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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$4,713FEBRUARY 2024
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$4,717MARCH 2024
A QUICK LOOK
Over the last month, the average rental price in Manhattan increased by 0.09%, from $4,713 to $4,717. The average rental price for a non-doorman studio unit decreased by 4.91%, from $2,907 to $2,764. The average rental price for a non-doorman one-bedroom unit increased by 6.91%, from $3,451 to $3,690. The average rental price for a non-doorman two-bedroom unit increased by 0.96%, from $4,761 to $4,807. The average rental price for a doorman studio unit increased by 0.23%, from $3,823 to $3,832. The average rental price for a one-bedroom doorman unit decreased by 0.42%, from $5,267 to $5,245. The average rental price for a doorman two-bedroom unit decreased by 0.26%, from $7,208 to $7,189.
Year-over-year, the average rental price for a non-doorman studio decreased by 6.11%, while the average rental price for a doorman studio increased by 1.34%. The average rental price for a non-doorman one-bedroom unit decreased by 2.5%, while doorman one-bedroom units saw their average rental price increase by 2.54%. The average rental price for a non-doorman two-bedroom unit decreased by 0.65%, and the average rental price for doorman two-bedroom units decreased by 2.39%. Overall, the average rental price in Manhattan decreased by 0.13% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | Gramercy $3,417 | Harlem $2,125 |
| Non-doorman one bedrooms | TriBeCa $6,197 | Harlem $2,613 |
| Non-doorman two bedrooms | TriBeCa $8,433 | Harlem $3,066 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | SoHo $4,725 | Harlem $2,973 |
| Doorman one bedrooms | SoHo $7,473 | Harlem $3,676 |
| Doorman two bedrooms | SoHo $9,875 | Harlem $4,686 |
WHERE PRICES DECREASED
CHELSEA
Doorman One-Bedroom -1.1%
EAST VILLAGE
Non-Doorman Studios -3.3%
Doorman One-Bedroom -6.2%
Doorman Two-Bedroom -0.6%
FINANCIAL DISTRICT
Non-Doorman One-Bedroom -1.9%
Doorman Two-Bedroom -1.5%
GRAMERCY
Doorman Studios -0.3%
Doorman Two-Bedroom -0.6%
GREENWICH VILLAGE
Non-Doorman One-Bedroom -0.4%
Non-Doorman Two-Bedroom -1.4%
Doorman Studios -2.9%
HARLEM
Non-Doorman Studios -2.2%
Doorman One-Bedroom -0.7%
Doorman Two-Bedroom -0.2%
LOWER EAST SIDE
Doorman One-Bedroom -0.8%
MIDTOWN EAST
Non-Doorman One-Bedroom -2.9%
Non-Doorman Two-Bedroom -0.2%
Doorman Studios -0.7%
Doorman One-Bedroom -2.4%
MIDTOWN WEST
Non-Doorman Studios -0.6%
Doorman One-Bedroom -0.3%
MURRAY HILL
Non-Doorman Two-Bedroom -1.1%
Doorman Two-Bedroom -1.5%
SOHO
Non-Doorman Studios -8.2%
Non-Doorman One-Bedroom -3.7%
Non-Doorman Two-Bedroom -3.9%
Doorman Studio -11.1%
Doorman One-Bedroom -2.4%
Doorman Two-Bedroom -1.3%
TRIBECA
Non-Doorman Studios -
Doorman One-Bedroom -3.5%
Doorman Two-Bedroom -8.0%
UPPER EAST SIDE
Doorman Two-Bedroom -3.5%
UPPER WEST SIDE
Non-Doorman Studios -3.2%
Non-Doorman Two-Bedroom -2.2%
Doorman Two-Bedroom -0.5%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman Studios 2.2%
Doorman One-Bedroom 2.1%
Doorman Two-Bedroom 2.1%
CHELSEA
Non-Doorman Studios 2.7%
Non-Doorman One-Bedroom 8.3%
Non-Doorman Two-Bedroom 0.2%
Doorman Studios 1.4%
Doorman Two-Bedroom 0.4%
EAST VILLAGE
Non-Doorman One-Bedroom 1.3%
Non-Doorman Two-Bedroom 4.2%
Doorman Studios 0.4%
FINANCIAL DISTRICT
Non-Doorman Studios -
Non-Doorman Two-Bedroom 0.9%
Doorman Studios 0.2%
Doorman One-Bedroom 2.2%
GRAMERCY
Non-Doorman Studios 1.9%
Non-Doorman One-Bedroom 2.2%
Non-Doorman Two-Bedroom 2.3%
