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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$3,415FEBRUARY 2021
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$3,446MARCH 2021
A QUICK LOOK
Over the last month, the average rental price in Manhattan increased by 0.91%, from $3,415.55 to $3,446.34. The average rental price for a non-doorman studio unit increased by 0.08%, from $2,057 to $2,059. The average rental price for a non-doorman one-bedroom unit fell by 0.15%, from $2,676 to $2,672. The average rental price for a non-doorman two-bedroom unit increased by 1.16%, from $3,472 to $3,513. The average rental price for a doorman studio unit increased by 1.02%, from $2,666 to $2,693. The average rental price for a one-bedroom doorman unit increased by 0.15%, from $3,728 to $3,783. The average rental price for a doorman two-bedroom unit increased by 1.05%, from $5,634 to $5,693. This past month, non-doorman units represented 51.1% of the rental market while doorman units comprised the remaining 48.9%.
Year-over-year, the average rental price for a non-doorman studio decreased by 22.82%, while the average rental price for a doorman studio unit fell by 15.92%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 21.51%, while doorman one-bedroom units saw their average rental price decrease by 16.97%. The average rental price for a non-doorman two-bedroom unit decreased by 20.06%. The average rental price for a doorman two-bedroom decreased by 11.47%. Overall, the average rental price in Manhattan is down 17.43% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | Tribeca $3,330 | Harlem $1,697 |
| Non-doorman one bedrooms | Tribeca $4,643 | Harlem $1,966 |
| Non-doorman two bedrooms | Tribeca $7,008 | Harlem $2,441 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | SoHo $4,314 | Harlem $2,092 |
| Doorman one bedrooms | SoHo $5,722 | Harlem $2,607 |
| Doorman two bedrooms | SoHo $8,391 | Harlem $3,445 |
WHERE PRICES DECREASED
CHELSEA
Non-Doorman Two-Bedroom -1.1%
EAST VILLAGE
Non-Doorman Studios -0.4%
Non-Doorman Two-Bedroom -0.4%
FINANCIAL DISTRICT
Doorman Studios -4.0%
Doorman One-Bedroom -3.6%
Doorman Two-Bedroom -1.0%
Non-Doorman One-Bedroom -0.1%
GRAMERCY
Doorman Two-Bedroom -3.4%
Non-Doorman One-Bedroom -3.2%
GREENWICH VILLAGE
Doorman One-Bedroom -1.9%
Doorman Two-Bedroom -1.4%
Non-Doorman One-Bedroom -0.2%
HARLEM
Doorman One-Bedroom -2.0%
Doorman Two-Bedroom -2.4%
Non-Doorman One-Bedroom -2.7%
LOWER EAST SIDE
Doorman Two-Bedroom -2.2%
Non-Doorman One-Bedroom -0.3%
Non-Doorman Two-Bedroom -0.2%
MIDTOWN EAST
Non-Doorman Two-Bedroom -1.89%
MIDTOWN WEST
Doorman Studios -0.2%
Non-Doorman Studios -2.2%
Non-Doorman One-Bedroom -0.8%
MURRAY HILL
Doorman Studios -1.0%
Non-Doorman One-Bedroom -1.4%
SOHO
Doorman Two-Bedroom -1.9%
Non-Doorman One-Bedroom -2.8%
TRIBECA
Non-Doorman Studios -5.4%
UPPER EAST SIDE
Non-Doorman Two-Bedroom -0.6%
UPPER WEST SIDE
Non-Doorman Studios -1.4%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman Studios 1.3%
Doorman One-Bedroom 0.4%
Doorman Two-Bedroom 1.7%
CHELSEA
Doorman Studios 2.1%
Doorman One-Bedroom 1.7%
Doorman Two-Bedroom 3.9%
Non-Doorman Studios 0.5%
Non-Doorman One-Bedroom 1.5%
EAST VILLAGE
Doorman Studios 1.1%
Doorman One-Bedroom 6.4%
Doorman Two-Bedroom 7.2%
Non-Doorman One-Bedroom 0.1%
FINANCIAL DISTRICT
Non-Doorman Studios 0.9%
Non-Doorman Two-Bedroom 5.1%
GRAMERCY
Doorman Studios 2.2%
Doorman One-Bedroom 1.9%
Non-Doorman Studios 1.1%
Non-Doorman Two-Bedroom 0.4%
GREENWICH VILLAGE
Doorman Studios 1.8%
Non-Doorman Studios 0.9%
Non-Doorman Two-Bedroom 2.2%
HARLEM
Doorman Studios 0.4%
Non-Doorman Studios 1.4%
Non-Doorman Two-Bedroom 1.0%
LOWER EAST SIDE
Doorman Studios 2.3%
Doorman One-Bedroom 4.0%
