MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 0.85%
    CHANGE
  • $4,487
    MARCH 2022
  • $4,525
    APRIL 2022

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 0.85%, from $4,487 to $4,525. The average rental price for a non-doorman studio unit increased by 8.73%, from $2,538 to $2,760. The average rental price for a non-doorman one-bedroom unit increased by 1.78%, from $3,417 to $3,478. The average rental price for a non-doorman two-bedroom unit increased 0.36%, from $4,513 to $4,529. The average rental price for a doorman studio unit increased by 0.90%, from $3,695 to $3,729. The average rental price for a one-bedroom doorman unit increased by 1.40%, from $5,022 to $5,092. The average rental price for a doorman two-bedroom unit increased by 1.64%, from $6,866 to $6,978.

Year-over-year, the average rental price for a non-doorman studio is up by 32.99%, while the average rental price for a doorman studio is up by 36.02%. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 27.36%, while doorman one-bedroom units saw their average rental price increase by 33.12%. The average rental price for a non-doorman two-bedroom unit increased by 27.52%. The average rental price for a doorman two-bedroom increased by 19.95%. Overall, the average rental price in Manhattan is up 29.04% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $4,955 Harlem $2,003
Non-doorman one bedrooms TriBeCa $6,425 Harlem $2,365
Non-doorman two bedrooms TriBeCa 8,000 Harlem $2,787
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios TriBeCa $5,189 Harlem $2,766
Doorman one bedrooms SoHo $6,340 Harlem $3,358
Doorman two bedrooms SoHo $9,013 Harlem $4,065

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Non-Doorman Studios -6.1%

EAST VILLAGE

Non-Doorman Two-Bedroom -0.6%

FINANCIAL DISTRICT

Non-Doorman Studios -

Doorman Two-Bedroom -0.5%

GRAMERCY

Non-Doorman One-Bedroom -1.2%

Non-Doorman Studios -5.2%

GREENWICH VILLAGE

Non-Doorman Two-Bedroom -1.7%

Doorman Studios -8.0%

LOWER EAST SIDE

Non-Doorman One-Bedroom -4.4%

Non-Doorman Two-Bedroom -5.0%

MIDTOWN EAST

Doorman Two-Bedroom -0.8%

MIDTOWN WEST

Non-Doorman One-Bedroom -0.1%

Non-Doorman Two-Bedroom -6.1%

Doorman Two-Bedroom -0.3%

MURRAY HILL

Non-Doorman Studios -2.6%

Non-Doorman Two-Bedroom -0.5%

Doorman Studios -4.5%

Doorman One-Bedroom -2.4%

Doorman Two-Bedroom -1.9%

SOHO

Non-Doorman Two-Bedroom -8.4%

Doorman Two-Bedroom -3.4%

TRIBECA

Non-Doorman Studio -

Non-Doorman One-Bedroom -1.2%

Doorman Studios -6.7%

Doorman One-Bedroom -2.6%

Doorman Two-Bedroom -1.5%

UPPER EAST SIDE

Non-Doorman One-Bedroom -0.2%

Non-Doorman Two-Bedroom -3.8%

UPPER WEST SIDE

Non-Doorman Studios -1.0%

Non-Doorman Two-Bedroom -2.7%

Doorman One-Bedroom -16.1%

Doorman Two-Bedroom -2.4%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 3.3%