Doorman One-Bedroom 0.9%
GREENWICH VILLAGE
Non-Doorman Studios 2.1%
Doorman One-Bedroom 3.4%
Doorman Two-Bedroom 3.9%
HARLEM
Non-Doorman One-Bedroom 4.3%
Non-Doorman Two-Bedroom 2.1%
Doorman Studios 3.9%
LOWER EAST SIDE
Non-Doorman Studios 12.3%
Non-Doorman One-Bedroom 1.3%
Non-Doorman Two-Bedroom 1.9%
Doorman Studios 4.0%
Doorman Two-Bedroom 2.4%
MIDTOWN EAST
Non-Doorman Studios 1.8%
Doorman Two-Bedroom 3.8%
MIDTOWN WEST
Non-Doorman One-Bedroom 3.2%
Non-Doorman Two-Bedroom 6.4%
Doorman Studios 1.4%
Doorman Two-Bedroom 1.3%
MURRAY HILL
Non-Doorman Studios 2.9%
Non-Doorman One-Bedroom 0.1%
Doorman Studios 0.7%
Doorman One-Bedroom 1.0%
TRIBECA
Non-Doorman One-Bedroom -
Non-Doorman Two-Bedroom 2.4%
Doorman Studios 6.5%
UPPER EAST SIDE
Non-Doorman Studios 1.0%
Non-Doorman One-Bedroom 7.2%
Non-Doorman Two-Bedroom 4.1%
Doorman Studios 1.2%
Doorman One-Bedroom 1.7%
UPPER WEST SIDE
Non-Doorman One-Bedroom 0.9%
Doorman Studios 1.7%
Doorman One-Bedroom 1.7%
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: MARCH 2023 VS. MARCH 2024
| TYPE | MARCH 2023 | MARCH 2024 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,944 | $2,764 | 6.11% |
| Non-doorman one bedrooms | $3,784 | $3,690 | 2.50% |
| Non-doorman two bedrooms | $4,838 | $4,807 | 0.65% |
| TYPE | MARCH 2023 | MARCH 2024 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,781 | $3,832 | 1.34% |
| Doorman one bedrooms | $5,115 | $5,245 | 2.54% |
| Doorman two bedrooms | $7,365 | $7,189 | 2.39% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 2.14%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY INCREASED BY JUST 0.13%, AND NON-DOORMAN RENTS INCREASED BY 3.38%
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.22%, WHILE NON-DOORMAN RENTS INCREASED BY 1.24%.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL DOORMAN PRICE INCREASED THIS PAST MONTH BY 0.12%, WHILE NON-DOORMAN RENTS DECREASED BY 14.53%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.04%, WHILE NON-DOORMAN RENTS INCREASED BY 2.17%.
GREENWICH VILLAGE PRICE TRENDS
NON-DOORMAN RENTS INCREASED BY 2.27% THIS PAST MONTH, WHILE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.28%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN RENTS INCREASED BY 0.70%, AND DOORMAN RENTS INCREASED BY 1.58%.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS INCREASED BY 1.73% SINCE LAST MONTH, AND DOORMAN RENTS INCREASED BY 4.34%.
MIDTOWN EAST PRICE TRENDS
FOR THE MONTH OF MARCH, DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.73%, WHILE NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.54%.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.81%, AND NON-DOORMAN RENTS INCREASED BY 3.45%.
MURRAY HILL PRICE TRENDS
FOR THE MONTH OF MARCH, AVERAGE RENTAL PRICES FOR DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.15%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.34%.
SOHO PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 1.76%, AND NON-DOORMAN RENTS DECREASED BY 4.99%.
TRIBECA PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 3.19%, WHILE NON-DOORMAN RENTS INCREASED BY 13.48%.
UPPER EAST SIDE PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY DECREASED BY JUST 0.77%, WHILE NON-DOORMAN RENTS INCREASED BY 4.23%.
UPPER WEST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE SLIGHTLY INCREASED BY JUST 0.67%, WHILE NON-DOORMAN RENTS DECREASED BY 1.43%.
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.
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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.
