3,813 4.18%
Doorman one bedrooms $5,109 $5,262 2.99%
Doorman two bedrooms $7,195 $7,167 0.38%
MANHATTAN

THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY SLIGHTLY INCREASED BY JUST 0.30%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 1.52%, WHILE NON-DOORMAN RENTS DECREASED BY 3.46%.

CHELSEA

DOORMAN RENTS INCREASED THIS PAST MONTH BY 2.18%, WHILE NON-DOORMAN RENTS DECREASED BY 1.05%.

EAST VILLAGE

THE AVERAGE RENTAL DOORMAN PRICE INCREASED THIS PAST MONTH BY 2.66%, AND NON-DOORMAN RENTS INCREASED BY 2.36%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.89%, WHILE NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.41%.

GRAMERCY PARK

NON-DOORMAN RENTS INCREASED BY 3.37% THIS PAST MONTH, AND DOORMAN RENTS INCREASED BY 4.05%.

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.42%, WHILE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.12%.

HARLEM

AVERAGE NON-DOORMAN RENTS INCREASED BY 4.79% SINCE LAST MONTH, WHILE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.33%.

LOWER EAST SIDE

FOR THE MONTH OF JANUARY, DOORMAN RENTS SLIGHTLY DECREASED BY 0.33%, WHILE NON-DOORMAN RENTS INCREASED BY 1.01%.

MIDTOWN EAST

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS INCREASED BY 2.47%, AND NON-DOORMAN RENTS INCREASED BY 2.32%.

MIDTOWN WEST

FOR THE MONTH OF JANUARY, AVERAGE RENTAL PRICES FOR DOORMAN RENTS INCREASED BY 1.93%, AND NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.43%.

MURRAY HILL

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 4.16%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.65%.

SOHO

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 3.86%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.25%.

TRIBECA

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 3.04%, WHILE NON-DOORMAN RENTS DECREASED BY 1.22%.

UPPER EAST SIDE

AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE SLIGHTLY INCREASED BY JUST 0.23%, NON-DOORMAN RENTS INCREASED BY 4.26%.

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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