Doorman One-Bedroom 4.2%

Doorman Two-Bedroom 2.3%

CHELSEA

Non-Doorman One-Bedroom 1.1%

Non-Doorman Two-Bedroom 3.8%

Doorman Studios 0.0%

Doorman One-Bedroom 1.8%

Doorman Two-Bedroom 4.6%

EAST VILLAGE

Non-Doorman Studios 5.6%

Non-Doorman One-Bedroom 1.0%

Doorman Studios 8.0%

Doorman One-Bedroom 8.4%

Doorman Two-Bedroom 10.3%

FINANCIAL DISTRICT

Non-Doorman Two-Bedroom 2.2%

Doorman Studios 3.1%

Doorman One-Bedroom 0.4%

GRAMERCY

Doorman One-Bedroom 0.0%

Non-Doorman Two-Bedroom 4.8%

Doorman Studios 3.6%

Doorman Two-Bedroom 4.8%

GREENWICH VILLAGE

Non-Doorman Studios 4.4%

Non-Doorman One-Bedroom 0.4%

Doorman One-Bedroom 4.9%

Doorman Two-Bedroom 10.9%

HARLEM

Non-Doorman Studios 8.6%

Non-Doorman One-Bedroom 3.5%

Non-Doorman Two-Bedroom 0.0%

Doorman Studios 2.1%

Doorman One-Bedroom 8.5%

Doorman Two-Bedroom 1.4%

LOWER EAST SIDE

Non-Doorman Studios 1.0%

Doorman Studios 1.6%

Doorman One-Bedroom 8.5%

Doorman Two-Bedroom 0.9%

MIDTOWN EAST

Non-Doorman Two-Bedroom 6.5%

Non-Doorman Studios 7.1%

Non-Doorman One-Bedroom 8.6%

Doorman Studios 6.2%

Doorman One-Bedroom 3.7%

MIDTOWN WEST

Non-Doorman Studios 8.8%

Doorman Studios 0.8%

Doorman One-Bedroom 0.4%

MURRAY HILL

Non-Doorman One-Bedroom 0.7%

SOHO

Non-Doorman Studios 2.1%

Non-Doorman One-Bedroom 6.3%

Doorman Studio 4.6%

Doorman One-Bedroom 3.1%

TRIBECA

Non-Doorman Two-Bedroom 6.7%

UPPER EAST SIDE

Non-Doorman Studios 0.9%

Doorman Studios 2.4%

Doorman One-Bedroom 5.1%

Doorman Two-Bedroom 1.7%

UPPER WEST SIDE

Non-Doorman One-Bedroom 13.3%

Doorman Studios 3.5%

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
18.8%
34.1%
35.1%
49.7%
26.3%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
30.3%
19.4%
30.2%
33.4%
32.9%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
40.9%
10.5%
28.4%
31.7%
22.7%

YEAR OVER YEAR Price change

MANHATTAN RENTS: APRIL 2021 VS. APRIL 2022

price changes
TYPE APRIL 2021 APRIL 2022 CHANGE
Non-doorman studios $2,075 $2,760 33.0%
Non-doorman one bedrooms $2,731 $3,478 27.4%
Non-doorman two bedrooms $3,552 $4,529 27.5%
TYPE APRIL 2021 APRIL 2022 CHANGE
Doorman studios $2,741 $3,729 36.0%
Doorman one bedrooms $3,825 $5,092 33.1%
Doorman two bedrooms $5,818 $6,978 19.9%
MANHATTAN

THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 3.10%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 0.48% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 2.62%.

CHELSEA

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 1.44%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 9.31%.

EAST VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.21%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.34%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.44% THROUGH APRIL.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 0.44%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 4.29% THROUGH APRIL.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 3.45%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 3.83%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE DECREASED BY 3.32%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 3.46% THROUGH APRIL.

LOWER EAST SIDE

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 7.32%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 2.12%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.61%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.16%.

MIDTOWN WEST

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL DECREASED BY 0.69%

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL DECREASED BY 2.62%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO DECREASED BY 0.87% THROUGH APRIL.

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 0.47%.

SOHO

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 3.04%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 3.28%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE DECREASED BY 1.47% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 2.94%.

UPPER EAST SIDE

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 2.27% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 6.07%. THIS LARGE DROP IN PRICE FOR DOORMAN UNITS CAN BE ATTRIBUTED TO A CONSIDERABLE INCREASE IN INVENTORY, WITH 46% MORE UNITS ON THE MARKET COMPARED TO THE SAME TIME LAST MONTH.

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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