Non-Doorman Studios 1.6%
MIDTOWN EAST
Doorman Studios 1.4%
Doorman One-Bedroom 0.7%
Doorman Two-Bedroom 1.7%
Non-Doorman Studios 2.4%
Non-Doorman One-Bedroom 2.0%
MIDTOWN WEST
Doorman One-Bedroom 1.6%
Doorman Two-Bedroom 3.8%
Non-Doorman Two-Bedroom 1.2%
MURRAY HILL
Doorman One-Bedroom 0.2%
Doorman Two-Bedroom 0.8%
Non-Doorman Studios 0.7%
Non-Doorman Two-Bedroom 0.7%
SOHO
Doorman Studio 2.6%
Doorman One-Bedroom 6.9%
Non-Doorman Studios 4.6%
Non-Doorman Two-Bedroom 1.1%
TRIBECA
Doorman Studios 0.6%
Doorman One-Bedroom 0.4%
Doorman Two-Bedroom 5.6%
Non-Doorman One-Bedroom 2.3%
Non-Doorman Two-Bedroom 3.7%
UPPER EAST SIDE
Doorman Studios 1.6%
Doorman One-Bedroom 1.0%
Doorman Two-Bedroom 2.2%
Non-Doorman Studios 0.5%
Non-Doorman One-Bedroom 0.9%
UPPER WEST SIDE
Doorman Studios 1.5%
Doorman One-Bedroom 1.8%
Doorman Two-Bedroom 1.9%
Non-Doorman One-Bedroom 0.8%
Non-Doorman Two-Bedroom 0.6%
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 2020 VS. MARCH 2021
| TYPE | MARCH 2020 | MARCH 2021 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,667 | $2,059 | 22.8% |
| Non-doorman one bedrooms | $3,404 | $2,672 | 21.5% |
| Non-doorman two bedrooms | $4,394 | $3,513 | 20.1% |
| TYPE | MARCH 2020 | MARCH 2021 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,203 | $2,693 | 15.9% |
| Doorman one bedrooms | $4,556 | $3,783 | 17.0% |
| Doorman two bedrooms | $6,430 | $5,693 | 11.5% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THROUGH marRUARY, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 1.26%.
CHELSEA PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY JUST 0.08% THIS PAST MONTH.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 2.86%.
EAST VILLAGE PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY 0.23%.
THANKS TO AN INFLUX OF HIGH-END LUXURY INVENTORY, THE AVERAGE RENTAL PRICE IN THE EAST VILLAGE INCREASED BY 5.47% OVER THE PAST MONTH.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 2.24% THROUGH MARCH.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT DECREASED BY 2.55%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 0.64%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY JUST 0.52% THROUGH MARCH.
GREENWICH VILLAGE PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 1.07%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 0.93% THROUGH MARCH.
HARLEM PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY JUST 0.08%.
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 1.59%.
LOWER EAST SIDE PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 0.24%.
STABILIZING AFTER LAST MONTH’S LARGE INCREASE, THE AVERAGE RENTAL PRICE IN THE LOWER EAST SIDE INCREASED BY 0.75% THROUGH MARCH.
MIDTOWN EAST PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 0.56%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 1.36%.
MIDTOWN WEST PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.37%.
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 2.20%.
MURRAY HILL PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY JUST 0.03%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 0.20%.
SOHO PRICE TRENDS
REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO INCREASED BY 0.66% THROUGH MARCH.
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 1.79%.
TRIBECA PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 1.13%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 2.83%.
UPPER EAST SIDE PRICE TRENDS
THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 0.18% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.72%.
UPPER WEST SIDE PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 0.17% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.78%.
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.
